What is an open listing?

An open listing is defined as a non-exclusive listing agreement that allows multiple agents to sell a property. This means that the property owner can enter into agreements with multiple agents, enabling anyone interested to market and sell the property. If more than one agent is involved, the property owner only pays a commission to the agent who successfully finds a buyer. This arrangement provides the owner with flexibility and increases exposure since various agents can promote the listing simultaneously.

In contrast, a mandatory listing or an agreement that requires exclusivity would prevent other agents from trying to sell the property, limiting it to one designated agent. A temporary agreement for a one-time showing describes a different type of arrangement that pertains more to specific terms related to viewings than to the broader concept of property listing rights. Thus, the nature of an open listing emphasizes its non-exclusive nature, allowing for multiple agents to pursue buyers concurrently.