It is common practice when selling a house/unit/townhouse that a property owner picks one agency and they sell the property. However, many sellers think that the best way to market their property is to list it with as many agents as possible. This is called an open listing and the logic seems simple – more agents = more exposure = more money – right?
The old wisdom less is more is worth noting here. Listing with lots of agents sounds good in theory, but in practice it doesn’t result in a faster better sale. Agents can’t afford to spend time and money co-ordinating a tailor made marketing program if the property could end up being sold by another agent through sheer fluke.
There’s another part of this that I don’t think vendors expect – they totally lose control of the sale. How do you hold lots of different agents responsible for what is happening? You can’t.
From my experience, what generally happens in an open listing situation is that agents become lazy and are far more likely to engage in unethical ‘truth bending’ to gain an advantage.
There are so many reasons why a vendor shouldn’t engage in an open listing scenario, however some still do. Why? Because they think more equals more, when in reality more actually equals less. I’m yet to be involved in an open listing where the vendor has achieved a better outcome than if they gave one agency an exclusive agency.
I hate open listings. Buyers hate open listings. And trust me on this – vendors end up hating the open listing experience even more!
As an agent I’m far more energetic on behalf of my own exclusive listings and this is the same with every agent I know. It gives me certainty that if I do my job well that I’ll actually get paid…
Maybe a new years resolution of mine should be to pass on open listing opportunities???