When making a real estate purchase, both buyers and sellers need to be aware that there are different real estate listing types. Each type of real estate agent listing brings along with it various perks and benefits that consumers should know about when looking for a place to live. In this article, we look at the different types of listings that you should consider when buying a home.
1. Open Listing
An open listing means that any real estate agent can show your house to potential buyers. This means there are more people who will see your house, which may mean more offers.
2. Exclusive Agency Listing
An exclusive agency listing means that only one agent can represent your property while it’s listed on the market. This gives you some control over who sees your home and how much attention it gets from potential buyers.
3. Exclusive Right To Sell Listing
In an exclusive right to sell a listing, the seller has negotiated a specific price with the listing agent. When the house sells, the seller pays the agent a commission on that price. The buyer is responsible for any additional costs that may come up during escrow.
4. Net Listing
With a net listing, the seller pays no commission until they accept an offer from a buyer. If they don’t accept an offer within a specified time frame (typically 30 days), then they have to pay a commission on any offers made during that time frame.
5. Multiple Listing Service
An MLS is a database that lists homes that are on the market in your area. Most realtors will use an MLS to advertise their listings, so you’ll want to make sure your agent has access to it. This is the most popular type of listing and the easiest way for buyers to search for homes.
6. Limited Service Listing Agreement
This is similar to MLS except that sellers pay extra fees so that their properties appear on multiple websites and in print publications.
When buying a home, you must be aware of all your options if you want to make the wisest purchase. Make sure to have your real estate expert explain anything you don’t understand.
There’s no one best type of real estate listing. Just be sure to consider all your options when viewing homes, and you’ll hopefully find something that’s the perfect match for you!