You have decided to sell your
apartment and now a long list of doubts assails you, the first one, if you dare
to undertake the process yourself or hire an agency.
If you lean towards hiring, the
next question will be if you commit yourself exclusively to a single agency or
if you give your apartment to several real estate agencies.
However, you must bear in mind that
an agency will always provide you with keys to sell an apartment in the best
possible conditions.
Another aspect that you cannot stop
thinking about is that as a seller you think that by working with several
agencies they can establish competition and that as a consequence, the sale is
expedited.
On the other hand, signing an
exclusivity contract arouses mistrust in many sellers. In this article we will
talk about what it is, what advantages and disadvantages a real estate
exclusivity contract can entail.
What Is A Real Estate Exclusivity Contract?
The signing of an exclusivity
contract with a real estate agency establishes that the owner exclusively assigns the rights to
sell your property for a specified time.
The contract also establishes the
condition of exclusivity, the price of the property, the agency's fees, the
duration of that exclusivity because indefinite-term agreements are not
admissible.
This contract is signed by all the
parties involved: the notary, the seller and the buyer.
What Are The Advantages For The Seller Of Signing A Real Estate
Exclusivity Contract?
If a relationship of trust is
established, the real estate agency by providing all portfolio of resources
will achieve the sale of the home in a shorter time and will defend the price
agreed with the seller.
In this situation, hiring an
exclusive agency to sell your apartment may be a good option.
The agency will help you with the
price proposal based on a market study and a promotion strategy, it will be in
charge of contracts prior to the sale, to attend to negotiations with the
notary, to obtain a certificate of occupancy and other procedures.
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An important aspect is that, being
your only source of information, it facilitates your management. You can safely
know the status of the sales process, the influx of potential buyers and the
number of offers they have obtained.
Having a real estate exclusivity
contract can improve your position when negotiating the sale price.
It is normal to find that, when the
same property is offered in different real estate agencies, the interested
buyer makes different offers to each one, which allows him to close the deal
for the lowest price he can get from all of them.
Also in terms of promotion it can
have some advantages. Forget about how to advertise a house to sell. Without
any doubt, it is easier to see when real estate agencies make an effort in the
process of displaying the property.
You can see this in the positioning
of your ad on the portals, in the hiring of professionals for the photographs
and the plan, in the quality of the advertising posters, in the use of social
networks.
An
exclusivity contract is signed for a period between 3 and 6 months, but
there are contracts of up to 5 years. If the owner is not satisfied after the
deadline, he can cancel the service.
What Are The Disadvantages Of Signing A Real Estate Exclusivity
Contract?
● The exclusivity time is one of the
biggest drawbacks. Although the contract period varies by mutual agreement, it
is advisable for the seller to contract for short periods.
● Costs. The fees charged by
traditional agencies can range between 3% and 5% of the final price of the
home. Some get to charge up to 8%.
● The trust. Before entering into an exclusivity
contract, the seller must find out who your agent is, in terms of experience, seniority and prestige.
What Are The Disadvantages For The Seller Of Working With Several
Agencies?
It is a common mistake to think
that having more than one agency in charge of the sale of your home will
improve the chances of closing the deal more quickly.
This thinking that there will be
competition between the agencies. The truth is that it doesn't work like that.
In the real estate market, the number of properties for sale far exceeds the
number of buyers.
For this reason, you should opt for
quality and not for the quantity of real estate agencies.
When the buyer decides to leave the
sale of his property in the hands of several agencies, he must be alert in
several aspects.
The first is to review the
conditions of sale that are agreed with each one. It is common to find that the
same apartment is advertised in different agencies and therefore has a
different price in each one.
It is also possible to find that
the advertisement of the house has different and erroneous specifications such
as: different number of rooms and bathrooms.
These errors arouse a certain
distrust on the part of potential buyers and as a consequence, the sale process
is hindered. Without a doubt, the errors that can be generated in your ad
deteriorate the image of your property.
You must be very clear that there
is a great risk when offering the same property through several agencies.
Since it hinders the image of the
property not only in terms of the quality of the photos and the advertisement
of the publication, but also in the range of prices at which different agencies
publish.
How To Choose A Good Real Estate Agency?
Researching their reputation is
essential. Visit their social networks, their web platform or any aspect
related to it. It is also useful to navigate in real estate forums, in Facebook
groups. Of course, you should visit the agency or agencies that you like in
person to see them first-hand.
Once you have investigated it, you
will be more aware of the quality of its customer service and everything that
the agency is willing to provide you.
In the end, you must choose the one
that offers you the best real estate exclusivity contract conditions.
At Deplace we charge a fixed price,
without commissions for the client. In this way you will know at all times how
much your real estate expense is going to imply. This payment will be made in
the deposit and not at the signing of the sale.
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