There are several types of listing your real estate property. The commonly used are the “open listing” and the “one-time show”. Find out what these two means.
The “open listing” is mostly used by people who are trying to sell their home by having the will to work with real estate agents. Mainly, it gives the 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.
A “one-time show” is similar to an open listing in many aspects, 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 that identifies the possible buyer and guarantees the agent a commission should that buyer purchase the home. This avoids the buyer and seller from negotiating directly later and trying to avoid paying the agent’s commission.
So if you are planning to have your home listed, think of these two types.