Sole Agency vs Multi Agency

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.

sole agency vs multi agency
Which will you choose?

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

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

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.

Conclusion

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.

 

GDPR Business Compliance

GDPR Business Compliance

First of all, GDPR business compliance is now in full effect.

Therefore, it is important for all business in the UK and Europe to be GDPR compliant.

As of the 25th of May 2018, all businesses that deal with data must be GDPR compliant.

As a result, if a business does not comply, they will face a hefty fine.

Fines can be an amount of up to 4% of their annual income, or up to £20 million.

The Information Commissioner’s Office (ICO) is the governing body that regulates data protection in the UK.

According to their website they are;

“The UK’s independent authority set up to uphold information rights in the public interest, promoting openness by public bodies and data privacy for individuals.”

GDPR Business Compliance
GDPR Business Compliance

GDPR for Business

Initially, when we were informed about GDPR, we knew we had to do something to protect our business.

Also, we needed to ensure that a system was in place to ensure our clients’ data is protected.

We visited the Information Commissioner’s Office (ICO) and the information was concise, yet vague.

As a result, our company contacted other agents and affiliate companies to better understand the GDPR process.

It felt quite daunting, but we have ensured that all areas for the company’s GDPR Compliance are covered, such as:

  • All of our computers’ security upgrades
  • Client data securely stored
  • All contracts collecting information are compliant
  • Website and blog privacy policies in place

GDPR Conclusion

In conclusion, GDPR is in full effect as of the 25th of May 2018.

Therefore, if you deal with data, protect your business and your clients’ data.

Avoid hefty fines and keep your clients feeling secure in your business ethics and conduct.

Make sure you can answer any questions regarding your GDPR business practice.

Visit the ICO website if you need to check your progress.