Why Open Listings don't work

In this video I discuss why an Open Listing usually doesn't work when selling real estate in the Hamptons. Open Listings are very popular in the Hamptons rental market. The homeowner has an agreement which each office to compensate them for bringing a tenant that rents the property. In an Open Listing for sale, the homeowner promises a commission if a buyer is brought to the table and a transaction takes place.

So why do Open Listings not work? Every top producing Real Estate agent is working with a buyer pool at any given time. When a property is on the open market, the property is getting more activity and viewings just because it is being advertised with the real estate agent. It's important to keep in mind that not all real estate marketing is the same and every agent approaches marketing a property differently to a certain degree (topic for another video). In an open listing, the homeowner is advertising the property for sale and usually doesn't have the resources a Real Estate agent has to get the property the right exposure. If the property is listed exclusively with the right agent, the property will get the proper online exposure and will be positioned in front of a large buyer pool and within the local real estate community.

While an Open Listing can have success, most real estate agents will keep it in the back of their mind but usually will forget about the property because it is "out of sight, out of mind". In addition to that, there are some agents that are more concerned with their wallet than their client and may not even show their client the Open Listing because the financial incentive isn't there for them.