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Should I list my property exclusively or with multiple agents in Brisbane?

Should I list my property exclusively or with multiple agents in Brisbane?

When you decide to put your property on the market you will have the choice of listing your home exclusively with one agent or as an open listing with multiple agents.

At first glance, it may appear that engaging multiple agents is a better option – after all, in theory you now have more people working to sell your property. Unfortunately an open listing isn’t always in the best interest of the vendor.

When multiple agents are engaged to sell a property it can often create a sense of competition between them.

As the commission will only be paid to the agent who is able to secure a sale for the vendor, their priority shifts from achieving the best price to securing the quickest sale.

This can also cause agents to put pressure on vendors to accept a lower than desired offer.

Sold – 99 Elizabeth Street, Toowong $1,520,000

In the first few weeks of a property going on the market, it is extremely important for your agent to gather feedback from potential buyers and gauge the level of interest from the market.

With several agents dealing with different buyers, it can be difficult for the vendor to receive a comprehensive understanding of the market place.

Failure to do this in the early stages of your marketing campaign may result in increased advertising fees and potentially a lower sale price.

Multiple agents can also send an inconsistent message to potential buyers, but most importantly they may not be aware of other interested parties, therefore negating a competitive environment which often results in a better price.

Sold – 37 Camp Street, Toowong $1,220,000

An exclusive agency agreement means you grant a single agent the right to sell your property. By doing so, an exclusive agent will represent your property with your best interest at heart and you will be able to establish an honest, working relationship with them.

Without the threat of another agent, you will find your exclusive agent will work harder to achieve the best outcome for your property.

 

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Byrony O'Neill

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