Its time to put your house on the market.
Whats your first step after, of course, getting rid of clutter andimproving your homes curb appeal?
If youre like most home sellers, you hire a real estate agent to list your most valuable possession.
After all, agents have access to all the tools necessary to get buyers to look at your house.
But what if theres another way?
What if you’re able to hire multiple real estate agents to sell your home?
With an open listing, you dont sign with one real estate agent to represent your home.
Instead, you sign with multiple listing agents at once.
What Is an Open Listing?
To understand open listings, it can help to consider how real estate listings typically take place.
That agent does the work to promote the listing and receives a commission for those efforts.
With an open listing, though, a seller lets multiple agents work to sell their home.
The agent who closes the sale gets the commission.
If the homeowner makes the sale, none of the listing agents will receive any compensation.
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Here are some reasons you may want to consider going this route.
That means youll get full access to that agents online grid of interested buyers.
This is in addition to any marketing work these agents do on their listings.
With multiple agents sharing your home on social media and through targeted advertising efforts, youll reach more people.
FSBO Rights
When you go through an agent, that person gets a commission.
The Power of Competition
A real estate agent wants to sell your home.
But most agents have multiple listings at all times, which means youre battling for attention.
Here are some cons to consider before pursuing the open listing route.
Agent Participation
Not all agents will participate in an open listing.
Many of the top agents may turn it down altogether.
Many individual real estate agencies will have similar rules and regulations.
Buyer Confusion
Signing with multiple real estate agents means listings will come from multiple directions.
This can confuse homebuyers.
An exclusive agent is guaranteed a commission once your home sells, while agents in an open listing arent.
Open listings are like going to the ER, Hybart said.
You get help from different doctors, but none know your case well.
This can lead to fast but basic solutions.
In the same way, an exclusive agent will put more time and money into selling your home.
Here are some tips to ease the process if you do decide to open sell your home.
That said, youll need to be prepared to do some of the marketing yourself with an open listing.
Those portals may also prohibit you from listing the home on your own.
Have a Legal Backup
Agents play an important role in the home selling process.
They handle the stacks of paperwork required.
But what happens if you manage to sell the home yourself?
Areal estate attorneycan help ensure your interests are represented.
Ask Questions
You have every right to talk to multiple agents when making a decision about selling your home.
Compare that to what the services and obligations are if you elect to go for an open listing.
Alternatives to Open Listings
So youre in a hurry to sell?
An open listing isnt the only option.
Here are some alternatives that can help you move things along without the pitfalls that come with open listings.
Be prepared to show the house yourself and negotiate with buyers.
Youll also be solely responsible for marketing and listing your home.
Whether you work with one agent or multiple agents, meet with each one and outline what you expect.
Stephanie Faris is a professional finance writer with more than a decade of experience.
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