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Getting property sold can be quite a task especially if the homeowner does not know what to do initially. This is the reason why learning all about it could be quite beneficial especially for those homeowners who are new to the field of real estate sales.

The Definition of Terms

The Multiple Listing Services

This is also known as the Multiple Listing System. It generally involves a conglomerate of services that are utilized by real estate agents for the establishment of a contractual offer with regards compensation. This is usually done among the brokers themselves. Exclusive agency listing

It is also used to accumulate and disseminate information properly amongst the real estate community. By doing this, it will hasten the appraisal and possible sale of the house in question.

Open Listings

These refer to the sales that are made by the homeowner himself. It is a nonexclusive type of listing that allows the homeowner to work when a multitude of real estate brokers.

Pros and Cons

Here are some of the advantages and disadvantages between the two.

For MLS

Pros

  • Homeowners will be able to work with professionals that already have a wealth of experience in getting houses sold. It is an exclusive contract between the homeowner and the broker so precious time won’t be wasted unnecessarily.
  • Commissions for the broker will also be stipulated in the contract so there would be no confusion in the end.

Cons

Homeowners will not have the option to change real estate brokers without terminating the contract. They may also not be given complete access to information regarding the sale. If this happens, they will not be able to monitor the progress and the money spent in making the sale happen.

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For Open Listings

Pros

  • Open listing definition, The homeowner has complete autonomy over the sale of the house.
  • He or she will also be able to contact a multitude of agents to work with either for consultation or to help him or her sell the property directly.

The homeowner will be bound by an exclusive contract which gets him the freedom to choose who he or she wants to work with specifically in the future.

Cons

  • Some real estate agents use open listings to acquire clients. This leads to the time being wasted on being convinced to work with this particular broker as opposed getting it sold right away.
  • For the part of the broker, the amount of commission as well as the schedule OF payment is not exactly clear, whereas with MLS, pertinent details about compensation is clearly stated of the contract right from the beginning.
  • Because of the unclear rules about compensation when it comes to open listings, some agents tend to hesitate when working with homeowners with this setup. This will cause the property sale to take more time which will not work if the homeowner is in a hurry to get things done.

Conclusion

If one wants to have immediate results, it would be best to put it on the list and to work with only one reputable and professional real estate broker. This way, there will be less hassle when it comes to making the property sale in the end.

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