–<\/span><\/p>\nWhat Is the Multiple Listing Service (MLS\u00ae)?<\/h2>\n
The Multiple Listing Service, otherwise known as MLS\u00ae, is often seen as the alternative to an exclusive listing. The MLS\u00ae is an online database available to all REALTORS\u00ae that are part of a real estate board and is the most common way for sellers to list their properties. The MLS\u00ae also syncs with other public online real estate marketplaces. Since most homebuyers begin the house-hunting process online, MLS\u00ae can be an effective way for sellers to market and list their homes. Homes listed on MLS\u00ae typically result in transactions that involve two REALTORS\u00ae: a buyer\u2019s REALTOR\u00ae and a seller\u2019s REALTOR\u00ae.\u00a0<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#edf7f3″ custom_padding=”32px||32px||true|false” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.75rem” max_width=”800px” module_alignment=”center” header_2_font_size_tablet=”32px” header_2_font_size_phone=”27px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”32px” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
\u201cMost exclusive real estate listing agreements have expiration dates. Therefore, the seller does not authorize the REALTOR\u00ae to represent them in perpetuity, but rather until the contract expiration date or the date the home is sold, whichever comes sooner.\u201d<\/h2>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||24px||false|false” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”23px||38px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n
What Is the Difference Between Exclusive and Non-Exclusive Listings?<\/h2>\n
To determine if an exclusive real estate listing is right for you, let\u2019s dive into the key difference between exclusive and non-exclusive listings.\u00a0<\/p>\n
\u00a0–<\/span><\/p>\nAs mentioned, an exclusive listing involves a seller agreeing to work solely with one REALTOR\u00ae to sell their home. During this time, the REALTOR\u00ae will attempt to market the property and entice qualified buyers to make offers on the home. Meanwhile, non-exclusive listings involve publicly listing the home (for example, on the MLS\u00ae) and working with any REALTOR\u00ae that comes to you with a potential buyer.<\/p>\n
\u00a0–<\/span><\/p>\nThe main difference between an exclusive and a non-exclusive or MLS\u00ae-listed sale is the number of buyers that have access to your home. With a non-exclusive listing, the home will likely be listed online by the seller\u2019s REALTOR\u00ae and made available to all buyer\u2019s agents via the internet. From there, the buyer\u2019s agents can take the listing information back to their clients and if interested, will work with them to submit an offer. Marketing a home online instantly opens it up to hundreds if not thousands of interested and qualified buyers, which can lead to more offers. In contrast, an exclusive listing means the home isn\u2019t published on any online real estate marketplaces. Rather, the REALTOR\u00ae representing the seller is tasked with trying to sell it to a pre-selected group of buyers. The advantage here is that while the buyer pool might be smaller, the quality of the buyers might be higher.\u00a0<\/p>\n
–<\/span><\/p>\nHow Do Exclusive Real Estate Listings Work?<\/h2>\n
Now that you know what an exclusive listing is, you might be wondering how it works. An exclusive listing, or listing agreement, is a contract in which a seller authorizes a REALTOR\u00ae to find a buyer for their home. With exclusive listings, only one REALTOR\u00ae is permitted to market, show, and sell the property. Other REALTORS\u00ae cannot try to sell the property while the agreement is in place. Realtors are paid by commission, so in exchange for the service they provide, the seller pays the REALTOR\u00ae a commission when the home is sold.\u00a0<\/p>\n
\u00a0–<\/span><\/p>\nAlthough REALTORS\u00ae still earn a commission in open listings, it works a little differently. In a non-exclusive listing, the seller retains the right to work with multiple REALTORS\u00ae. However, the seller is only obligated to pay a commission to the REALTOR\u00ae responsible for finding the successful buyer (that is, the buyer whose offer is accepted). Further, in the case of a non-exclusive listing, the seller can try to find a buyer on their own, and if successful, they do not have to pay a commission to anyone.<\/p>\n
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The Pros of Exclusive Listings<\/h2>\n
Exclusive listings offer several benefits to sellers. Check out some of the pros below.\u00a0<\/p>\n
–<\/span><\/p>\nYou develop a long-term working relationship with the REALTOR\u00ae<\/b><\/h3>\n
First, with an exclusive listing, you are more likely to develop a long-term working relationship with a REALTOR\u00ae. This will work to your advantage both now and down the line. In the short term, your REALTOR\u00ae is more likely to take the time to understand your sales goals. From there, they can make more relevant and strategic recommendations on how to attract buyers (for example, they might suggest changing up the marketing strategy to appeal to a certain demographic or recommend that you make some minor repairs or upgrades). Meanwhile, in the long term, if you developed a strong working relationship with your REALTOR\u00ae, you\u2019ll have someone to turn to if you ever need to sell a home in the future.\u00a0<\/p>\n
–<\/span><\/p>\nThe REALTOR\u00ae might be more motivated to sell your home<\/b><\/h3>\n
Another perk of exclusive listings is that the REALTOR\u00ae might be more motivated to sell your home. Since the REALTOR\u00ae is the only one responsible for selling your property, they may work harder to do so. This could translate to better staging, more extensive marketing campaigns, and faster response times when you reach out with questions or concerns. Ultimately, the more motivated your REALTOR\u00ae is to sell your home, the better customer service you will receive.\u00a0<\/p>\n
–<\/span><\/p>\nYou can test out the market with low stakes<\/b><\/h3>\n
The third pro of an exclusive listing is that they give sellers a chance to test the market with little to no consequences. For example, if you chose a non-exclusive listing from the get-go and listed your property on the MLS\u00ae, the general public would be able to see your original asking price as well as any subsequent price changes. But if you opt for an exclusive listing, only those your REALTOR\u00ae permits to view your listing will be able to see the price. When pricing information is controlled, as it is with exclusive listings, there is less risk of potential buyers seeing that you previously reduced the price and using this as leverage in negotiations. So if you\u2019re looking to test the waters to help determine the ideal listing price for your home, an exclusive listing might be the way to go.\u00a0<\/p>\n
–<\/span><\/p>\nExclusive listings weed out unqualified buyers<\/b><\/h3>\n
Not all buyers are created equal. Even though a non-exclusive listing is likely to garner interest from a greater pool of buyers, it doesn\u2019t mean the buyers will all be qualified or competitive. This represents a major advantage for exclusive listings. Since REALTORS\u00ae with listing agreements market the home to a pre-selected group of buyers through their brokerage, the quality of the buyers is likely to be higher, increasing the odds of a sale.\u00a0<\/p>\n
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