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

Top 5 Reasons : Why Penthouses In Singapore Are Popular With Crazy Rich Asians

Jayson Ang – October 7, 2024 –

Singapore, a city-state known for its stunning skyline and luxurious lifestyle, has become a popular destination for the ultra-wealthy. Among...

All Blog Posts Buying Tips

Resale Viewing Do’s and Don’ts: Expert Advice from a Singapore Real Estate Agent

Jayson Ang – December 19, 2022 –

TLDR The blog post provides valuable insights for first-time buyers on navigating the resale property market in Singapore. It covers...

Mandarin Top 5

The Top 5 Factors to Consider When Investing in Industrial Property in Singapore – Expert Insights!

Jayson Ang – September 18, 2024 –

Singapore, a thriving hub of business and commerce in Southeast Asia, offers a robust real estate market with various investment...

All Blog Posts Opinion

Are You Ready to Take on the Singapore Property Market in 2023? 12 Reasons to Be Hopeful (Or Wary)!

Jayson Ang – December 21, 2022 –

2022 sure was a rollercoaster ride for the property market, and the world! From war in Europe to skyrocketing interest...

All Buying Tips

Buying a Mega Development Condo? Here are 5 Overlooked Issues You Should Know

Jayson Ang – April 20, 2024 –

TLDR In the world of mega-developments, living in a large condo with over 700 units can bring challenges like ongoing...

Mandarin Top 5

Top 5 Factors : Investing In Luxury Singapore Properties: Is It Worth It?

Jayson Ang – August 23, 2024 –

Investing in luxury properties has always been an attractive option for high-net-worth individuals seeking to diversify their investment portfolios. Singapore,...

All Buying Tips Opinion

6 Key Contrasts Between New Launch and Resale Condos to Assist You in Making the Right Choice

Jayson Ang – September 18, 2024 –

TLDR When deciding between a new condo or an older resale unit, consider the differences in design features. Older condos...

All Blog Posts Buying Tips Opinion

Freehold Properties vs Leasehold Properties: Which is Better?

Jayson Ang – June 26, 2023 –

TLDR When it comes to property investments in Singapore, understanding the differences between leasehold and freehold properties is crucial. This...

Mandarin Top 5

Navigating Singapore’s Real Estate Market: The Truth Behind 5 Common Misconceptions

Jayson Ang – March 19, 2024 –

The real estate market in Singapore is known for its stability and attractiveness to investors both locally and internationally. However,...

Mandarin Top 5

Top 5 Coffee Shops in Singapore for Coffee Lovers

Jayson Ang – August 17, 2024 –

Singapore, a bustling city-state known for its diverse culture and vibrant food scene, has also become a haven for coffee...

All Buying Tips Opinion

What Is The Best Location To Purchase A House To Ensure Your Child Has The Highest Probability Of Attending A Well-Renowned Primary School?

Jayson Ang – October 25, 2023 –

TLDR Parents often seek homes within 1km of desired primary schools to increase enrollment chances. Consider oversubscription rates and population...

All Buying Tips

Integrated Developments: Do They Live Up to the Hype? Check Out These Five Factors

Jayson Ang – March 3, 2024 –

TLDR Integrated developments in Singapore offer a one-stop solution for residents by combining residential, commercial, and transport elements in one...