We're not making it up... it's a proven fact although it could initially seem counterintuitive.
We explain all the reasons why it's best to put the sale of your property in the hands of a single agency if you want to sell it quicker.
When a property owner considers employing the services of an expert real estate agent to sell their home, the agent will normally ask them to sign an exclusive right-to-sell agreement.
This could worry you at first, but rest assured, there are many benefits for you and your sale. Though there may be a few disadvantages, too.
What is an exclusive right-to-sell contract?
An exclusive right-to-sell contract is simply a document you and your real estate agent sign to authorise them to handle the sale of your property in an exclusive manner. The agency will handle the marketing of your property, review the paperwork and take care of viewings with potential buyers during the agreed time period.
What are the benefits?
Owners usually think to start with that that giving a real estate agent the exclusive right to sell will be a handicap.
That could be the case, for example, if they employ a small agency which does not have many clients or isn't well adapted to the new times, in which digital technologies are the key to success. Having a nice window display and putting adverts on a few websites is no longer sufficient.
What's more, there are many benefits to providing a specialist agency with the exclusive right to sell both for the owner and for the agency:
- The agency is committed to you:
Estate agencies often fail to receive the fruit of their efforts with shared sales.
It may occur that they have a buyer about to acquire the property but they hesitate at the last moment and another agency appears with a quicker buyer.
This means the first agency, which had put the most work into marketing the property, loses the sale.
This is part of the business, but it also means that serious agencies always prefer to work with 'well secured' properties that allow them to work without having to put pressure on their clients to make hasty decisions. With an exclusive contract, the real estate agency will put all its efforts and resources into selling it within the agreement period.
- They will put more effort into selling your property quickly:
An exclusive contract doesn't last forever, and it must always have a deadline to make it legally binding. The agency will therefore work hard to try to sell the property during the period of validity.
Don't worry, the agents won't rest on their laurels because they have to sell the property to receive their fees.
- Properties sell quicker under exclusive contracts:
In the past, real estate agencies tended to keep the exact location of the properties they had listed a secret in order to avoid competitors getting hold of them easily.
The situation has changes as a consequence of Covid-19: Buyers don't want to make as many physical visits now, so they need more information in advance.
Interactive maps with georeferenced properties are powerful digital tools which have a very high impact and boost potential buyers' trust. Moreover, did you know that properties with exact addresses often appear in better positions on many portals? Therefore, they have better visibility and more contact with interested buyers.
A property under an exclusive right-to-sell agreement can be advertised better and you will be the greatest beneficiary.
- Without exclusive agreements, properties appear more than once on portals:
The main problem with working without an exclusive right-to-sell agreement is that the same property tends to appear on portals more than once, and worse still, different adverts show different prices.
This gives a very bad impression to buyers and it could reduce their interest.
The opposite occurs with an exclusive property. The impact generated by a property advertised exclusively is seen as something special and, therefore, attracts potential buyers much more.
If, moreover, it is well presented, with professional photos and using technological tools (such as an interactive geolocation map or a 360º virtual tour), buyers' interest picks up.
- The agency invests more resources in advertising your property:
Real estate agencies employ marketing tools to promote their exclusive properties which require investment: highlighted adverts, virtual tours, professional photography, video and social media campaigns.
Can you imagine how much this could boost the sale of your property?
- You will deal with a single agent:
When you're selling a house you need someone you can trust, someone to advise you and guide you through the process and who knows your home very well.
If you're talking to and hearing opinions from various different agents at the same time, you'll end up with no clear criteria when it comes to making decisions on the process.
The best agencies tend to collaborate with other reputable agencies, so your chances of attracting interested clients increase.
- Handling the keys:
If you don't live here all year round, it's important that you leave the keys for your property with your agency, because if they have the keys they will be able to take unexpected potential buyers for viewings.
In that respect, exclusive agreements provide confidence. You're bound to prefer to leave the keys to your house with a single agency rather than giving them to multiple agents. You'll never be left wondering who left the lights on or a window open.
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