One or two estate agents?

One or two estate agents?

10:13 AM, 2nd August 2021, About 2 months ago 7

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I am looking to sell my Buy to Let property when I have vacant possession shortly.

I would very much appreciate a view on whether best to instruct one agent or whether instructing two would create better exposure and introduce a degree of competition between them?

However, would this move make it look like I am desperate to sell and attract lower offers?’

Thanking you in anticipation.

James



Comments

by Tim Rogers

11:46 AM, 2nd August 2021, About 2 months ago

If you instruct multiple agents they will probably require you to pay a higher percentage commision.

A single agent may go as low as 0.9% for a landlord with a portfolio as they anticipate repeat business.

Checking reviews is a good start point, but also establish very clearly how they will be marketing your property. Once it's on the internet 1,2,3 or more will make little difference to exposure.

It's also worth looking for which agents have sold in the immediate area recently as they may well have prospects waiting.

It's always good to ensure the property presents well, in neutral colours and a clean state, Leave the white goods in place until viewings are finished if possible.

At some point you'll hit the lull between accepting an offer and exchanging contracts. It's useful to continue showing the property, just in case, but limit it to those who have proven funds.

Final comment, do you feel you can work with and trust the agent? This is much more important as a seller than as a buyer.

by NEIL T

11:47 AM, 2nd August 2021, About 2 months ago

I agree with your last paragraph. I would find one motivated agent and let him do the business. It's worked well for me. Don't sign up for longer than 6-weeks, then they'll know that they have to perform and quickly.

by Mike in Worthing

12:52 PM, 2nd August 2021, About 2 months ago

Forget multiple agents. Try a RAMPED commission if you can. Say property is worth £500k. Nothing for the first £400k, then 2% for the next £50k, 5% for the next £25k, 10% for the next £25k etc - you get the idea.
Kills overvaluation stone dead. Worked wonders when I used this system, many agents wouldn't accept it though.

by Ian Cognito

15:33 PM, 2nd August 2021, About 2 months ago

Reply to the comment left by Mike in Worthing at 02/08/2021 - 12:52
As James realises, the usual system of paying an agent around 1% of the selling price offers very little incentive to obtain the best price.

I've considered your approach, Mike, of using a single agent and ramped commission, but prefer to use 2 agents.

Slick marketing at a price just below market level, should guarantee strong interest and result in competition from prspective purchasers.

by Bruce Patterson

1:08 AM, 3rd August 2021, About 2 months ago

Pick one good agent you get on with who has good reputation and set a competitive asking price

by Anthony Endsor

16:48 PM, 4th August 2021, About 2 months ago

It probably varies from area to area as to how best to market a property, but from a general viewpoint, I would say there's absolutely no point in instructing more than one agent. There are several reasons I can think of for this:
1 Most will charge higher commission.
2 Almost all agents these days advertise on rightmove, which is most buyers' go to for buying property these days.
3 You would have to give both agents a key to the property which could cause you and your buyer problems later.
4 It would make you look desperate to sell and could attract lower offers.
5 If you find a sole agent you have worked with before, you may get a good deal. I did this when I allowed an agent who had been managing 2 of my properties to sell them. They charged me half the normal rate to sell. They also gave me a good rate on their own solicitors.

by Marie

14:26 PM, 5th August 2021, About 2 months ago

I have used Yopa for my last 2 property sales as the agents are all self employed so need to sell to earn. All agents use the same advertising medium via Rightmove and Zoopla, so tbh I'm not sure that having 2 agents would help, might make you even look desperate online. Agree with other comments that you may end up paying commission to 2 agents if you are not careful even if only one does the selling


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