The pros & cons of a multi-agent property sale

When it comes to selling up, you usually want to sell property fast and at the best price but is it better to ask one agent to do the job or have multiple agents all working to find buyers? Move Places’s guide talks you through the pros and cons of using one or multiple agents to sell, as well as the different types of estate agency agreements available.

Estate agents’ agreements

There are several different estate agents’ agreements available and it’s important to understand what you are agreeing to:-

• Sole agency agreement: this is when you have an exclusive contract with one sole estate agent to sell your home. Usually you would be tied into the contract for between 2 and 5 months. If the agent finds a buyer, you pay them a commission equivalent to around 1%-2% of the final selling price, plus VAT.
• Multi-agency agreements: this agreement means you can instruct as many agents as you like to sell your home. They will all act for you at the same time and whichever agent finds the successful buyer earns the commission. The commission is usually higher with a multi-agent agreement - equivalent to around 2.5%-3.5% of the final selling price, plus VAT.
• Joint-sole agency agreement: this agreement allows you to have two or more agents market the property at the same time. If one of the agents introduces the buyer, the commission is split between them - regardless of who found the buyer. The commission for this type of agreement is equivalent to around 2%-2.5% of the final selling price, plus VAT.

Selling with a sole agent:

Advantages:

• Lower fees than with multiple agents
• Online property portals mean that listing with multiple agents is not always necessary (Move Places lists properties for sale on Rightmove and its own website)
• Loyalty enables sellers to build a better relationship with the agent

Disadvantages:

• It can take longer to sell with just one agent
• If the contract is too long, you could get trapped with one agent
• If you sell through another agent while under contract, you may have to pay commission to both agents.

Selling with multiple agents:

Advantages:

• Potentially a quicker sale with agents competing to seal the deal
• Access to more databases of potential buyers
• Better chances that your home is marketed well with high quality photography, virtual tours and detailed floorplans

Disadvantages:

• The fee is much higher when compared to a sole agency
• Multiple agents will be contacting you and conducting viewings, which could get confusing
• Buyers may be put off by seeing multiple listings for your home online
• Agreement and contracts need particular attention, especially around fees and length of contract

In a hurry to sell?

If time is of the essence, selling with multiple agencies can usually secure a quicker sale but be aware - it can look desperate and give off the impression that your property is hard to sell. Buyers may wonder why so many agents are involved and they’d be right to question whether the house is overpriced or in a poor state of repair. Eventually, this may lead to a lack of interest and lower offers.

Why not use an agent that specialises in selling property fast?

Move Places has developed a proven express sale solution, with the aim of selling your property within 28 days. We have a database of thousands of buyers looking for properties, which includes owner-occupiers, investors looking to purchase their next buy-to-let and developers looking for a property project. Request a valuation now or call our team and we can talk you through the process.