Difference between open listing VS exclusive listing VS sole agency?

[gobear]

What are the differences between the 3 above? (if applied in Sydney)

Which term is the one that allows the vendor to list the property by multi agents and whoever sells it will get teh commission without signing the agreement? Pretty much likes first in, first serve but instead, here, we are talking "first in, first sell"

I've seen quite several but strangely, I notice that usually is 2 rather than 10 or 20 or even infinity? Or is there a limit to it?

 

[Propertunity]

What are the differences between the 3 above? (if applied in Sydney)

Sole: REA can sell and make commission. Vendor can self-sell and pay no commission to REA.
Open: Any number of REAs that have a selling agency agreement (SAA) with the vendor can sell and only the REA that effects a sale gets the commission.
Exclusive: Whoever sells, the REA with the SAA gets the commission.

Which term is the one that allows the vendor to list the property by multi agents

Either of 2 ways: Open or an Exclusive SAA that is a multi-list agreement - where the lising agent gets a % and if a different REA (also part of the multi-list arrangement) sells he also gets a % - sometimes 50/50 or 60/40 split.

and whoever sells it will get teh commission without signing the agreement?

NO-ONE. No signed SAA - no commission.

I've seen quite several but strangely, I notice that usually is 2 rather than 10 or 20 or even infinity? Or is there a limit to it?

2 sounds like the vendor can't make a decision. 10 sounds like the vendor is desperate.

 

[gobear]

Thanks mate

Your answer has certainly made things more clear

Cheers and have a great weekend

Sole: REA can sell and make commission. Vendor can self-sell and pay no commission to REA.
Open: Any number of REAs that have a selling agency agreement (SAA) with the vendor can sell and only the REA that effects a sale gets the commission.
Exclusive: Whoever sells, the REA with the SAA gets the commission.

Either of 2 ways: Open or an Exclusive SAA that is a multi-list agreement - where the lising agent gets a % and if a different REA (also part of the multi-list arrangement) sells he also gets a % - sometimes 50/50 or 60/40 split.

NO-ONE. No signed SAA - no commission.

2 sounds like the vendor can't make a decision. 10 sounds like the vendor is desperate.