Multilist Or Using More Than One Agent
Multilist is a method of sale using more than one real estate agent, the fees commissions and costs are payable to only the one real estate agent who sells the property.
In theory Multilist sounds good
that you can have 5, 6 maybe 10 agents trying to sell your property but let’s look at how Multilist works ? or indeed does Multilist work ?
Multilist or using multiple real estate agents can have a negative effect on your sale price! The main reason for this is that the agents will tend to focus more on selling the properties they hold as exclusive listings as it guarantees they will get paid all of the commission. (With a multi listed property agents will have to share the commission, which they don't like)
Let's all put our salesman's hat on for a minute... in which direction would you sway a buyer.. in the direction where you were personally going to get paid 100% commission, or only 50%?
Multi listing will also affect the sale price YOU receive because a buyer can now choose which agent they use to inspect your property. (and they will always choose the one that they think will secure them the property at the lowest possible price and let's face it, as a buyer, wouldn't you)
Be aware of the pitfalls
In theory, the Multilist method may sound terrific but there are pitfalls that you will need to look out for (agents promoting multilist will paint a rosy picture but there are some very serious consequences that you need to be aware of) so do your homework.
If you are currently selling, or about to sell, and would like someone independent sitting on your shoulder observing the goings on, without interfering in the process, drop us a line and see how we can assist. We understand that you might have only dealt with agents once or twice in your lifetime but we do it every day! Contact iREC and see how we can help.