Giving exclusivity to a real estate agency: advantages and disadvantages
When you decide to entrust the sale of your property to an agency, there are two main options: using several real estate agencies or entrusting exclusivity to a single agency. In this article, we will look at the pros and cons of giving exclusivity to a real estate agency.
The advantages of giving an exclusive mandate to a real estate agency
Giving an exclusive mandate to a real estate agency will allow you to benefit from the following advantages
- Agency commitment and motivation: When you give exclusivity to an agency, they are more committed and motivated to sell your property, because they know that they will be the only one to receive a commission in the event of a successful sale. The working conditions are ideal; the agency will take advantage of them. She knows that if she doesn't get results quickly, salespeople will be tempted to outsource the sale to other agencies.
- Personalized follow-up: By working with a single agency, you benefit from personalized follow-up and a single interlocutor who perfectly knows your property and your expectations. This facilitates communication and allows better follow-up of the file. You will also be able to more easily obtain information on the marketing process.
- Optimal valuation of the property: The agency will take the time to do good introduce and valorize your property, in particular by involving a professional photographer to design the photos of your property. You can take the opportunity to ask that the agency also carry out a virtual tour of your apartment at its own expense. This will allow buyers to better understand if the apartment meets their expectations. This way you will avoid a lot of unnecessary visits. The agency can also advise you on improvements to be made to the decoration to make your property more attractive.
- Visit management: a single point of contact for the management of visits and exchanges about reports.
- In-depth study of the financial profile of potential buyers: This is one of the most important advantages of an exclusive mandate: the agency has the time to verify and analyze the financial profile of interested buyers, which makes it possible to ensure their solvency and the feasibility of the sale. In the context of a simple mandate, competition with other agencies could have a negative influence on this point. By wanting to finalize as soon as possible so as not to be overtaken by a competitor, agencies will seek to obtain the seller's agreement as soon as possible.
- Optimal negotiation: The agency has the time to best conduct a negotiation, because it is not in a competitive situation with other agencies. This can lead to a better offer and more favourable sales conditions.
- If your apartment or house has a lot of advantages, it seems more interesting to opt for an exclusive mandate.
- The exclusive mandate generally comes with lower fees.
What are the disadvantages of exclusivity?
While there are many advantages, disadvantages cloud the picture.
- Less visibility: By giving exclusivity to a single agency, your property is likely to be less visible on the market. Indeed, it will not be present in the windows and on the websites of several agencies.
- Commitment period : By signing a exclusive mandate, you generally commit yourself for a period of three months. If you are not satisfied with the agency's service, it can be difficult to end the contract before it expires.
- When a property has aspects that will make more complex sale (lack of clarity, unattractive neighborhood, noise...) it seems preferable to opt for a simple mandate and to multiply marketing channels.
Giving exclusivity to a real estate agency has advantages and disadvantages. Before making a decision, it is important to weigh the pros and cons in order to choose the agency that you think is the most competent and in line with your needs. Do not hesitate to meet several agencies and compare their offers and services to make the best choice. Interested in the services of a real estate hunter? Discover our article on The differences between the real estate hunter and the real estate agent.
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