What does the term "open listing" signify?

The term "open listing" refers to a non-exclusive agreement that allows multiple brokers to attempt to sell a property at the same time. In an open listing scenario, the property owner retains the right to sell the property themselves as well. This flexibility makes it distinct from exclusive listings, where only one broker has the rights to sell the property. Because of the non-exclusive nature of an open listing, it often leads to a competitive atmosphere among brokers, as they are motivated to attract potential buyers to close the sale.

This arrangement provides the property owner with the option to work with as many brokers as they wish, thereby increasing the chances of selling the property in a timely manner. An open listing is particularly advantageous for sellers who want to keep their options open in the real estate market.