When you decide to sell your home you naturally want to get the best price within a reasonable timeframe, right? Some people believe that it makes sense to enlist the help of more than one real estate agent to increase their chances of achieving these goals.
While this makes sense in theory, there are a number of benefits for signing an Exclusive Agency Agreement. For starters, it simplifies the sales process for you and gives your campaign a more dedicated and focused approach.
What is an Exclusive Agency Agreement?
An Exclusive Agency Agreement occurs between a seller and their chosen real estate agent or agency. It excludes all other agents from representing your property for the contract period and means you have one central point of contact for the sale of your property.
What is an Open Agency Agreement?
This is the opposite of an Exclusive Agency Agreement. The Open Agency Agreement leaves you free to list your home with multiple real estate agents. While this may appear attractive as you will presumably have access to more buyers, the downside is that none of the agents are likely to give your property their full commitment.
The pros and cons of an Exclusive listing
The overriding benefit is as the name implies – exclusivity. It means you will have the agent’s total commitment to your property and the return they receive is entirely dependent on the result they achieve.
The only downside is if you end up with a ‘bad agent’. Then you’re limited in how much control you have over improving the situation if things aren’t going well.
The bottom line
An agent’s income is earned from sales, not listings. If an agent has the exclusive responsibility to sell your property, they will work hard to achieve a result you are happy with. That way it will be celebrations all round once the property is settled.
Contact us if you’re still confused and would like more information.