Sole Agent or Multiple Estate Agents: What’s Best?
When you’re planning to sell your home, one of the first decisions you’ll need to make is whether to use a sole agent or multiple estate agents. Whichever one you choose, it can have a huge impact on the speed of the sale. But also on the price and the overall experience of your property sale. We’ve put together an easy guide to help you navigate through the various options. Outlining the pros and cons and factors to consider. So, let’s take a look!
What is a sole agent?
A sole agent is a single estate agent that is appointed to manage the house sale for you. The estate agent will help market your home, conduct viewings, and negotiate offers on your behalf.
Pros of using a sole agent
As with anything, there are pros and cons to consider if you opt for using a sole agent only. The main pros and cons are:
- Fees: You might find that using a sole agent can lead to charging lower fees. Compared to multiple agents, as they have the exclusive right to sell your property.
- Service: With a sole agent, you have one-to-one service, and it can feel more personalised and consistent service. There is usually one point of contact who is invested in selling your home.
- Communication: As you’ll be working with one agent only, communication can be better and faster. The relationship you build over time with your estate agent can lead to a smoother selling process in the long run.
Cons of using a sole agent
- Reach: Relying on a single agent could mean that your property is marketed through fewer channels, to reach potential buyers.
- Competition: With only one estate agent working on your behalf, there may be less urgency to sell your property quickly or at a higher price.
How does it work using multiple agents?
If you’d like the idea of using multiple agents, then you’ll need to appoint two or more estate agents to market and sell your house. The estate agents will compete to find a buyer for you. In most cases, the successful agent will be earning the commission.
Advantages of using multiple agents
- Wider reach: Using multiple estate agents means your property is marketed through various channels. Which could increase the chance of finding the right buyer more quickly.
- Increased competition: When multiple agents are competing for the sale it can mean that they use more aggressive marketing strategies as they all want to win a sale for you. This could potentially lead to higher offers.
- Open approach: Using several agents widens your available buyer pool contacts.
Disadvantages of using multiple agents
- Higher fees: Employing multiple estate agents could result in higher fees. As they tend to compensate for the risk of not being the successful agent to bring in the house sale.
- Miscommunication: Appointing several agents can lead to miscommunication as there are multiple lines you will need to follow up on. You should also consider the possibility of receiving conflicting advice, as they all might have different opinions, and this can complicate things.
- Reduced effort: Agents know they are competing. So this may result in a less focused effort to get the house sale done. Compared to a sole agent who has a guaranteed commission.
Factors to consider
When deciding between a sole agent and multiple agents, consider this:
- In a hot market where demand is high, a sole agent may be more efficient. In a slower market, multiple agents might be necessary to reach more buyers.
- If you’ve got a unique or high-value property to sell, then you may benefit from the broader reach and expertise of multiple agents.
- At the end of the day the decision will be down to personal preference and your own time scales to move. Consider whether you are comfortable managing multiple estate agents versus having a single point of contact with a sole agent. Managing a sole agent can be simpler, as you have a single point of contact. Multiple agents require more coordination and communication.
Can I switch from a sole agent to multiple agents?
Yes, but you’ll need to check the terms of your contract with the sole agent. There may be a notice period or fees for early termination.
What to consider when choosing an estate agent
Whether you choose a sole agent or multiple agents, make sure to opt for a professional who adheres to high industry standards. For example, Propertymark agents are regulated, meaning they are committed to transparency, integrity, and providing the best possible service. They undergo regular training to stay updated on industry practices and legislation, ensuring you receive knowledgeable and informed advice.
Last Updated: November 1st, 2024
