Some vendors think that the best way to market their property is to list with as many agents as possible. The logic might sound simple – more agents – more exposure – right! Not necessarily! Listing with more than one agent sounds good in theory but, in practice, it doesn’t always result in a faster, better sale.
On the Gold Coast, open listings are rarely taken on by real estate agents. As well as the negative connotation that the seller (and the agent) may be “desperate”, agents simply can’t afford to spend time and money co-ordinating a tailor-made marketing program if the property could end up being sold by another agent through sheer chance. The same work done on an exclusive listing will usually result in a win/win situation for everyone concerned.
In the case of open listings, sales occur more by good luck than good management. Many vendors report that, after unsuccessful experiences with open listings, they find out (by trial and error, unfortunately) that they are better off with an exclusive agency with a professional, active and highly-motivated agent. It’s only natural that agents will be more energetic with their own exclusive listings, because they’re confident that their time and effort will be rewarded with a result. (If a property is open-listed with 3 agents and takes 4 weeks to sell, then 2 of those 3 agents will have worked for a month with no result.)
Exclusive agency means that a vendor KNOWS there is someone who is ultimately accountable. How do you hold lots of different agents responsible for what is happening? Who is ultimately responsible for the property being left secure or everyday instructions about pets or curtains, let alone why the property isn’t selling?
We know that a strong tailored marketing campaign produces the highest level of buyer enquiry, but in an open-listing scenario it’s poor economy (for the seller or agents) to invest in more than one marketing campaign (with more than one agent) for a single property. If you open-list with multiple agents, with the promise of agent-funded marketing campaigns, it goes without saying that you’ll receive the very minimum (instead of the marketing campaign your property needs and deserves).
The important thing is to choose the right agent in the first place. Make sure you consider all the services the agent has to offer and ask for the submission in writing. The agent who offers to put the highest price on your property is not necessarily the one with the expertise to achieve the best price, and agents who offer the lowest commission often can’t afford to put together the type of marketing program that will achieve the best result.
In the end, weigh up all the information and go with your gut feeling. If you have done your homework, you should be able to sit back and look forward to first class service.
