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 …

Buying Tips Mandarin Top 5

5 Qualities to Look for in an Agent to Ensure a Smooth Transaction

Jayson Ang – June 23, 2023 –

5 Qualities to Look for in an Agent to Ensure a Smooth Transaction Here are 5 qualities to look for...

All Blog Posts Buying Tips

What is a Tenancy Agreement (TA)

Jayson Ang – July 21, 2023 –

TLDR When it comes to understanding property jargon, it's crucial to familiarize yourself with the specifics of a Tenancy Agreement...

Mandarin Top 5

Why Property Investing is the Key to Early Retirement in Singapore

Jayson Ang – April 28, 2024 –

Investing in property is a popular way to build wealth and achieve financial freedom in Singapore. With the right strategies...

Mandarin Top 5

Top 5 Tips : How Investors Protect Themselves From Risk And Capitalize On Emerging Opportunities In Singapore’s Real Estate Landscape

Jayson Ang – December 31, 2024 –

The real estate landscape in Singapore has always been a lucrative investment opportunity for both local and international investors. However,...

All Buying Tips Opinion

Pitfalls of Owning a Boutique Condo: 5 Insider Insights You’ll Wish You Knew Earlier

Jayson Ang – May 19, 2024 –

TLDR When considering boutique condos, be mindful of potential drawbacks such as dominating families influencing rules, lack of privacy due...

Mandarin Top 5

Top 5 Tips : Spot These Warning Signs Before Making a Home Purchase!

Jayson Ang – November 23, 2024 –

Purchasing a home is one of the most significant financial decisions you will make in your lifetime. It's essential to...

Mandarin Top 5

Top 5 : Must-Do Experiences to Make the Most of Your Singapore Trip

Jayson Ang – January 26, 2025 –

Singapore, a vibrant island city-state located off the southern coast of Malaysia, is a melting pot of cultures and a...

Buying Tips Mandarin Top 5

Sentosa’s Sizzling Property Market: 5 Reasons Chinese Investors are Flocking to Singapore’s Premier Island

Jayson Ang – June 20, 2023 –

Sentosa's Sizzling Property Market: 5 Reasons Chinese Investors are Flocking to Singapore's Premier Island Here are the top 5 reasons...

Mandarin Top 5

Top 5 Best Instagrammable Spots in Singapore

Jayson Ang – November 7, 2024 –

Singapore, a vibrant and modern city-state, is known for its stunning architecture, lush green spaces, and colorful streets. With its...

Mandarin Top 5

The Top 5 Impact Of Singapore’s Ageing Population On The Property Market And Investment Opportunities

Jayson Ang – July 26, 2024 –

Singapore's ageing population is having a significant impact on the property market and investment opportunities. The top five effects include:...

Mandarin Top 5

Top 5 Reasons : Why Jayson Ang is the Best Property Agent in Singapore. And Why You Should Engage Him Today

Jayson Ang – March 9, 2024 –

In the bustling city-state of Singapore, the real estate market is highly competitive and constantly evolving. Finding the perfect property...

All Buying Tips Opinion Selling Tips

Market Mistakes in Property Investment: Key Lessons and Strategies for Success

Jayson Ang – July 16, 2024 –

TLDR In property investment, common mistakes include lack of research, overleveraging, and neglecting due diligence. To succeed, conduct thorough market...