I was wondering what peoples opnions are when it comes to selling.
Use Sole Agency (which all RE I’ve come across push for) or Multi Listing
Let me know what you think and WHY ?
Cheers
Hey Joe,
My view is that it’s better to have one agent working for you exclusively. Multilisting is better suited to agencies who:
a) are so small that they are not able to carry on their own business at full capacity without trying to sell other agencies listings; or
b) agencies that are so big, that going halves in the commission is affordable since all they had to really do was deal with interested parties rather than all the usual timewasters.From a vendor’s point of view, this means that multilisting promotes a slack attitude by agents, since there is no guaranteed commission, and no way to budget for their expenditure, time, etc.
With an exclusive arrangement, the agent knows their potential income (roughly, depending on the sale price obviously), and hence can budget a proper marketing campain, their time etc exclusively for that property.
The agents obviously promote the exclusive authority since the vendor cannot go and list with another agency, so this is where chosing a motivated agent is essential.
In Vic (not sure about other states), we also have the General authority, which is simply an authority that is not exclusive – the vendor may list with as many agents as they like, yet only the agent that ‘introduces a buyer at the reserve price’ gets the commission. Again, this has the same pitfalls as the multilist system.
Coming out of this latest boom will shock agents, since now they will have to actually work and be innovative in selling property, so perhaps in the next couple of years we will see agents fighting more agressively for listings, and perhaps the disadvantages of the multilist & General authority may not be so apparent.
Hope this helps Joe, Best of luck.
(“,) $$$ HoLdEnCoMmOdOrE $$$ (“,)
With multilisting it can be a race to the bottom. Basically because of the competition Agents more likly want a quick sale (to get their commission) and so therefor are more likely to reveal sensitive info (e.g. they rejected an offer at $300K, but they did tell me the least they would sell at is $308-$312K). Also some agents refuse to deal with multilisting.
Rgds.
Lucifer_auI have always found the best rule of thumb is to sell by sole agent as you have more control with a single agent involved and have a better idea if he has your interests at heart or a quick sale. If you are buying and can find multi listed homes in your property profiles it will gennerally pay dividends. Go through an agent that didnt originally list the property and get him to put the screws on the listing agent. Both will want a quick sale for the commission and will not generally be bothered about the vendors profits as the vendor was not worried about their commission. I prefer selling them myself.
So sole agent to sell
Multi list to buy
Or sell it yourself using correct advertising and price ranging.
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