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Listing Your Chicago Condo for Sale

When you are ready to sell your Chicago condominium, you will need to list your condo for sale using a listing contract. There are a number of ways to do this, including: the “exclusive agency listing,” the “exclusive right to sell” (most common), the “open listing,” and the “one-time show.”

Exclusive Right to Sell Listing

Lake Point Tower Chicago at dusk

Lake Point Tower Condos for Sale

This is the most common type of listing because the listing agent has the most incentive to work hard to get the property sold. If you elect to use an exclusive right to sell listing, it doesn’t necessarily mean no other agents will be involved in the process. The agent you hire will market your property to other agents representing potential buyers. The buyer’s agent will show your condo to the client. With this type of listing, your listing agent will receive a commission on the sale regardless of who finds the buyer.

The listing agent will advertise your condo by placing it in the Multiple Listing Service (MLS), market to agents representing buyers and possibly hold open houses to expedite the process. This is the only type of listing where your agent will have an expectation to earn a commission on the sale.

The Exclusive Agency Listing

An exclusive agency listing is a type of listing whereby a real estate agent will list and market your condo for a commission if the condo sells. You, the seller, can also seek buyers on your own. The agent, or company they work for, will only be paid a commission if they are responsible for finding the buyer.

An exclusive agency listing is one of the less common types of listings a seller will choose to use. The reason for this is because there is little incentive for an agent to market your listing since you may end up selling the condo on your own. If that is the case, they cannot recoup the money they spent on marketing the property. While it doesn’t happen often, the seller may try to cut the agent out of the deal, even if they helped to find the buyer. Assuming you find an agent willing to agree to an exclusive agency listing, they won’t do much to help in all likelihood.

Open Listing

If you are considering selling your condo on your own, this is a good option. With an open listing, you will try to sell the condominium yourself, but you are also willing work with a listing agent. If your agent finds a buyer who ends up purchasing the condo, they will earn a commission. However, if you find the buyer, the agent earns nothing. The only way the agent is incentivized to show the condo is if they have a client looking for a property that exactly matches your condo and it is convenient for them to show the property. Don’t expect them to be of much help to you at all.

One-Time Show Listing

The one-time show listing option is similar to the open listing, as it involves a listing agent showing properties FSBO (for sale by owner) to potential buyers. The seller will agree (in a written contract) to pay the agent a commission if he/she finds a buyer who purchases the condo. This prevents the buyer and seller from cutting the agent out of the loop to avoid paying the commission. Again, an agent will not likely spend much time aggressively marketing your property using this type of listing.

Photo -Copyright Elizabeth Beard, used with permission

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