Sole Agency vs Multi Agency for Selling Your Property
To start off, sole agency vs multi agency are two options when deciding to sell your property.
Vendors are given these options before they commit to selling.
As a result, fees can range from 1% for sole agency to 3.5% for multi agency, sometimes more.
Do not forget to add VAT to the fee, as some agents forget to mention this.
There are benefits and disadvantages from both choices, but you will end up choosing one option.
Before you choose any options, thoroughly read the terms and conditions in the contract.
You can always negotiate the fees when discussing the agreement terms and conditions.
Choosing Your Options
To begin, a vendor can choose 2 options for selling their property.
There are benefits and disadvantages to consider when considering one agent or more than one agent to sell your property.
We will go into more detail in another blog post.
Therefore, we will simply explain both options.
So, let’s start with the first option.
Sole agency is when a vendor chooses only one agent to market and sell their property.
Therefore, this means that no other agent can be instructed under contract.
When sales prices went high in London in 2015 , many agents brought their fee down to 1%.
As a result, Metropolitan and Crown Estate Agent Ltd did as well. This was due to the competitive sales market.
Discuss the terms and conditions of a sole agency sales contract with the agent to understand the agreement before committing to it.
Moving on, let’s simply explain the second option.
Multi Agency is when a vendor chooses more than one agent to market and sell their property.
This means that more than one agent are competing to sell your property, which can have its benefits and disadvantages.
This option typically comes with a higher fee, which can go as high as 3.5%.
It is important to discuss the terms and conditions with each agent to know the stipulations of each contract.
Again, we will get into more detail in a future post.
In conclusion, there are two options a vendor can choose to sell their property.
Sole agency or multi agency.
It is important to discuss these options with the agent to help with your decision to move forward.
Also, it is important to understand the benefits and disadvantages of each option, which will be added in more detail in a future blog post.
If you are considering to sell your property, contact Metropolitan and Crown Estate Agent Ltd for more details.