16. What is the difference between an exclusive contract and an open contract.

Those who decide to cooperate with a real estate agency in the field of brokerage in renting or selling a property have a choice between the two types of agency contracts: an open contract and an exclusive contract.

An open contract gives the customer the opportunity to submit an offer to several offices. This form may seemingly give the feeling of a wider range of the offer. However, it may also cause a disinformation regarding price or availability if the offer of the property is present in several / a dozen portals, as well as the perception of the offer as more “common”.

In case of an exclusive contract, the offer is presented by only one office, which can arrange a wider marketing promotion of the offer and invest additional sources in it (e.g. extra promotion on portals, arranging a banner, mailing to selected customers). The agency is committed to ensure the best quality of the presented offer. Additionally, the customer can feel more comfortable  contacting only one agent responsible for the offer, plus gets the guarantee of the highest level of service. Moreover, the agent responsible for the offer may also cooperate with other offices regarding the property, also in case of exclusive agreement.

At Leach & Lang, we cooperate with our clients both on an exclusive basis as well as an open contract.