Anna M Janda: Director
I have had many questions from Real Estate Agents recently regarding the difference between listings that are “Exclusive Agency” and/or “Office Exclusive”. The terms do not mean the same thing!
Exclusive Agency- When a seller appoints a real estate broker to be their exclusive agent, for a period of time, to sell their property. The owner reserves the right to sell the property on their own without paying ANYONE a commission. In other words if a buyer contacts the seller directly it doesn’t matter if it was through the sign, advertising, etc., the seller can sell to that buyer and not pay the listing broker , or anyone else, a commission.
Office Exclusive Listing- AKA Pocket Listing- For some reason a SELLER (yes, a seller not the listing agent) may not want their property advertised in the MLS. This listing is only available to all the agents who work for the listing company. It is important for a seller to realize this limits their exposure since this type of listing is NOT PERMITTED to Be Published in the MLS. The seller must sign a Waiver of Broker Cooperation. The purpose of the MLS is for publishing of listings to COOPERATE with other Brokers, in order to get the most exposure for the seller. The Broker is not permitted to add this listing to the MLS at all!
It is very important to understand these terms as we are all subject to the laws of AGENCY and the terms of our MLS.
Let’s all work together and make the sale/purchase of Real Estate a great experience for the consumer!
Anna M Janda
Tri County Real Estate Academy