Exclusive Listing
Definition and meaning of Exclusive Listing in real estate.
An exclusive listing is a real estate contract that gives a single broker the sole right to market and sell a property for a specified period. This category includes both exclusive agency listings and exclusive right to sell agreements.
In more detail
By signing this contract, the seller commits to working with one brokerage rather than listing the property with multiple competing agents. In exchange, the broker typically commits to a comprehensive marketing plan, which may include listing the property on the local Multiple Listing Service and hosting open houses.
These agreements have a defined expiration date, typically ranging from three to six months. If the property does not sell within this timeframe, the seller can choose to renew the contract or hire a different agent.
Key facts
| Category | Buying & Selling |
|---|---|
| Typical duration | Three to six months, though negotiable between the parties |
| Required by | Most professional real estate agents before investing in marketing a home |
| Key benefit | Encourages the broker to invest time and resources into selling the property |
A homeowner signs an exclusive listing for six months with a local real estate agent, agreeing that no other agent will be allowed to market the home during that time.
Frequently asked questions
Can I cancel an exclusive listing agreement early?
Cancellation terms vary by contract; some agreements allow termination with written notice or a fee, while others require you to wait until the agreement expires.
What is the difference between an exclusive listing and an open listing?
An exclusive listing grants selling rights to only one broker, whereas an open listing allows the seller to hire multiple brokers and only pay the one who brings the buyer.