Types of Listings
There are several different types of listing contracts, but very few of them are
used. The "Exclusive Right to Sell" is the most common, but there is the "open
listing," the "exclusive agency listing," and the "one-time show."
Open Listing
The "open listing" is mostly used by people trying to sell their home by owner
who are also willing to work with real estate agents. Basically, it gives a real
estate agent the right to bring buyers around to view your home. If their client
buys your home, the agent earns a commission. There is nothing exclusive about
an open listing and a home seller can give out such listings to every agent who
comes around.
For that reason, no agent who accepts an open listing is going to market your
home or put it in the Multiple Listing Service. If your home fits the criteria
for one of their clients, and it is convenient, they may be willing to show it
to their client.
That is all an "open listing" is good for.
One-Time Show
A "one-time show" is similar to an open listing in many respects, as it is most
often used by real estate agents who are showing a FSBO (for sale by owner) to
one of their clients. The home seller signs the agreement, which identifies the
potential buyer and guarantees the agent a commission should that buyer purchase
the home. This prevents the buyer and seller from negotiating directly later and
trying to avoid paying the agent's commission.
As with an open listing, agents will not be spending money on marketing your
home and it will not be placed in the Multiple Listing System.
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