What is an open listing?

An open listing is a type of real estate listing agreement where multiple brokers or agents can try to sell a property and earn a commission. The seller retains the right to sell the property themselves and is not obligated to pay a commission to any agent unless they bring in a buyer who successfully closes on the sale.

Open listings are often used by sellers who want to maximize their property's exposure to potential buyers by allowing multiple agents to market it. However, they can also be risky for agents as there is no guarantee of receiving a commission for their efforts.

In some cases, open listings can lead to disputes between agents who claim to have brought in the buyer and therefore believe they are entitled to the commission. It is important for sellers to clearly outline the terms of the open listing agreement to avoid any confusion or conflicts among agents.

Overall, open listings can be a flexible option for sellers who want to have more control over the sale of their property and are willing to work with multiple agents to achieve their goal.