Open Listings (Non-Exclusive)
Most agents want to have a listing even if it means Non-Exclusive because it is similar to buying lottery, at least you have a chance of winning it.
If the potential to close a deal is low, would anyone risk investing thousands of dollars knowing there is a low chance of recouping his investment or even make a gain on his investment?
What is the LEAST expensive way to get more buyers than fellow agents marketing the EXACT SAME property?
What can go wrong?
- Open listings lead to inconsistent pricing. Agent C advertises at a lower selling price than Agent A and B as this is the LEAST expensive way to attract buyers.
- Can the sellers check every single advertising platform out there everyday?
- Can sellers control what Agent C tells the buyers over the phone or text messages?
- Sellers may think that more agents mean wider outreach and better results. However it really depends if the agent you engage gives you the right service from the beginning.
- An open listing creates confusion among buyers and tells buyers that the seller is desperate to sell the property.
- Smart buyers and agents will shop for the BEST deal and close with whoever can get the LOWEST price for them.
- When a buyer or his agent sees the same listing by multiple agents he knows that it will be easy to get a good deal for themselves. He is likely to ask all the agents what is the lowest closing price and he will start the negotiations with the one who can offer the lowest price. After all, it’s the same PRODUCT they are selling.