What is an Open Listing?

An open listing is a non-exclusive listing where more than one broker may be employed to sell a property, including the owners themselves. Homeowners use this type of listing to involve several brokers, in the hopes of drawing a large pool of buyers and offers. Open listings have no listing agent. The seller is free to work with any number of agents, and accept appointments for viewings as they wish. The owner of the home pays a commission to the agent of whichever client they elect to sell to.

The seller can also actively market to and negotiate with buyers themselves. If they find a buyer this way, they don't have to pay a commission to anyone. This non-exclusive scenario can be attractive to motivated sellers who are considering listing their home as a FSBO (For Sale By Owner). It allows them to keep their options open, working with a number of brokers, compensating only the one who produces a buyer.

Open listings can be a challenge for agents. Several agents could be working to find a prospective buyer, but it's essentially first come, first paid. A broker may list and market the property and line up interested clientele, only to find the seller has sold it themselves, or accepted an offer from another agent's client.