putting your house on the market using multipule EA's

first78

Please can someone explain how this works! I'm going to take my house off the market with my current EA as at best they have been useless, shoddy photo's, no updates, 3 viewings in 3 months!! I need a fast sale and wonder if it may be better to advertise using 2-3 EA's but am unsure how this works in terms of paying them. Can anyone advise me please?

G_M

1st, check your agreement with the current agent. I guess it's 'sole agency' agreement, for a minimum period of time, and with a required notice period.

So if another agent sells the property during the ongoing agreement period with the 1st agent, you'll need to pay commission to them both!

So. Assuming the minimum period has passed, AND you give, and wait for, the required notice period, THEN you can go to another agent or agents.

Either start a new sole agency agreement with a single new agent, or take up 'multi agent agreements with several agents.

Multi agent agreements will cost a bit more (each agent spends money marketing your property but knows they may get nothing if another agent sells it), but increase your exposure to possible buyers.

first78

Thanks G_M!! I have no notice period with my current EA so should be able to go ahead this week.

Is it worth getting a few different agents on board or is it pointless as most advertise on Right Move and other internet sites anyway?

flossy_splodge

first78 wrote: »

Thanks G_M!! I have no notice period with my current EA so should be able to go ahead this week.

Is it worth getting a few different agents on board or is it pointless as most advertise on Right Move and other internet sites anyway?

I would look at other houses already on the market in your area, especially those with 'Sold' boards and from that decide who is marketing similar properties.
They will be the ones most likely to have a client base suited to your property.
Good luck.:A

mufi

first78 wrote: »

Is it worth getting a few different agents on board or is it pointless as most advertise on Right Move and other internet sites anyway?

IMHO, it's not just pointless, but counter-productive - if you opt for three agents, your property will appear three times on Rightmove, indicating desperation. At least, that's how I read it when I see the same property with multiple agents.

Have you tried simply dropping the price, combined with a little training course for your agent?

sonastin

If they all advertise in the same places (rightmove, local paper, etc) then you won't really reach many more buyers by going with more agencies. Very few serious buyers are so naive that they only look in 1 agents window!

The extra competition element can work for you in making the EAs work harder to make sure they get the commission, but it can also work against you as mufi says because you can look desperate to sell. The EAs could also not bother wasting much money on marketing it because there's a lower chance of earning their commission.

Best advice is to look at what else is up for sale and go with the agent who seems to have the best marketing strategy for the properties on their list at the moment (i.e. best pics, descriptions that you like the sound of, ads in the right place, etc). Pose as a buyer if you like and see how well they try to sell things to you.

And if all else fails, go for the cheapest!!

googler

There's only value in going with 2 or 3 agents if each can demonstrably show something different about their marketing or public exposure from the other two.

If they all advertise on Rightmove, all have a high-street window in the same town, advertise in the same property section in the same papers, etc etc ........ you get the idea.

The only possible advantages are;

If one might have 'your' buyer on their books where the others don't - but if you were a buyer leaving your name with EAs in a particular town, wouldn't you leave your name with all of them, rather than just one? OR

One of them has sold significantly more of your style/size/price of comparable properties in recent times; they may have a buyer base for similar properties that come to the market - like yours.