Andrusha Bohackova

James,

It's kosher:)) Basically it is similar to a FSBO who is working with a broker ( or multiple brokers ) on an open basis and promises to pay a commission to whoever brings the buyer. This is completely legitimate by any rules or standards of DOS or REBNY. By posting it as limited listing the broker basically offers to cooperate with other brokers who may have buyers for it and therefore help sell the listing and split the agreed upon commission. The broker is thus creating additional exposure for the seller by letting other brokers know about the listing. The fact that this type of listing does not make it into the MLS means that a large percentage of brokers will not obtain the listing at all. OLR will have ALL the exclusives from the MLS and then some - such as limited listings, or listings from certain small agencies at times , which in my opinion is one of many things which make OLR a superior system. Not all brokerages, and this includes some of the largest ones, are using it though.
So with such an arrangement , you are missing exposure. Also, if there is nothing in writing, (which can be the case with open and limited listings), even if brokers find the listing, it is considered risky for them to go there. Additionaly, seller will unfortunately be missing exposure if the commission is not what the agents are used to - such as 4% split bt two brokers instead of the most common 5-6%. The truth is that many buyers' agents will avoid the listing............There are numerous reasons why sellers do not want to list with one broker exclusively and an open listing or a limited listing is completely legit. Of course most brokers do not like this and some will even look down on it, as the standard of the industry is to represent an exclusive listing, be protected and have a guaranteed sale and commission. A seller who is serious and needs to sell, would definitely be best helped by going exclusive and giving the listing MAXIMUM EXPOSURE to ALL of the brokerage community. Keep in mind that with all the great promises of internet exposure, zillions of websites, syndication, flashy marketing, sale campaigns and what have you, most sales - around 90- 95%-still happen through the NYC MLS and with a buyer's broker involved. You are better off doing a 5% exclusive versus 4% limited any day. For the additional 1 % many more brokers see the listing, more buyers come and better your chance of getting offers or finding the right buyer who may be willing to pay more for your apartment. The link below to the sellers page may provide a bit more useful info. Best of luck - Mon Dec 7 2009, 14:12