Open Listing

What is an open listing? 

An open listing refers to when a seller collaborates with several real estate agents to market and sell their property. When the property sells, commission is paid only to the agent who brought in the buyer. 

Can a seller terminate an open listing? 

A seller can typically  terminate an open listing agreement at any time, usually without penalties or fees. This is as long as there is no buyer already under contract. 

Who gets paid commission in an open listing? 

Upon the property's successful sale, the commission is usually awarded solely to the real estate agent responsible for bringing in the buyer. Other agents involved in marketing or showing the property typically do not receive any commission.