The Hidden Dangers of Open Listing!

Some property sellers believe hiring more than one real estate agent to sell their home, means more buyers, more competition between buyers and agents and ultimately, a better sale price. Real Estate experts suggest nothing could be further from the truth and in my experience I have seen more horror than success stories first hand from sellers who utilise this method of sale.

Here are 9 reasons NOT to open-list your property for sale:

• Every property seller is looking for the best result which means hiring an agent to get the best price. A top market result requires skill, care, experience and attention. An open listing encourages competing agents to 'race' and achieve any result in order to make the sale.

• When no one person is responsible for a task, there is less accountability and less action. (This can be an important point to consider if you have tenants renting your property).

• It's much harder for open-listed properties to compete inside a real estate business with exclusive listings. The agency has an obvious obligation to work on selling exclusive listings first. Inside the most successful real estate businesses, open listings are at the bottom of the food chain.

• It's my observation that real estate salespeople with less skill tend to take on open listings while the best agents are working with sellers who have appointed them exclusively.

• Open listed properties suffer for attention because the sales person will ask himself or herself why they should work hard to find a buyer when another agent may just 'swoop in' and make the sale.

• I’ve noticed that open listed properties may be priced differently with different agents. This confuses the market.

• Smart buyers tend to play competing agents off against each other which may results in the buyer being lost to another property or making a lower offer.

• If you open-list your property for sale, how do you know that the agency won't transfer buyers enquiring for your property to another they have listed exclusively?

• Do you really want to have several real estate agents calling you daily? Choose one agent and expect the best.

For more honest, independent advice contact Green Estate Agents now on 1300 769 603.

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