Which type of listing allows multiple brokers to sell the property but only compensates the broker who succeeds in selling it?

An open listing is a type of listing agreement that permits multiple brokers to market the property, but it only compensates the broker who finds a buyer and successfully completes the sale. This arrangement allows the property owner the flexibility to work with various brokers while encouraging them to compete for the sale. If a broker other than the ones initially approached finds a buyer, they are the ones who receive the commission, which can incentivize brokers to work harder to sell the property.

This contrasts with exclusive listings, where only one broker has the rights to sell the property and is compensated regardless of who finds the buyer. Net listings, while also a type of agreement that can lead to multiple brokers working on the sale, typically involve a different compensation structure where the seller agrees to a minimum amount that the broker can exceed based on the sale price. Exclusive right of sale listings guarantee that the broker will be paid a commission even if the owner sells the property independently. Open listings, therefore, stand out due to their competitive nature and potential for lower commitment from the seller to any single broker.