Selling by Open Listing

With the thought in mind of exposing the property to the maximum number of buyers, you may “Open List” with any number of agents of your choice, nominate your price, then wait for one or more agents to find a buyer for the property.  While this does not commit you to any one agent, it also has the reverse effect whereby no agent is committed to you.

There are few advantages with this method and statistics show it to be the least efficient method of selling. The disadvantages are as follows:  While most agents will record and list an “open listing”, the most frequent complaint by vendors is that they never hear from any of the agents again. This is because an agent gives his first priority to a property that is exclusively listed with his/her office. Furthermore the agent is aware that they can put a great deal of effort into selling the property, only to have the property sold by another agent, or the seller, resulting in costs and lost time and effort.

As you have to nominate a specific asking price, you run the risk of either underselling or overpricing the property. If you undersell you have lost money, if you overprice you receive very little buyer inquiry and no sale. Buyers will only inquire on properties that they perceive to be at market price.

Which Agent is Responsible?

With no agent taking responsibility for the coordinating of marketing, past experience has shown that very little marketing activity takes place. Without marketing, you greatly reduce the number of buyers who will be aware that the property is for sale, which ultimately affects the price you will receive.

You do not have a specific time frame in which to work or plan. For example, there are many properties that have been open listed with a price with numerous agents that have been on the market for over two years.  Agents who work with Open Listings, generally work for their buyers, not their vendors.  Our aim is to find the buyer who is willing to pay the most for your property.  We do not recommend open listing, here are some reasons why not to open list.