This question is commonly asked by people about to sell their home and is probably the cause of most confusion for sellers.

What is the difference between an "Open List" and a "Sole Agency"?

Open List
1. You may list your property with as many agents as you wish.
2. Each agency will want to place a sign on the property (council regulations allow for a maximum of 2).
3. Each agency will ask for keys to your property for access when you are not home. It may be difficult for you to know who has entered your home.
4. None of the agents will arrange for adequate marketing strategies or work hard on your property as they will have a much smaller chance of receiving any benefit from their efforts, as only the selling agent is rewarded for the sale.
5. Statistically, open listing is the least successful method of selling Real Estate, both in terms of prices paid for properties and length of time on the market.

Sole or Exclusive Agency
1. You choose an active and well respected agent to guide you through the selling process. This choice could be as a result of past associations, a friend's recommendation or your impressions during appraisal or listing discussions.
2. Because you have made a commitment to your agency, they will make a commitment to you and work very hard to sell your property. A close working relationship will form between you and your agent.
3. Because your agency knows they will be rewarded when the property sells, they will put together a strong marketing program to ensure a sale.
4. Just because an agent has a Sole Agency does not necessarily mean that another agency can not sell the property as most agents will conjunct properties on a 50/50 basis.
5. Sole/Exclusive agencies enjoy the most success for both prices paid and length of time on the market.

The main difference between an Open List and Sole Agency is whether you want your property "Listed" or "Sold".