Do you do open listings?

In a word, no. I don't mean to be "short" with you, so let me expand on that.

In an open listing, the seller reserves the right to bypass the broker and sell the property directly to a buyer. Also the seller may have open listings with multiple brokers, or simply invite multiple brokers to show the property and bring offers on it.

From experience, I know this is a losing game for a broker. The broker is competing with other brokers and even with the seller to procure a buyer for the property. A broker may invest hours of time contacting prospective buyers, and may spend money to advertise the property, only to have it "sold out from under him" by another broker or the owner. More often than not the broker will work for nothing in an open listing.

The alternative is an "exclusive right to sell" listing in which one broker has the right to market the property exclusively. Obviously, this is better for the broker, but it has advantages for the seller as well. The exclusive broker has a strong incentive to market the property because he or she is assured of being compensated when the property is sold.

The seller will still be exposing the property to multiple brokers through the Multiple Listing Service and the listing broker's network of other brokers. The seller can let the broker take care of the nitty gritty of getting the property sold, and simply walk away with a nice check when the deal is consummated.

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