Listing Agreement Document With Multiple Agents In Wake
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FAQ
An open listing is a non-exclusive contract. This type of listing gives the seller or buyer the right to engage any number of brokers as agents.
An agent with multiple offers on a listing should take time to strategize with the seller about options for proceeding and review the pros and cons associated with each option. This is not only a matter of the listing agent's fiduciary duty to the seller, but also an important means of risk management.
Privacy Concerns: The seller may want to keep the sale private, limiting exposure to only interested buyers rather than the general public. Seller's Request: Sometimes, sellers specifically request not to list on the MLS for personal or strategic reasons, such as wanting to sell discreetly.
Multiple Listing Service (MLS): What Is It An MLS is a powerful tool to further cooperative agreements between brokers for the sale of their listings and provide information necessary to permit such cooperation.
The three types of real estate listing agreements are open listing, exclusive agency listing, and exclusive right-to-sell listing.
Working with more than one real estate agent is fine when you haven't signed an exclusive agreement with anyone, says Adam Aguilar, a real estate agent with Reliantra in West Toluca Lake, CA. “You can use as many as you wish, unless they stop to ask you to make a commitment to them, in writing,” Aguilar adds.
Best Practices. Be transparent with both buyers and sellers. It is important to be honest and upfront about the process of handling multiple offers, including the fact that you may have to negotiate with the buyers. Present all offers in a fair and impartial manner.
Yes. Licensees are encouraged to subscribe to all the MLSs of their principal broker where they benefit from receiving access to information and services, including current listing information, sold data, lockboxes service, and more.
In my experience, the key to successfully handling multiple offers is clear communication. Keeping all parties informed (within the bounds of confidentiality) helps maintain trust and can lead to smoother transactions, even for those whose offers aren't accepted.
