In the context of real estate, what is a "listing"?

In real estate, a "listing" refers to an agreement between a seller and a broker that enables the broker to represent the seller in the sale of the property. This agreement outlines the terms under which the broker will work to market and sell the property, including details such as the listing price, duration of the agreement, and the commission the broker will earn upon a successful sale. The listing is crucial as it formalizes the relationship between the seller and the broker, providing the legal framework for conducting the sale process.

While open house events, marketing strategies, and property descriptions in the MLS are all relevant components of selling real estate, none of these directly encapsulate the concept of a listing. An open house is a specific event to showcase a property to potential buyers, a marketing strategy refers to broader tactics used to promote a property, and a property description in the MLS is simply one way that listings are presented to prospective buyers but does not define what a listing itself is. Thus, the essence of a listing is fundamentally centered on the agreement that empowers the broker to act on behalf of the seller in the sales process.