As promised, more industry opinions on exclusives versus open listings in a down market. Replies are coming in daily, so have patience, all will be shared.

First of all, we have a response to last week's open listing advocate from layman and potential buyer Tom D., currently renting in Westhampton Beach from Rick Hoffman, Senior Executive for the East End, at The Corcoran Group - "Tom D. expressed concern over exclusive listings not getting broad exposure. This is contrary to what I find to be true. I specifically stated [in last week's article] that a seller wants to retain 'a broker to co-broke to every other agency.' This is The Corcoran Group philosophy. Sellers benefit by a broker being able to use their network to let other real estate agencies know about a listing. This is a much broader network than a seller would be able to access to keep apprised of listing changes, photos and property information through individual agencies holding an open listing on their property. A great real estate broker casts the widest net to the largest pool of potential buyers. When a seller interviews a prospective listing brokerage they should question them as to their co-broke philosophy." Thank you, Rick Hoffman.

Property listed with The Corcoran Group.

From John Watson, independent real estate analyst who values real estate, studies market trends, sells and rents through a large East End real estate firm - "Open listings are orphan listings. As real estate sales diminish, gross commissions earned decline, as does advertising dollars. Realtors are not going to advertise open listings just to have another agency sell it. No profit potential. Serious sellers in a declining market need or should hire an agent and agency profitable enough to advertise and expose the home to market in as many media outlets as possible for as long as possible."

Michael Daly, a buyer's broker - "Dealing with a professional broker who has the exclusive listing is the way to go. It is important that sellers have a professional agent doing the job. If the listing agent takes their fiduciary responsibility seriously they will see to it that the property gets promoted to the real estate community, advertised, and that all negotiations are conducted in the best way to get the best offer."

From a major industry broker who wishes to remain anonymous - "Exclusives have never been in the best interests of the seller. When the market is hot brokers buy listings with the promise that they will throw ad money at them to give the 'most' exposure. The reality is brokers take exclusives in order to associate their own name with the listing. In recent months the brokers' photographs have grown larger than the exclusive listings they represent and/or the company they work for. The inference is that the broker is more important than either the seller or the company. How does that help the seller achieve the highest and best price?"

The insider continued, "In a slowing market brokers who make their living on marketing exclusives will reduce the dollars spent and the number of exclusives they take because the reality is that ads don't sell houses. The market does. Brokers boost their ego and marketability with their exclusives. With declining sales you'll see declining ad presence and larger portraits." Further, "In a rising market the game becomes get the listing at any cost. The market appreciation will sell it at or near the inflated sales price. In a declining market the values are much more difficult to determine. By the way did you ever see a piece of real estate that did not sell because it was not an exclusive?"

And finally, yet another veteran broker/owner who would like to remain anonymous - "I enjoyed working with open listings long ago but your question was about what's best for sellers? Hands down, exclusives with the right agent and agency! The seller is guaranteed focused marketing and advertising dollars allocated directly to their property by hiring a real estate professional to concentrate all skills and tools to selling their property. Above all - is the professional agent and his/her counsel? It could make the difference between a sale/no sale/time on the market/or the wrong price. We are counseling our sellers to not list at all if they don't have to sell for the next two or three years. Distressed properties need to be sold first, inventory levels reduced, only then can prices go back up again."

Some say yes, some say no. That's what makes horse racing, folks. But one way or another - realtors and their firms want to sell your properties. That's how they earn their money. East End real estate? It's a very strange business!