What defines an open listing in real estate?

An open listing is defined as an arrangement where a property owner agrees to pay a commission to any broker who successfully finds a buyer. This type of listing offers the property owner the flexibility to work with multiple brokers simultaneously. If any broker makes a successful sale, they receive the commission, but the owner retains the right to sell the property themselves without owing a commission. This contrasts with other types of listings, such as exclusive listings, where only one broker handles the sale and the owner may have to pay a commission regardless of who finds the buyer. The open listing structure can be appealing to some property owners due to its non-exclusive nature, allowing for a broader pool of potential buyers.