What is an open listing in real estate?

An open listing in real estate refers to an agreement that allows multiple brokers to attempt to sell a property. This arrangement means that the property owner can work with several brokers concurrently, and they are only obligated to pay a commission to the broker who successfully sells the property. This flexibility is beneficial for owners who want to maximize exposure and the likelihood of selling their property quickly by leveraging multiple sales platforms and agents.

The essence of open listings lies in their non-exclusive nature, which contrasts sharply with exclusive agreements where a single agent represents the seller. With an open listing, the seller retains the ability to market the property independently, adding to the pool of potential buyers without being tied to one specific agent's efforts. Moreover, there is no fixed commission rate as seen in exclusive listings, and the seller is not guaranteed a sale, which further differentiates open listings from typical contractual agreements in real estate.