When you are selling or buying a house, it is possible to enlist the services of more than on estate agent simultaneously. This is possible because different contract agreements offer different terms allowing you to engage more than one agent, effectively selling the property fast. Check with the NAEA to see if an agent is registered.
Some of the options that you have when working with estate agents include the following:
- Sole selling rights – When you engage the estate agent, they will charge you a commission for selling your property. With the sole selling rights, you will have to pay the estate agent commission even if you have reached a private agreement with the buyer.
Do not agree to the sole selling rights unless you are certain that you cannot find buyers on your own or you will not instruct another agent to sell your property.
- Sole agency – With this agreement, you are free to sell your property privately through your own efforts without having to pay the estate agent commission. However, you cannot sell the property through other estate agents.
If you instruct another agent and they sell the house, you must pay the original sole agent their commission as well as the agent that sold the property. To avoid this, you need to ensure that you have a period within which the sole agency will be valid after which you are free to work with any other agent.
- Joint agency – if you would like to use more than one agent, consider opting for the joint agency that allows you to instruct to agents. Even then, both agents have to agree to it as well as agree on who will get the commission for the sale.
- Multiple agency – In a multiple agency agreement, you are able to instruct as many agents are you like. Even then, it is only the one who will get a buyer that will earn the commission. The downside of this is that agents charge a higher fee than other contracts. On the other hand, with multiple agency you can be sure to sell the property within a short time.
In general, it is possible to work with more than one estate agent when selling your property. However, you need to carefully look into the advantages and disadvantages of each of the agreements discussed above and only go for what will work for you. Remember, you do not want to pay so much in commissions leaving you with so little for your investment.