Multiple Agents vs Exclusive Agent
Multiple Agents vs Exclusive Agent
Multiple Agents vs Exclusive Agent?
If you are planning to sell your property now, this might be the first question that you might be thinking.
Today let me explain to you how we agents work. Now let’s look at multiple agents selling your property.
You might be thinking that multiple agents can help you:
Let’s examine the points now.
1) Reach a wider pool of buyers.
I believe this is the core reason why owners get many agents to sell a property.
This is commonly known as the cast your net effect. More agents means the more exposure you will get and task you will be able to sell your property faster. This concept is not wrong but as we move towards PropTech (Property Technology) this method may be outdated. I will explain more shortly.
2) Get a wider perspective on the market from different agents
To a certain extent, more agents will give you more feedback in terms of the price, market trends and their marketing plans. However, the downside to this usually is analysis paralysis.
Imagine you are the CEO, and you host a meeting with 30 people, everyone is giving their views and you will end up taking a few months to decide on the steps moving forward. A lot of time might be wasted as a result of this.
3) Tap on different buyers demographic as different agents have various network or connection
Different agents, in theory, cater to different types of buyers. By using multiple agents, you can market your property to multiple demographics at once. Many owners believe that we as agents have buyers on hand following us around, and tap on our ‘connection’ to gain access to them like the High Net Worth or Expats.
Back in pre-internet days, the above points might be valid as data and information might not be so widely available. As we move forward, technology has changed the property sector tremendously. Buyers now rely heavily on online platforms such as property portals social media like Facebook, Instagram, Tiktok, or other marketplace to search for their next property.
Having an exclusive agent might provide more advantages to you. It is not about the quantity, but rather the quality.
Priortisation is more important than numbers. Because real estate agents are in sales. There’s the old misconception that it’s just a number game.
Now that may be true for the agent in question, but sellers are always better off focusing on quality. There’s no point having five agents who can sell your property if all of them put you last on the priority list, because they think someone else might get the commission.
Even worse, a non-exclusive agent might use your house as leverage to sell another property on their list. This agent might show a buyer your house first, because he or she has access to it. After which they’ll immediately bring the buyer to the better house, using the technique of contrast to pump up the perceived value of the second home. In short, you might get played if you are using multiple agents.
Almost all agents use the same platform to market your property. This is why some agents hate listing houses after another agent already has. Buyers get confused when they see the same property marketed by different agents. They may think some of the listings are old or wonder if there might be something wrong about the house. They might even deduce that is a scam.
So, stick to an exclusive agent if you don’t want buyers to start asking questions like:
How come there are so many agents and it’s still not sold? Have all the other agents gave up?
Okay I know sellers might have bad experience previously dealing with their agents and are very skeptical.
I would suggest that you can start with an agent and switch agent if the current one isn’t performing.
It’s not hard to do, it ensures every agent you engage is more committed to market your property.