Can We Engage More Than One Agent To Sell The Flat

[mike 0]

To sell the flat soon. One agent contacted said he will submit the valuation request for us.

Does it mean he will be the sole agent to sell our flat ? will he keep the report or we keep it ?

Just wondering if we can contact other agents like what we did when bought the house, but no valuation report on hand, then too bad.

Can anyone share ur experience ? Thx.

[zirhk3355 1]

Valuation report gotta pay, so if the agent do it for you then it means that he is hoping you will let him be your exclusive agent. But then again, on paper, he is not your exclusive agent as long as you did not sign anything with him.

You certainly can have other agents to sell the flat for you, but from 'ethical' point of view, do be upfront and tell them clearly that you have other agents also, and that the fastest and highest price will get the flat. Its up to the agents if they are game for it.

So its really up to you. If you want to keep the valuation report, then you should pay for it yourself to prevent the agents from saying anything in future.

[raincole 0]

Best to let 1 agent handles all the co-ordinatation. Then allows for co-broke (with other agent).

Since you already let the agent do the valuation (why?), there must be some discussion already done with him & you. Check with him if he wants to co-broke (normally ok). Or if you wants another agent.

As owners, you must monitor the agent work, see if he did advertise and such, dun let him do all the work he "says" but no action.

If you want to any agents that come along, then you must make clear beforehand to avoid unpleasant surprise.

[HSH21 1]

Make sure U didn't sign any document to appoint him as the sole agent... otherwise even other agent sold the unit for U... U still have to pay him commission...

[mike 0]

thanks a lot to all of you. now clearer.

I met these agents while looking for flat previously, feel some of them are quite good. so now want to let them all help on the selling.

so i will pay for the val report, and keep all informed that there are other agents woking on it too.

just worry whether they will try hard to get buyer if know not as exclusive agent.

[HSH21 1]

just worry whether they will try hard to get buyer if know not as exclusive agent.

they might not.. some might not advertise for U... they might just use your unit to bring up the others unit's value... since U want to let the agent earns the commisssion... why not just let one good agent do for U ??

[zirhk3355 1]

they might not.. some might not advertise for U... they might just use your unit to bring up the others unit's value... since U want to let the agent earns the commisssion... why not just let one good agent do for U ??

There are several cases where after signing the exclusive, the agent takes his own sweet time to close the sale, because he is busy trying to get other victims to sign him up as exclusive agent too. The trend now is to sign as many exclusive as possible and advertise them one shot, so everyone will come to you looking for units. The more variety of units you have, the more people will approach you.

So if you happened to sign exclusive with such agent, you are just one of the many victims under his wings. The agent's attitude is, "Can sell, sell lor. Cannot sell, you wait lor, you can't run away also, I am not worried!"

At the end of the day, only one agent will earn the comm. The agent should earn it by being the fastest to come back with the highest price. Why should I only take the highest price offered by ONE exclusive agent, when I can take the highest price of ALL non-exclusive agents??

[pebsb 0]

scenerio - 3 agents selling my property

To attract most call from their advertisements in the papers, they will have to resort to

1) taking bigger advertisement - more cost to them

2) reduce price of your flat to attract callers

Agent A - Flat XYZ selling for $200k

Agent B - Flat XYZ selling for $190k

Agent C - Flat XYZ selling for $180k

As a buyer, which agent will you call? Agent C! Then which price will you end up selling your flat at? More agents doesnt equate best price - it triggers a price war.

[zirhk3355 1]

scenerio - 3 agents selling my property

To attract most call from their advertisements in the papers, they will have to resort to

1) taking bigger advertisement - more cost to them

2) reduce price of your flat to attract callers

Agent A - Flat XYZ selling for $200k

Agent B - Flat XYZ selling for $190k

Agent C - Flat XYZ selling for $180k

As a buyer, which agent will you call? Agent C! Then which price will you end up selling your flat at? More agents doesnt equate best price - it triggers a price war.

I agreed fully with what you said, but only if the assumptions that you had taken are true:

1. Assume that the non-exclusive agents advertise to sell your units,

2. Assume that the agents advertise with a price.

From what I know, if you do not sign exclusive with the agent, they will not advertise for you and simply take the buyers from their database, or from their colleagues. Even if they do, its unlikely that they will put a price in the ads.

But what is likely to happen in a non-exclusive deal is that the agents will be rushing to bring in the buyers so that they can close the deal. In order to outbid other agents, they will naturally try to bring in the highest offer, otherwise they know that you will not accept and go with other agents instead.

On the other hand, in an exclusive deal, the sole agent control all those who are interested in your property, bearing in mind that you will not run away but the buyers will. So given the following scenerio:

An exclusive agent has an offer of $180k from direct buyer and an offer of $200k from co-broking agent. What do you think the agent will do? He will come to you and say $180k is the best deal so that he can get BOTH seller's comm and buyer's comm!

And the magic of 'exclusive' is that the sole agent controls everyone: You do not know there is an offer of $200k, and the co-broking agent do not know that his $200k is actually the highest (even if he knows, he cannot do anything because he has to go thru your exclusive agent, who will not allow the deal to happen). Going back to non-exclusive, this is avoided because the agent who can offer $200k can come direct to you.

I must acknowledge that from the beginning, exclusive agency was introduced by IEA to provide better service to the Clients. However, with the scheming minds of the agents, today they had turned the tables around and use it against you. Exclusiveness now benefits the agents, not you.

Edited April 30, 2007 by zirhk3355

[raincole 0]

thanks a lot to all of you. now clearer.

I met these agents while looking for flat previously, feel some of them are quite good. so now want to let them all help on the selling.

so i will pay for the val report, and keep all informed that there are other agents woking on it too.

just worry whether they will try hard to get buyer if know not as exclusive agent.

If not exclusive, they cannot advertise on certain website. So less sources for advertising.

If you want to sell your flat fast, why not choose one whom you can work with (see their working attitude from your previous dealing with them). Then inform the rest that you have a unit and check if they have buyers who are interested or not. Let them talk to that 1 agent appointed by you. It will be a win-win situation cos they can take buyer comission and you just pay your own agent comission.

You can't expect them to work for free. Most likely the outcome is unpleasant.

[v2offer 0]

scenerio - 3 agents selling my property

To attract most call from their advertisements in the papers, they will have to resort to

1) taking bigger advertisement - more cost to them

2) reduce price of your flat to attract callers

Agent A - Flat XYZ selling for $200k

Agent B - Flat XYZ selling for $190k

Agent C - Flat XYZ selling for $180k

As a buyer, which agent will you call? Agent C! Then which price will you end up selling your flat at? More agents doesnt equate best price - it triggers a price war.

This is true. Many owners/sellers do not think this way... Many tot more agents selling means better prices which they are wrong....

I agreed fully with what you said, but only if the assumptions that you had taken are true:

1. Assume that the non-exclusive agents advertise to sell your units,

2. Assume that the agents advertise with a price.

From what I know, if you do not sign exclusive with the agent, they will not advertise for you and simply take the buyers from their database, or from their colleagues. Even if they do, its unlikely that they will put a price in the ads.

But what is likely to happen in a non-exclusive deal is that the agents will be rushing to bring in the buyers so that they can close the deal. In order to outbid other agents, they will naturally try to bring in the highest offer, otherwise they know that you will not accept and go with other agents instead.

On the other hand, in an exclusive deal, the sole agent control all those who are interested in your property, bearing in mind that you will not run away but the buyers will. So given the following scenerio:

An exclusive agent has an offer of $180k from direct buyer and an offer of $200k from co-broking agent. What do you think the agent will do? He will come to you and say $180k is the best deal so that he can get BOTH seller's comm and buyer's comm!

And the magic of 'exclusive' is that the sole agent controls everyone: You do not know there is an offer of $200k, and the co-broking agent do not know that his $200k is actually the highest (even if he knows, he cannot do anything because he has to go thru your exclusive agent, who will not allow the deal to happen). Going back to non-exclusive, this is avoided because the agent who can offer $200k can come direct to you.

I must acknowledge that from the beginning, exclusive agency was introduced by IEA to provide better service to the Clients. However, with the scheming minds of the agents, today they had turned the tables around and use it against you. Exclusiveness now benefits the agents, not you.

If the agent get your house for sale, they will advertise even if they do not have exclusive. This is to lengthen their advertising column longer so that more ppl will see it...

As for your serenerio, it is down to the agent's ethical to tell you whether there is any offer of $200k instead of $180k as highest. It is actually not right to take comms from both parties. If is taken at both side, the agent should inform both seller and buyer. But in reality, sad to say, not many agents do that.... But w/o exclusive, there will surely be a price war and end up the loser is the owner/seller.

[zirhk3355 1]

This is true. Many owners/sellers do not think this way... Many tot more agents selling means better prices which they are wrong....

If the agent get your house for sale, they will advertise even if they do not have exclusive. This is to lengthen their advertising column longer so that more ppl will see it...

Erm, I think we all know if the agents put real addresses to lengthen their advertising column - I had called up a number, which I am sure I did not see it during my search the past few days, and he can tell me some of the units already sold.

As for your serenerio, it is down to the agent's ethical to tell you whether there is any offer of $200k instead of $180k as highest. It is actually not right to take comms from both parties. If is taken at both side, the agent should inform both seller and buyer. But in reality, sad to say, not many agents do that...

Indeed. Till date I have NEVER seen an agent who do that.

But w/o exclusive, there will surely be a price war and end up the loser is the owner/seller.

Frankly I still cannot understand why would there be a price war - care to educate me?

If I follow what pebsb said as below, I am still confused:

Agent A - Flat XYZ selling for $200k

Agent B - Flat XYZ selling for $190k

Agent C - Flat XYZ selling for $180k

As a buyer, which agent will you call? Agent C!

Firstly, when agents do advertise, do they put the full address with unit no? So if not, how would the rest of the agents also know they are selling the unit? And would they put the price?

Secondly, why do we assume that nobody will call Agent A? If there is no unit number on the advertisement, the buyer may think that this is a different unit and just call lor. So the likelihood is that if the buyer had called Agent A first, then call the other agents, thinking that its other units in the same block. In the end, he would go up to the unit with Agent A first, then later meet the two other agents, realised its the same unit and not go up liao. Even if Agent B or C tries to tell the buyer that he can get better price for that same unit also no use, because Agent A had already brought the buyer up liao.

Thirdly, I don't think the agents just advertise, sit and wait for phone to ring lor. They would try to find out from their colleagues and databases if there are potential buyers, so as to match.

In brief, the scenerio is always that the agents will come back running with offers; if you tell them their offer is lower than other agents, the likelihood is that they will go back and try to find even higher offer.

Erm, please correct me if I am wrong, because this is what I encountered when trying to sell two units belonging to my parents and some of my relatives' units. I always tell them not to sign exclusive and those who listened to me will always end up happy, while those who kana psycho-ed to sign exclusive will come complaining that the agent cannot be contacted lah, take very long to sell lah, etc.

[v2offer 0]

Erm, I think we all know if the agents put real addresses to lengthen their advertising column - I had called up a number, which I am sure I did not see it during my search the past few days, and he can tell me some of the units already sold.

Indeed. Till date I have NEVER seen an agent who do that.

Frankly I still cannot understand why would there be a price war - care to educate me?

If I follow what pebsb said as below, I am still confused:

Firstly, when agents do advertise, do they put the full address with unit no? So if not, how would the rest of the agents also know they are selling the unit? And would they put the price?

Secondly, why do we assume that nobody will call Agent A? If there is no unit number on the advertisement, the buyer may think that this is a different unit and just call lor. So the likelihood is that if the buyer had called Agent A first, then call the other agents, thinking that its other units in the same block. In the end, he would go up to the unit with Agent A first, then later meet the two other agents, realised its the same unit and not go up liao. Even if Agent B or C tries to tell the buyer that he can get better price for that same unit also no use, because Agent A had already brought the buyer up liao.

Thirdly, I don't think the agents just advertise, sit and wait for phone to ring lor. They would try to find out from their colleagues and databases if there are potential buyers, so as to match.

In brief, the scenerio is always that the agents will come back running with offers; if you tell them their offer is lower than other agents, the likelihood is that they will go back and try to find even higher offer.

Erm, please correct me if I am wrong, because this is what I encountered when trying to sell two units belonging to my parents and some of my relatives' units. I always tell them not to sign exclusive and those who listened to me will always end up happy, while those who kana psycho-ed to sign exclusive will come complaining that the agent cannot be contacted lah, take very long to sell lah, etc.

Simple. Agents A,B,C will call each other up to c-broke as real estate co got listings that can be seen easily even w/o putting address. They got the ways to do it... In this case, the sufferer will surely be owner. Worst case, the agents will co-operate and "punish" the owner for engaging so many agents.

In the eg given by pebsb, he/she is referring to buyer to call which agent's number. Surely the buyer will call the cheapest one. In the end, who suffer again? The owner.

Of course the downside of signing exclusive is the agent take very long to sell. It is being tempered by many unethical agents. My experience is that with exclusive, a good and efficient agent will sell your flat very fast and w/o exclusive, they just hack care.

Unless you find a good, new agent and w/o exclusive, they will rush for u to sell coze they wanna clock sales...

[zirhk3355 1]

Simple. Agents A,B,C will call each other up to c-broke as real estate co got listings that can be seen easily even w/o putting address. They got the ways to do it... In this case, the sufferer will surely be owner. Worst case, the agents will co-operate and "punish" the owner for engaging so many agents.

In today's context where there are so many agents flooding the market and no basic pay but only commission, you sure all the agents would cooperate to 'punish' the owner? Cannot be money earned too much, keng qian guo yu bu qu, right? Hehe...the power of consumer - as a paying customer, one must know how to manipulate the agents too, cannot just sit there and wait for them to attack right?

In the eg given by pebsb, he/she is referring to buyer to call which agent's number. Surely the buyer will call the cheapest one. In the end, who suffer again? The owner.

What I was saying is that the situation is not quite possible, first because the agents never advertise with the unit number, especially not for one that they do not sign exclusive lor. Simply because if Agent A sees Agent C's ad that the unit is going for $180k, Agent A will cheong to approach the seller with a $200k offer, and close!

Of course the downside of signing exclusive is the agent take very long to sell. It is being tempered by many unethical agents. My experience is that with exclusive, a good and efficient agent will sell your flat very fast and w/o exclusive, they just hack care.

Unless you find a good, new agent and w/o exclusive, they will rush for u to sell coze they wanna clock sales...

Ya lah, I think we are all just giving advice based on personal experience lor; like I said my experience is totally different from yours - exclusive agents had been giving me **** while non-exclusive ones are really cheong-ing for me. And they are not all young and new lor; I have an agent friend who in this line for 15 yrs liao, never sign exclusive with any of the case that I intro to her, and she managed to close all of them.

[v2offer 0]

In today's context where there are so many agents flooding the market and no basic pay but only commission, you sure all the agents would cooperate to 'punish' the owner? Cannot be money earned too much, keng qian guo yu bu qu, right? Hehe...the power of consumer - as a paying customer, one must know how to manipulate the agents too, cannot just sit there and wait for them to attack right?

What I was saying is that the situation is not quite possible, first because the agents never advertise with the unit number, especially not for one that they do not sign exclusive lor. Simply because if Agent A sees Agent C's ad that the unit is going for $180k, Agent A will cheong to approach the seller with a $200k offer, and close!

Ya lah, I think we are all just giving advice based on personal experience lor; like I said my experience is totally different from yours - exclusive agents had been giving me **** while non-exclusive ones are really cheong-ing for me. And they are not all young and new lor; I have an agent friend who in this line for 15 yrs liao, never sign exclusive with any of the case that I intro to her, and she managed to close all of them.

I had seen some agnts "punishing" the owners and end up the owner find agnt D to do and I think sold at lower price.....Actually exclusive form is to protect agnts from owner later don let them sell. End up after so many advert, get nothing. But many agnts take for granted and abuse the exclusive until many sellers scared.