For BVI Sellers: Open vs. Closed Real Estate Sales Listings
Unlike the real estate market in North America, there is no Multiple Listing Service (MLS) in the British Virgin Islands, meaning there is NO central database of properties for sale. Instead, sellers opt for either an open sales listing or a closed listing to sell their BVI homes or land.
What are the advantages and disadvantages of each type of listing?
A closed or exclusive real estate listing means only one BVI real estate agent/broker/realtor has the exclusive right to market, promote, show, and sell the property. The realtor representing the property is the only one allowed to list the property on their real estate website or promote with ads, articles, signage, etc. If another BVI agent wishes to show their buyer the property, they must make arrangements to co-broker with the exclusive agent and split the sales commission, usually 50/50.
An open property listing means any local broker/agent with the seller’s blessing can market and show the property, and list it on their BVI real estate website. When a buyer is found, the seller pays only the RE agent that found the buyer. This provides a bit of competition among brokers to be the first to find the buyer — and keep the full sales commission.
In today’s world of Internet shopping, especially since there is no Multiple Listing Service in the British Virgin Islands, open-listing with a number of different realtors gives the widest exposure for selling a home or property. If you want prospective buyers to find your BVI property quickly, an open listing may be your best opportunity to get the word out. With a closed listing, unless they are working with or viewing your exclusive agent’s website or ads, many buyers will be simply not be aware your property is for sale.
(Of course, no BVI realtor is likely to pay for extra marketing to promote an open listing, only to have some other agency sell it. So if one realtor is prepared to spend substantially to promote your home, it is only fair to give that agency an exclusive listing for a period of time.)
With an open listing, the seller is in effect “hiring” more realtors to promote the BVI house or property, which we believe improves the odds in getting a sale.
If you’re thinking of putting your BVI property on the market, call or contact Emerald Properties BVI 284-541-6861; your trusted partner and knowledgeable selling adviser