Exclusive Vs Open Listings

There is often a misconception that listing your property with many agents as an ‘open’ listing over an ‘exclusive’ listing with one agent increases the chance of a successful sales result via increased exposure and therefore increased buyer enquiry.

Have you ever heard the saying – a bird in the hand is worth two in the bush - ?

This is one of those situations where this saying most certainly rings true.
Open listings (where a home can be listed with more than one agent) usually means that the agents as a collective do not work as hard as they might have, had they been solely responsible for the marketing of the property.
Furthermore, an open listing can in fact have the effect of diminishing the integrity of the property when being marketed by several different agents – particularly when the listing appears a number of times over on the same page on realestate.com.au.
It also becomes more difficult for you the owner to co-ordinate multiple sets of keys and monitor their whereabouts, co-oridinate multiple open home times with each agent (that’s if they will do open homes at all for an ‘open’ listing), and to field calls regarding market feedback from each agent. One agent being responsible for the entire marketing campaign under an ‘exclusive’ listing ensures a greater amount of cohesion, consistency and responsibility for the marketing period.
Another consideration when deciding upon a suitable agent to market your property is commission discounts. Whilst a discount can be very enticing as we all like to ensure we are receiving the best deal, it can be counter productive in some instances.
The difference between a good agent and a GREAT agent is their ability to negotiate the highest price and terms on your behalf. Opting for an agent who discounts on their commission could inadvertently cost you later on in achieving a lower ultimate sales price than an agent who can negotiate effectively the worth of their commission with you from the start.

What have your experiences been with EXCLUSIVE and OPEN listings?