If you’re going to sell your property you’ll need to decide whether to instruct one estate agent on what is known as a ‘Sole Agency’ basis or whether to have 2 or more agents trying to sell your home on a ‘Multi Agency’ agreement. If you are thinking that using more agents means you have a better chance of selling quicker and for a higher price then this blog is aimed at you as actually the opposite is often the case!
The first thing to consider is that using more than one estate agent will be more expensive. Most estate agents will have a lower fee where they are instructed as the sole agent and charge more for working on a multi-agency contract (if they accept multi-agency instructions at all). This is because if two or more estate agents are advertising the same property then they will still incur all the marketing costs but may not be the agent to sell the property so will therefore need to charge you a higher fee to reflect this. Paying more to sell at a higher price and quicker would be worth it but if it doesn’t help you with this then it is really just wasted money.
Put yourselves in your buyer’s shoes and think about the message that is sent if they see your property being advertised with two or more estate agents. It will make it seem like your property is difficult to sell and undesirable which will definitely turn some people off from even viewing it. The other thing to consider is that some buyers may also be concerned that they would be more likely to be gazumped if there are multiple estate agents working on the property which may make them hesitate about going ahead with an offer.
There is a misperception that having more than one estate agent working on a property will create competition between them and make them work harder to try and be the first to find a buyer for you. I’m really not sure if that is the case for most estate agents as I know for myself that my motivation comes from achieving a great result for the seller rather than in trying to compete with or ‘beat’ any other local agents. More to the point if you think you need to try and create some competition to make your estate agent work harder to sell for you then you are probably considering using the wrong estate agent in the first place!
Finally if you are still thinking about using more than one estate agent then consider what it is you think the additional agent will do in terms of marketing your property differently. If both agents are going to advertise your property in exactly the same places then your property isn’t going to be seen by any more buyers anyway. Years ago buyers used to trudge up and down the High Street and estate agents would each have their own exclusive database of buyers but the way that people now search for property has completely changed. With buyers now starting their search online it is important to select an estate agent based on how well they present their properties and how widely they advertise them and there is even less reason to use more than one agent, especially if you make sure you choose the right one!
Click Here to read 5 Questions You Must Ask Before Choosing an Estate Agent.