Selling or renting out your property is a daunting task especially if you’re doing it for the first time. With many “Property For Sale!” ads out there, you might be wondering how your property would stand out. By engaging a trusted property agent/ agency and signing Exclusive Estate Agency Agreement (Exclusive Agreement), you wouldn’t have to worry.
So what is an Exclusive Estate Agency Agreement?
When you sign an Exclusive Agreement, you are appointing one agent/ agency to perform estate agency work for you, including, but not limited to, promoting and marketing your property at the agent’s cost.
The roles and responsibilities of an exclusive agent are essentially the same as a non-exclusive agent in the sense that you are also authorising the exclusive agent to do viewings, negotiations, and paperwork for you. The main difference is that you will only deal with one party instead of multiple ones.
What can I gain from signing an exclusive agreement?
1. Property agents are even more dedicated to promote your unit
Exclusive agreements stipulate that the appointed agent should advance your interest unaffected by any other person. Since the exclusive agent knows that his/her efforts will not go to waste, he/she will devote more of his resources to promote and market your unit.
2. Easier coordination
Having one point of contact means that one agent is now fully responsible for your property. You can be assured that reasonable instructions and requests regarding the sale or lease of your unit will also be carried out by your agent diligently. You won’t have to repeat yourself multiple times to different agents, and you’ll reduce the possibility of the same prospect viewing your unit twice by mistake.
3. Better results in achieving your desired price
Usually, if prospects see duplicate listings of your unit, they will often choose to contact the agent offering the lowest price. Therefore, when multiple agents are engaged by an owner, in order for them to lure more enquiries, the agents will very often lower the asking price, resulting in a price war for your unit.
However, if you have a trusted exclusive agent marketing your unit, he will not have the fear of losing out to other agents advertising the same unit. The exclusive agent is then able to concentrate on pushing your property at your desired price by focusing on the merits of the home rather than just the price.
What are the Terms and Validity of an Exclusive Agreement?
Exclusive Agreements are valid for 3 months from the agreed commencement date.
During the 3-months exclusivity period, as long as your unit is being transacted (whether through your agent’s introduction or by others), you may be liable to pay the agent fees to the real estate agent/ agency you engaged. After the expiry date, you may only be liable to pay the fixed rate fees if the deal was concluded from the efforts of your agent.
If there is co-broking, the exclusive agent and the co-broke agent can agree on the share in commission, but you are not liable to pay any additional fees for the co-broke agent.
The key factor in deciding whether you should enter into an exclusive agreement is to first find an agent/agency that you can trust. Professionalism and quality customer service are the things that you should look for as it will not only show their commitment to finding solutions to market your HDB flat but will also ensure that your 3-month validity period is maximised towards achieving your goal.
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