When you decide to sell your home, it’s only natural to want to discover all the best ways to ensure a smooth and predictable sale but there is a lot of contradictory advice about, which is quite confusing when you have to make decisions about your most valuable asset. Compare estate agents here
In this article, Compare-Agents take a look at whether it’s better to use more than one estate agent to sell your home. We will look at the pros and cons of both options in order to help you decide the best one for you.
It’s perfectly legitimate to work with one, two, or even more agents, when you’re selling, as long as the terms of your estate agent agreement allows it. Whilst using just one is the most common choice, it’s entirely up to you how many estate agents you decide to work with, as the terms of your estate agents agreement allows it. There are some things you should know about doing so though, before you commit.
If you choose to use a single agent, you will probably sign a ‘sole agency’ agreement. Sole selling rights means that the chosen estate agent will have the exclusive right to sell your home. You would still have to pay estate agent fees if you found a buyer yourself. Sole agency agreements are the most common form of estate agent contract in the UK. More often than not, you are tied into working with that agent for a certain length of time.If a different agent happens to sell your home during this time, you’ll have to pay both sets of fees. However, once the contractual period has ended, you can sell with whoever you want to . Some people choose to work with a sole agent initially and employ multiple agents if their house is still for sale once the contract term has ended.
There are two types of agreement under which you are able to use more than one estate agent: a ‘Multiple Agency Agreement’, or a ‘Joint Agency Agreement’.
This enables you to work with as many estate agents as you like whilst only having to pay the one that sells your house. This is the most competitive type of contract, and usually comes with relatively high estate agent fees.
This enables you to use two estate agents to sell your property. When the sale is complete, the estate agents will split commission fees. This type of agreement is most effective if you choose agencies with different ways of attracting buyers, meaning exposure to a wider range of potential buyers. If you’re considering using this type of arrangement, compare each of your potential estate agents carefully.
The choice you make with regards to using more than one agent in your property sale will depend largely on your aims. Would you rather sell quickly, or would you prefer to hold out for the best possible price? Is your house likely to sell quickly anyway due to the area or type, or is it classed as ‘difficult’ to sell, or ‘unique’? The answer to these questions will hint towards the best way forward.
Choosing the right estate agent to manage the sale of your property is important for a smooth and quick sale. Compare Estate Agent’s fees and performance right now with our online comparison tool.
Here are some pros and cons of multiple agency selling:
Cost – Employing a sole agent usually means far lower estate agent fees for you. Opting for several agents runs the risk of diluting your marketing efforts and hints at desperation. Therefore, multiple agency sales are not ideal for either the agents or sellers.
Estate agents don’t like them and sellers often don’t receive the service they deserve, despite higher costs costs; often if you choose a ‘joint agency’ or ‘multiple agency’ arrangement you’ll have to pay a slightly higher commission fee – usually between 2% and 3% + VAT of your final sale price.This can put off some sellers, because there’s no guarantee that you’ll get a better price with your home if you use more agents.
Risk – There is also an inherent risk that when using several agencies, some may try and get you to accept a lower offer so they can secure the commission.
The best way to guarantee the best price for your home, is to ensure you’re working with an estate agent that has an excellent track record in your local area – and with properties similar to yours. They will have the best connections with potential buyers, and the greatest experience in promoting homes like yours.
If you’re unsure which agent is the best fit for you, compare estate agents and their fees in your area using real time sales data. We analyse the performance of every active estate agent in the UK and using basic information about your home, we provide you with a list of agents that cover your postcode and how they perform against each other. Compare estate agents here