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WHY CHOOSE A SOLE AGENCY WHEN SELLING
YOUR HOUSE?
A lot of sellers believe that they are best served by appointing a number of agents to scrap over their house with the idea that this competitive system will bring the best agent to the fore with the best sale.
In reality this does not happen and any prudent Seller would always employ a sole agent. The reasons for this are fairly obvious:
- a) Loyalty. By appointing one person to handle your business you are demonstrating faith in that agents ability and that demonstration of faith should be returned in service. One must bear in mind that agents work on commission, they are not paid for their effort or time but only if they achieve a successful sale. Having been given a sole agency an agent must feel that he has a better chance of succeeding and will therefore risk far more of his time, effort and money. In a multiple agency scenario an agent probable will not devote himself exclusively to your property and naturally deals with them on a far more hit or miss basis.
- b) Objectivity. Agents are able to advise their clients far more objectively on all aspects of a sale but particularly on the question of considering proposals from potential buyers. In a multiple agency scenario an agent cannot help but try to convince the Seller to accept his buyers offer, even if it is not perfect, rather than run the risk of losing the sale to another agent.
- c) Buyers. All agents have access to the same pool of buyers. Spreading the property amongst a number of agents does not give any access to any greater number of buyers. No real advantage is gained therefore by not having a sole agent.
- d) Mandates. Sellers are often concerned that they should not be bound to deal with a particular agent for a specific period. A good agent will not attempt to tie a Seller to an unreasonable contract and will not feel threatened if the Seller insists on an “out clause” in the event of dissatisfaction.
- e) Confusion. The appointment of multiple agents can lead to considerable confusion and sometimes even legal wrangles. Advertising and viewing can be complicated when being handled by more than one agent and buyers can confuse the issue not knowing who to deal with. It is not unknown for sellers to find themselves tangled to such an extent that they pay commission to more than one agent.
Having made the decision to have a sole agent or not your next step would be to make your particular selection.
You must choose an agent whose judgment trust and with whom you have rapport. You need to feel comfortable with the agent and comfortable with the way that the agent is going to handle your business. An agent’s objective is, not only to get you the best possible sale but also to demonstrate to you that this has been achieved. You must be confident that your agent will do this for you.
