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Agents- What's the benefit of "exclusivity"?

Posted by Inspire-189045 - Created: 13 years ago
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6 replies (Showing replies: 1 to 6)

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Posted by lenenielsen - 13 years ago

It has now been a couple of years that I have worked as an independant, with different real estate agencies and agents and I have to say that you are right! You really have to be careful because many agents do not really take care of their client (which is you in this case). I found out who I can trust and who is good with their clients - but what I really wanted to say is: Recently I learned about MLS (Multiple Listing Service) which is really good. It means that you write a contract with one agency but within this system there are more and more agencies who subscribe. This is how it works: You only have to find one agency you trust!!! and you do not have to handle several and see your property in different papers at different prices. The agent you sign the contract with shall IMMEDIATELY put your property on the shared list and then all the subscribed agencies can see the add and try to sell your property as well...

I hope you understand the principe. I find this system absolutely great and think that it is about time that it gets a bit more structured here in this lovely area.

Regards,

Lene

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Posted by lenenielsen - 13 years ago

It has now been a couple of years that I have worked as an independant, with different real estate agencies and agents and I have to say that you are right! You really have to be careful because many agents do not really take care of their client (which is you in this case). I found out who I can trust and who is good with their clients - but what I really wanted to say is: Recently I learned about MLS (Multiple Listing Service) which is really good. It means that you write a contract with one agency but within this system there are more and more agencies who subscribe. This is how it works: You only have to find one agency you trust!!! and you do not have to handle several and see your property in different papers at different prices. The agent you sign the contract with shall IMMEDIATELY put your property on the shared list and then all the subscribed agencies can see the add and try to sell your property as well...

I hope you understand the principe. I find this system absolutely great and think that it is about time that it gets a bit more structured here in this lovely area.

Regards,

Lene

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Posted by SLC-196742 - 13 years ago

In my experience of buying and selling property, I have found that you cannot trust or believe anything that estate agents say.

As a rule of thumb, you should always check and double-check anything they tell you - and NEVER take their word for anything.

At the end of the day, they are salesmen and are looking to get the most commission possible in the shortest amount of time.

You should always remind yourself to think of them as salesmen and never as "friends". 

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Posted by Inspire-189045 - 13 years ago

Thanks for the advice. Especially about the valuables. The whole agency came round yesterday to do the photos etc. One thing that annoys me is that when enquiring, I pointedly asked if anyone in the agency speaks good English - twice. Not that its needed for the day-to-day stuff, but it would be good if things got complicated. And I also think it's a sign of a good agency here. Having been assured twice, that the manager speaks good English, it turns out that no-one in the agency speaks a word. So it shows that lying is no object at all. Still, I don't doubt that they geared to sell, and will find me viewers. They will be in competition with an agent who has all the languages covered though.

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Posted by reinrev5 - 13 years ago

Inspire,

Sorry I can't see the problem with the 8%. You have a floor price that you want for your property agreed by contract onto which the agent adds his 8 or whatever percentage. If he can get very much more, which generally is doubtfull, you may loose slightly on the price over and above what you have agreed with them but that is all.

As for exclusivity most agencies try to sell this by saying that as they are guaranteed of getting their full percentage (they won't have to share it if another agency sells your place because another agency can't whilst the exclusive contract is in force) they will work much harder selling your property. Whether this is profitable or not is impossible to calculate. Is it best to have your property listed all over the place or just with the one agency admitting the fact that they will work harder?

A word of advice, pack anything of value and/or that you don't want stolen before the visits start. I have heard that many break-ins and thefts are the result of bogus clients visiting and spotting interesting items. Whatever, going on the principal of the less an object is "advertised" the less chance it has of "walking" this is only common sense.

Reinrev

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Posted by SLC-196742 - 13 years ago

Hello,

The only advantage of going exclusive from what I can see is that it avoids confusion or inconsistencies ie:

having multiple adverts for the same properties in magazines or on websites at different priceshaving different agents offer the same properties to purchasers

Otherwise, exclusivity doesn't give the agents much incentive to work as hard as they could. I've also heard of rival agents putting a purchaser off a property if they weren't going to get the sale.

However, it can be useful to go "exclusively" with an estate agent chain (Orpi, C Mamet) so that your property is marketed by a wide network, not just relying on one outlet, but keep the mandat simple in case you manage to find your own purchaser.

Best wishes,

SLC

PS 8% seems to be rather steep to me. Can't you pull out of the contract? Sometimes you have 7 days in which you can change your mind.