Types of Listings


Do you want to list your property but aren’t sure how? Let us help you. There are a few different
listing options. To begin with, all St. John Realtor’s® are members of the National Association of
Realtors® and we all participate in our Multiple Listing Service (known as the St. John MLS) which is
under the auspices of the local St. John Board of Realtors®. Listings must be in writing and they are
taken on our standard “Multiple Listing” forms. The agent who takes the listing is required to fill it out
accurately and completely and is responsible for submitting it to the electronic MLS database. That
agent is allowed to advertise the property and is then known as the “listing agent” with fiduciary
responsibility to the Seller. All other agents who are allowed to co-broke on it are then also sub-agents
of the Seller. In the listing agreement you and your listing agent determine the commission rate. A
portion of the commission will be retained by the listing agency and a portion will be offered to
cooperating or “selling” agencies as an incentive to find a buyer. The split between listing and selling
agencies and agents is governed by mutual agreement (usually a 50%-50% split). Commissions are
generally due at “closing” once the property has been sold, though there are some unique situations
that warrant special circumstance.

 


The most common form of listing is called an “exclusive right to sell” listing. With that type of listing
the Seller agrees to pay a commission to the listing agent in the event of a sale by anyone who brings
in a Buyer within the designated time limit including the named agent, any sub-agent or the Owner.
Another type of listing is the “exclusive agency listing”. With this listing agreement the owner may
sell the property himself to a Buyer they introduced to the property on their own. Depending on the
specific agreement, the seller would then only be liable for the listing agency portion of the
commission or in some cases, not be liable for a real estate commission to the listing agency or any
other agency. Otherwise it’s the same as an exclusive right to sell. The property is put on MLS, it’s
marketed by the listing agent and the designated commission is paid to the listing agency in the event
of a sale by any real estate agent.

 


The principal aspects of an “open listing” are quite different from the other two types. Open listings
are NOT put on MLS and agents do NOT co-broke with other agencies to sell them. An open listing
may be given concurrently to more than one agent/agency. The Owner may sell the property and
would not be liable for payment of a commission. Each agency also has the right to advertise it and
then make the arrangements to show the property independently and negotiate any offers that may
come in individually. All agents call the Owner directly and there is no “listing agent” that takes
specific responsibility for marketing the property. Sellers are only liable for paying one commission
which is earned by whichever agency brings in an acceptable offer at an acceptable price that goes to
Closing. That agency is then paid the full commission for the sale.