An Open Listing Agreement is formed between the seller of a property and numerous real estate agencies, making it non-exclusive. This agreement allows agencies to act on behalf of a seller and look for potential buyers. The estate agent that finds a buyer willing to pay the most for the property will be the one who collects commission at the end of the deal. After this stage, the real estate agency will not provide any assistance in the sale itself meaning the landlord has to sell the property themselves.
Understandably, many real estate agents are not too keen to take on such listings because their earnings depend heavily on commissions. Through this listing, the only commission an estate agent could potentially receive is a selling broker's commission and even then, on the condition that they are the ones who find the buyer.
An Open Listing Agreement template can be downloaded by clicking the link below.
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