Let's make this quick! This is what you really need to know about exclusive listing agreements!
Do yourself a favor - find an agent you feel good working with and list your property with them exclusively UNLESS you can sell it yourself for more money in less time. That way you won't have to pay a commission and you'll have a double win.
If you're not so sure you're a better agent than your agent then read on.
What's the MLS?
All exclusives are MLS (Multiple Listing Service) agreements. All exclusives are listed by one exclusive broker but can be sold on a co-broke basis by any licensed real estate agent. Agreeing to an exclusive puts pressure on your agent to perform in the contractually agreed time (usually 6 months to one year), that gets you and your property a lot of attention which is what you want. And yes, you will have to pay a real estate commission when your agent secures you the sale. And yes, you can cancel an MLS listing. But don't try to hack the system by cancelling the agreement to deal with a buyer directly. You are obligated to pay real estate commission on the sale once the buyer was introduced to your property by an agent.
The Power of the MLS
All agents who are members of the MLS have access to your exclusive listing and can share the details with their database of buyers. Anyone in the world can access your listing by searching The Bahamas MLS website. All MLS listings are replicated on multiple broker websites through the IDX feed. MLS listings are also replicated on international real estate websites. You simply cannot beat the marketing reach of an MLS listing.
What's an 'open' listing?
An 'open' listing is not an exclusive and can be listed with multiple agents. You can also rent or sell your open listing yourself in which case commission is due to no one. Open listings appear only on the website of the broker(s) it is listed with and has the lowest market reach and in my opinion the lowest agent attention. Avoid an open listing unless you have a great chance of selling the property yourself.
Still have questions on how the MLS works? Drop me a comment.
Welcome to my blog, 'Real Estate without the Fluff', this is where we'll relax from all the serious work of real estate. Let's work a little, play a little (usually with sea glass) and dream a little!