Your search results

Would It Be More Better To Engage One Property Agent Or Multiple Agents In The Selling Process?

Posted by Jayson Ang on August 3, 2023

| 0

TLDR

When planning to sell your property, you have the option to work with one agent exclusively or non-exclusively. Engaging multiple agents can widen your reach to potential buyers, but it may require more time and effort in managing communication and offers. On the other hand, working exclusively with one agent could lead to more dedicated attention to your transaction. Consider your preferences and needs before deciding on the number of agents to engage.

Are you planning to upgrade to a larger space by selling your current house?

Or are you in search of a rental property?

One viable option is to hire a real estate agent to assist you with your property transaction.

In fact, it’s possible to engage more than one agent if needed. If you’re unsure whether to work with one or multiple agents, keep reading to learn about the factors to consider and what you should be aware of before making a decision.

How To Engage Agents

When you hire a real estate agent, you sign an agreement with their agency, not directly with them.

It is recommended that you sign one of the eight different agreements offered by the Council for Estate Agencies (CEA), which cover all types of residential property transactions.

These agreements specify important details such as the duties of the agency and agent, disclosure of potential conflicts of interest, commission payable only upon completion of the transaction, and whether GST is included in the commission amount.

The agreement should be signed before any work is done, and provides access to CEA’s Dispute Resolution Scheme in case of any contractual disputes.

This scheme offers mediation or arbitration through approved centers, giving you peace of mind.

Differences Between An Exclusive And Non-Exclusive Agreement

If you plan to make an exclusive agreement with an agency, there are some important things to keep in mind:

The agreement will last for a set amount of time, up to three months. You and the agency may agree on a shorter time frame, but it cannot be longer than three months.
Even if you close the deal on your own or through another agency during this time, you still have to pay the agreed commission fee to the exclusive agency.
If, within three months after the exclusive agreement ends, you close the deal with someone the agency introduced you to, you still have to pay the agreed commission fee.
If you choose to make a non-exclusive agreement with any number of agencies, there is no set time limit, and you only have to pay commission to the agency that actually closes the deal.

What Do These All Mean?

When it comes to your property transaction, you have the option to work with one agent exclusively or non-exclusively.

If you choose a non-exclusive agreement, you are free to work with other agents if you change your mind later on.

However, if you decide to work with multiple agents from different agencies, it is important to sign a non-exclusive agreement with each agency.

Which Is Better – One Or Multiple Agents?

The term “better” varies depending on one’s personal preferences and needs.

Hiring multiple agents can give you access to a wider range of potential buyers or sellers, which may result in a faster transaction.

However, managing communication with several agents individually can be time-consuming.

As a seller working with multiple agents, you will need to compare offers received at different times and ensure that viewing requests are scheduled without overlaps.

Some people prefer to work with just one agent for convenience.

If you choose to work exclusively with an agent, they are likely to devote more time and resources to your transaction because they have a higher chance of earning a commission.

It is recommended that you attach a “Commitment to Service” document when signing an exclusive agreement.

This document specifies the range of services provided, such as advertising frequency and open house sessions. If the agent fails to meet the agreed-upon commitment, you have the right to terminate the agreement.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

Mandarin Top 5

5 Tips : How To Choose The Right Property Agent To Help With Your Singapore Property Investment

Jayson Ang – June 6, 2024 –

Choosing the right property agent is crucial to the success of your Singapore property investment. A good agent can provide...

All Blog Posts Buying Tips

CPF Accrued Interest On Housing: Learn What It Is and How to Calculate It

Jayson Ang – February 14, 2023 –

TLDR Understanding the CPF accrued interest on housing loans is crucial for Singaporean homeowners. When using CPF funds to finance...

All Buying Tips

Essential Steps for Safely Purchasing Your First Home in Singapore

Jayson Ang – February 20, 2024 –

TLDR When considering buying your first property in Singapore, start by assessing your budget and qualifying for a permissible loan....

All Opinion

Unseen Dangers of Putting Your Money in Upscale Freehold Properties in Singapore

Jayson Ang – February 17, 2024 –

TLDR Luxury freehold properties in Singapore may not always be the lucrative investment opportunities they appear to be. High-end properties...

All Blog Posts Buying Tips

Exploring the Resale Condo Market? Here’s What to Watch Out For!

Jayson Ang – March 22, 2023 –

TLDR The impact of COVID-19 on Singapore's real estate market has been significant, leading to a surge in demand for...

All Blog Posts Buying Tips

Discover 11 Helpful Tips for Buying an Older Condo : A Comprehensive Guide for Buyers

Jayson Ang – March 2, 2023 –

TLDR When considering purchasing an older resale condo, ensure you investigate potential en-bloc bids, lift conditions, parking conveniences, playground safety,...

Mandarin Top 5

Experience Singapore’s Best: 5 Districts with Unmatched Access to Shopping, Dining, and Entertainment

Jayson Ang – February 23, 2024 –

Here are my top 5 picks for districts in Singapore that offer easy access to some of the best shopping...

Mandarin Top 5

The Top 5 Tax Considerations When Investing In Singapore Property

Jayson Ang – July 20, 2024 –

When investing in Singapore property, it is essential to be aware of the various tax implications and considerations. Here are...

All Opinion

Why Can’t We Buy Low, Sell High?

Jayson Ang – February 11, 2024 –

Madam Tan voiced that approximately two years ago, when her apartment hit its minimum occupation period, she and her spouse...

Mandarin Top 5

5 Insider Tips From Real Estate Experts On How To Get The Best Deal On Property In Singapore

Jayson Ang – March 16, 2024 –

Investing in property can be a great way to build wealth and secure your financial future. However, with Singapore's highly...

All Blog Posts Opinion

Are We Truly Headed For A Slowdown? How Will This Affect Property Prices?

Jayson Ang – December 9, 2022 –

TLDR The pandemic-induced recession has surprisingly boosted property prices in Singapore, defying conventional economic trends. Factors like cost-push inflation, limited...