Exclusive listing (sole agency)
An agreement where the owner gives a single agency the right to market the property for a set period.
An agency agreement sets out the agency's right to market a property, its duration and the fee. Under an exclusive or sole agency agreement, that right is given to one agency only.
Terms and enforceability depend on local law, and specific questions should go to a legal adviser. This definition is general information.
Why it matters for agencies
Exclusivity makes it worthwhile for the agency to invest in marketing, and stops the same property appearing at different prices with several agencies.
Example
At the valuation visit, the agent explains the price range and marketing plan; the seller signs a three-month sole agency agreement and the opportunity moves to the instructed stage.
Related terms
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