Definition
Listing
A listing in the context of real estate can refer to:
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Written Engagement Contract: A legal agreement between a property owner (principal) and a real estate agent (agent), authorizing the agent to perform services related to selling, leasing, or managing the property.
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Broker’s Record of Property for Sale: The portfolio or catalog maintained by a broker or real estate agent, listing all properties they have been authorized to sell or lease.
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The Property: The actual real estate—such as a house, apartment, commercial building, or vacant land—that is listed for sale through the broker.
Example: Abel employs Baker to find a buyer for his home by giving Baker a listing contract. When prospective buyers visit Baker, they will examine the listings in Baker’s office. If interested, a prospective buyer may wish to visit the listing.
Examples
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Exclusive Listing: An agreement where only one real estate agent or broker is given the exclusive right to sell a property for a specified period. If the property is sold within this period, the agent is entitled to a commission, regardless of who finds the buyer.
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Open Listing: A non-exclusive agreement that allows multiple agents to market the property simultaneously. The commission is only paid to the agent who succeeds in locating a willing buyer.
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Multiple Listing Service (MLS): A comprehensive database used by real estate professionals to list properties, share details, and facilitate sale and cooperation among agents and brokers.
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Pocket Listing: A property that a broker does not advertise publicly or does not list on MLS. It is often marketed through private channels.
Frequently Asked Questions
What is a listing agreement?
A listing agreement is a contract between a property owner and a real estate agent granting the agent the authority to promote and sell the property.
How long does a typical listing agreement last?
The duration of a listing agreement can vary, typically ranging from 30 days to six months or more, depending on market conditions and mutual agreement between the owner and the agent.
Can a listing agreement be terminated early?
Yes, listing agreements can generally be terminated early if both parties agree, or if specified conditions are met, such as inadequate marketing efforts by the agent.
What is an MLS?
Multiple Listing Service (MLS) is a database used by real estate agents and brokers to list properties, share information, and find potential buyers.
Are all listings publicly available?
No, not all listings are publicly available. Pocket listings are kept off the public market and are often marketed privately.
Related Terms
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Exclusive Right to Sell Listing: The agent has the exclusive right to earn a commission by representing the owner and bringing in a buyer, regardless of who finds the buyer.
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Net Listing: A type of listing agreement wherein the agent receives any amount above a specified sales price as a commission.
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Commission: The fee paid to a real estate agent for services rendered, typically a percentage of the property’s selling price.
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Broker: A licensed real estate professional who manages and oversees brokers or agents and facilitate the sales process.
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Principal: The property owner who engages the services of a real estate agent.
Online Resources
- Realtor.com – Provides comprehensive property listings across the United States.
- Zillow – Listing service for buying, selling, and renting homes.
- MLS.com – Nationwide multiple listing service for real estate.
References
- National Association of Realtors. Understanding Real Estate Listings. Realtors.org
- Drucker, Aaron. Real Estate Contracts: Understanding Listings. Wiley, 2021.
Suggested Books for Further Studies
- “The Real Estate Agent’s Guide to Listings” by Tyler Gregory
- “Real Estate Marketing: Strategy, Personal Selling, Negotiation, Management, and Ethics” by J. Andrews and J. Barney
- “Modern Real Estate Practice” by Fillmore W. Galaty, Wellington J. Allaway, Robert C. Kyle
