How does the one day listing agreement work?

[Mike Schorah]

I was reading about an agent on Reddit that cleans up with FSBOs by doing a one day listing agreement. 

Low and behold, I had an appointment with a FSBO and she says, "We had another realtor that we talked to who offered a one day listing agreement. Would you offer that as well?"

How would that work exactly? I couldn't imagine buying photos and trying this out only to find that they truly don't want to renew the agreement. From what I understand, NAR prohibits automatic renewals of listing agreements.

So how are they doing this?

[Jay Hinrichs]

Quote from @Bruce Lynn:

Quote from @Mike Schorah:

I was reading about an agent on Reddit that 

I'm thinking they met one time showing agreement versus one-day listing agreement.  

A one-time showing agreement is typically to get a fsbo to agree to a commission before you show an interested buyer.  So typically you would have that buyer in hand already. Perhaps looking in that neighborhood or price range and want to show them the house or client tells you about a fsbo that they want to see.  So you go to the fsbo and ask them to sign a one-time showing agreement just for that client.

I've never done it but I have seen others that do a 30-day listing agreement with fsbo. I guess they're trying to get their foot in the door and maybe it will sell in 30 days. If it doesn't then you just extend the listing agreement. The one-day listing agreement doesn't make any sense to me because by the time you get professional pictures and all your information and get it in the MLS and start marketing, your 24 hours would be over.

I guess you could get the name of the agent that they interviewed and look at your MLS to see how they're doing their marketing. Maybe they're just taking phone pictures and putting very basic information in the MLS. See what their listings look like. See if they're getting extensions. Or seeing if everything they list expires. Maybe they're creat ing the generation for you going after all their expireds on day two.

Yup one of two things.

1. already have a buyer and will write contract once they do the walk through.

2. get your foot in the door establish a reporte' and then renegotiate long term listing. or more commonly known as Bait and Switch.