Engaging multiple agents may seem like a good idea to gain wider exposure to potential buyers.
While this would have been an acceptable route back then, technological advancements have significantly changed the playing field with online property marketplaces and search portals.
Doing this today can cost you tremendously – from lowering the appeal of your listing, receiving lowball offers far lower than your asking price, and causing your home to sit in the market longer than necessary.
1. Sends the wrong message to prospective buyers
With multiple agents, you begin to get duplicative listings for your property, each with a different agent’s name attached.
This does several things.
a) Confuses prospective buyers
Firstly, this can confuse potential buyers as they’re referring to the same listing sites. And so, when they see multiple listings for the same house, this presents the appearance of desperation or a lack of confidence in the property’s appeal.
They may start to get the impression that the unit is difficult to sell and that something is wrong with it.
b) Get the impression that the listing is fake or a scam
They might even assume that this is a scam and that something shady is happening, especially with the prevalence of online scams today. This can harm your chances of attracting high-quality buyers and securing favourable offers.
The longer your house sits on the market, the harder it is to sell. After spending longer than 60-90 days in the market, a property is often considered “stale.”
2. A logistical nightmare
Another downside to engaging multiple agents is the flood of communication that can create more hassle and frustration than you’re ready for.
Be prepared for a bombardment of phone calls, text messages, and e-mails from multiple agents seeking details about your home. It’s also uncommon for sellers to forget the exact agents they are engaging – making the process even more complicated.
These agents will naturally need more details about your home to sell your home. From the exact square footage, floor plans, if there have been any unique features or upgrades, updated photographs, maintenance and repair records, list of included items, and more.
This can all lead to a more time-consuming process that is more exhaustive than productive.
Coordinating viewings and keeping track of multiple agents’ progress can be challenging, resulting in a more chaotic and stressful selling experience. In contrast, working with a single dedicated agent streamlines the process and makes it easier to stay informed and involved in selling your property.
Having just one property agent streamlines the process and eliminates the need for multiple conversations and repeat information sharing. By working with only one agent, you can simplify the home-selling process and avoid the frustration of dealing with multiple agents.
3. Agents aren’t motivated to sell your house
Under an exclusive agreement, the agent is the sole agent authorised to sell your property for you during a specified period of time, usually 3 months.
And the issue that arises when you contract an agent without an exclusive agreement, is that they will not be as invested in putting in the necessary time and effort to market your property effectively.
The reason is simple: the agents cannot be certain that their efforts will result in a commission. They know that if you end up transacting with another agent, their time and money invested will be for nothing.
This lack of motivation can also be seen in the quality of the listings created for your property. Agents may create lower-quality listings with subpar photography and poorly written descriptions, which leads to limited exposure for your property on real estate websites.
A single, dedicated real estate agent is fully motivated to invest their time and resources for you, resulting in a significantly faster sale and better offers. However, choosing the right agent can prove to be a more challenging affair than it seems.
One of the best ways to find the right agent is to see what previous clients have said about them. You can easily find Ohmyhome’s customer reviews about our property agents on Facebook and Google, as all of our agents have an average 4.9-star rating on Google and Facebook. We encourage you to check it for yourself.
4. Agents may use your house as leverage to sell their exclusive listings
As a seller, it’s vital to consider the negative implications of engaging multiple agents. One such risk is non-exclusive agents using your property as a bargaining tool for their other exclusive listings. A bait and switch as they say.
In addition, agents can intentionally undermine the value of your property to highlight the features of another exclusive property in their portfolio.
The agent may show a prospective buyer your home as leverage to sell a better house to raise the perceived value of the home they’re trying to sell. During in-person viewings, the agent may emphasise the shortcomings of your property and downplay its strengths to make the other exclusive property seem more appealing by comparison.
On the other hand, when you engage a property agent exclusively, you have to ensure that your property is in capable hands. With Ohmyhome, our Super Agents have the rest of the market beat. They have the support of the whole company, from tech to marketing and even operations, so they can focus on getting your home sold. We also have a free property app that lets sellers such as yourself list properties for free, so your listings have a higher chance of getting viewed by ready buyers who may call for viewing at any time.
Work With An Exclusive Agent – 1 Is All You Need
As Ohmyhome agents only work with exclusivity, you’re guaranteed to have an agent that’s motivated and dedicates significant time, effort, and resources to selling your home.
No longer will prospective buyers be confused with duplicate listings with poor quality and lowballing you with underpriced offers. Everything is taken care of for you with Ohmyhome as you only have to deal with 1 point of contact.
With more than 8,000 happy customers served, our experienced in-house agents have a track record of transacting more than 70 homes every year.
Our agents are also trained in proven marketing strategies that go beyond listing on our platform as your property will also be marketed across all major listing platforms, including Google and Facebook.