How to structure an agent agreement so they...
When you choose a real estate agent, you will have to sign an agency agreement. The agreement is a legally binding contract. All agreements are negotiable. Don't sign an agent agreement until you...
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Open Agency Agreement
An open agency agreement refers to when a seller works with multiple real estate agents to sell their property.
What is an open agency agreement?
An open agency agreement refers to when a seller works with multiple real estate agents to sell their property. This is different from the typical exclusive agreement where only one agent is appointed to sell the property.
Who gets paid commission in an open agency agreement?
Upon the successful sale of a property, only the real estate agent who brought in the buyer is paid the commission. Typically, other agents involved in the marketing or showing of the property do not receive any commission.
What are the benefits of using an open agency agreement?
The main advantage of an open agency agreement is that it allows the seller to cast a wider net and potentially reach more buyers by leveraging the networks and resources of multiple agents. Additionally, it offers flexibility and may lead to a faster sale as several agents are actively promoting the property.
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