{"id":20729,"date":"2020-02-11T07:00:44","date_gmt":"2020-02-10T23:00:44","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=20729"},"modified":"2022-07-01T05:00:35","modified_gmt":"2022-06-30T21:00:35","slug":"exclusive-rights-vs-multiple-property-agents-better","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/exclusive-rights-vs-multiple-property-agents-better\/","title":{"rendered":"Exclusive rights vs. multiple property agents: Which is better?"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p><span style=\"font-weight: 400;\">You can engage as many real estate agents you want, and that\u2019s just what some people do when trying to sell or rent out their properties. It\u2019s like having a football team with 20 players instead of 11: more people, more chances to score right? Actually, it\u2019s not quite that simple. Here\u2019s what you need to know before you use a whole army of agents, or give a property agent exclusive rights to market your property, be it for sale or renting out.<\/span><\/p>\n<h3><strong>The pros of multiple property agents:<\/strong><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You can theoretically reach a wider group of buyers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You\u2019re getting a wider perspective <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You can access different buyer demographics<\/span><\/li>\n<\/ul>\n<ol>\n<li>\n<h3><b> You can theoretically reach a wider group of buyers<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This is the theoretical \u201cshotgun effect\u201d. If one property agent with exclusive right can buy two interested buyers\/tenants, ten property agents can find 20. This remains one of the core reasons why some sellers\/landlords want multiple agents: they think they can close the deal a lot faster.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But further below, we\u2019ll explain why we think this theory is outdated.<\/span><\/p>\n<ol start=\"2\">\n<li>\n<h3><b> You\u2019re getting a wider perspective<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">More agents often mean more feedback. You\u2019ll get a wider range of opinions, such as on what renovations to make to attract more tenants, or which nearby amenities to highlight, or how much you should set your asking price. Since each agent potentially brings a new insight, you could learn a lot about your property that you hadn\u2019t considered.<\/span><\/p>\n<p>The downside to this is <em>analysis paralysis<\/em><span style=\"font-weight: 400;\">. It\u2019s kind of hosting a marketing meeting with 30 people, and ending up taking six months to decide on the colour of a product. You also need to remember that not all agents have equally informed opinions \u2013 that leaves it up to you to filter out the valuable insights from the rubbish.<\/span><\/p>\n<figure id=\"attachment_18200\" aria-describedby=\"caption-attachment-18200\" style=\"width: 720px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-18200 size-full\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/07\/absd-increase-property-buyer.jpg\" alt=\"exclusive rights property agent\" width=\"720\" height=\"480\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/07\/absd-increase-property-buyer.jpg 720w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/07\/absd-increase-property-buyer-150x100.jpg 150w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/07\/absd-increase-property-buyer-600x400.jpg 600w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/07\/absd-increase-property-buyer-440x294.jpg 440w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><figcaption id=\"caption-attachment-18200\" class=\"wp-caption-text\">More agents, more headaches?<\/figcaption><\/figure>\n<ol start=\"3\">\n<li>\n<h3><b> You can access different buyer demographics<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Different agents, in theory, cater to different types of buyers. By using multiple agents, you can market your property to multiple demographics at once; for landlords this would mean reaching different types of tenants, from foreign students to affluent single expatriates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There typically isn&#8217;t a diverse demographic where buyers are concerned, so using multiple agents to reach different profiles is usually done by landlords who want to rent out, but aren\u2019t sure which segment of the market they should target. Even though this sounds reasonable, we don\u2019t fully agree with this, for reasons described below.<\/span><\/p>\n<h3><strong>The far bigger downsides of using multiple agents<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Back in pre-internet days, the two positions \u2013 multiple agents versus an agent with exclusive rights \u2013 were more or less equal, but buyers now rely on online platforms, such as those\u00a0<a href=\"https:\/\/www.99.co\/?utm_source=blog%20main%20site%20conversion\">on the 99.co property portal<\/a>, when buying property. Changes in the way a property is bought and sold, coupled with new regulations implemented over the years that restrict the ways agents can market their properties, mean there&#8217;s now<\/span><span style=\"font-weight: 400;\">\u00a0more advantages to using an exclusive agent. That\u2019s because:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Almost all agents now use the same platforms to market your property<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For regular residential properties, you seldom need access to niche demographics<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prioritisation is more important than numbers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Multiple listings can confuse prospective renters or buyers<\/span><\/li>\n<\/ul>\n<ol>\n<li>\n<h3><b> Almost all agents now use the same platforms to market your property<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Before the rise of online listings, marketing properties was less efficient. It mattered how many flyers your agent put out, how many cold calls they made, and which newspapers or magazines they would advertise in. Multiple agents were more helpful in those days, as they were needed to cover more ground.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But today, most buyers go through the same online listings sites (such as <a href=\"https:\/\/www.99.co\/?utm_source=blog%20main%20site%20conversion\">99.co<\/a>), or browse using the same apps. And because of the way internet listings work, you\u2019ll reach roughly the same volume of potential buyers, regardless of how many agents you use. The Do Not Call registry and Council for Estate Agencies (CEA) rules against flyer distribution also helped concentrate agent marketing efforts on online portals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(At most, having multiple agents will mean your listing gets posted a few more times, but that\u2019s also a drawback \u2013 see point 4).<\/span><\/p>\n<ol start=\"2\">\n<li>\n<h3><b> For regular residential properties, you seldom need access to niche demographics<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">It\u2019s commonly said that different agents can access different demographics. But the question you have to ask yourself is: does that really matter for your property?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re trying to sell a property that\u2019s out of the norm \u2013 such as a $15 million penthouse, or an industrial manufacturing site \u2013 then having a group of specialised agents can be important. You\u2019ll want agents who can access certain niche demographics (e.g. one agent to target the super-affluent, one agent to target businesses buying properties, and so forth). Each agent may also have personal networks they can tap on for potential buyers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But for selling more mainstream properties, such as HDB resale flats or mass market condos, these specialisations matter less. The buyer demographics are not as niche, and most agents will be reaching out to the same pool of people.<\/span><\/p>\n<p>For renting out properties, different demographics now rely on the same means &#8212; online portals &#8212; to find their rooms and units to rent, thus negating the need for multiple agents.<\/p>\n<figure id=\"attachment_20159\" aria-describedby=\"caption-attachment-20159\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-20159\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/09\/canberra-residences-ext.jpeg\" alt=\"Canberra Residences condo Singapore\" width=\"800\" height=\"452\"><figcaption id=\"caption-attachment-20159\" class=\"wp-caption-text\">Mass market condos usually appeal to a uniform demographic.<\/figcaption><\/figure>\n<ol start=\"3\">\n<li>\n<h3><b> Prioritisation is more important than numbers<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Because real estate agents are in sales, there\u2019s the old misconception that it\u2019s just a numbers game. Now that may be true for the agent in question, but sellers and landlords are always better off focusing on quality.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s no point having five agents who can sell your property, if all of them put you last on the priority list (because they think someone else might get the commission). <strong>Even worse, a non-exclusive agent might use your house as leverage to sell another property on his\/her list.<\/strong> The agent might show a prospective buyer your house first, because he\/she has access to it, after which they&#8217;ll immediately bring the buyer to a\u00a0<\/span><span style=\"font-weight: 400;\">better house, using the technique of contrast to pump up the perceived value of the second home. In short, you might get played if you use multiple agents.<\/span><\/p>\n<ol start=\"4\">\n<li>\n<h3><b> Multiple listings can confuse prospective renters or buyers<\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This is why some agents hate listing houses, after another agent already has. Prospects get confused when they see the same property marketed by different agents \u2013 they may think some of the listings are old, or wonder if there might be something wrong about the house. They might even deduce it&#8217;s a scam.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Put yourself in their shoes: imagine if Agent A shows you around the house, and the next day you find the same property listed, but with Agent B as the contact &#8212; you&#8217;ll feel that you&#8217;re being played.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, stick to an exclusive agent if you don&#8217;t want prospective buyers to start asking questions like \u201cHow come there are so many agents and it\u2019s still not sold? Have all the other agents gave up?&#8221; We wouldn&#8217;t stand for the humiliation if we were you.<\/span><\/p>\n<h3><b>In general, it&#8217;s better to give one property agent the exclusive rights to sell or rent out your property.<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Given how properties are marketed nowadays, as well as buyer behaviour and mindsets, there\u2019s very little to recommend the \u201cmultiple agents\u201d route. It\u2019s much better to <\/span><i><span style=\"font-weight: 400;\">switch <\/span><\/i><span style=\"font-weight: 400;\">agents if the current one isn\u2019t performing. It\u2019s not hard to do, and it <strong>ensures every agent you engage is more committed to market your property.<\/strong><\/span><\/p>\n<p><em>Would you get one or multiple agents to market your property? Share your thoughts<\/em>\u00a0<em>in\u00a0the comments section or on\u00a0<a href=\"https:\/\/www.facebook.com\/groups\/yourpropertycommunity\/\" target=\"_blank\" rel=\"noopener noreferrer\">our Facebook community page<\/a><\/em>.<\/p>\n<p>&nbsp;<\/p>\n<p>If you found this article helpful, 99.co recommends\u00a0<a href=\"https:\/\/www.99.co\/singapore\/insider\/commission-property-agents\/\" target=\"_blank\" rel=\"noopener noreferrer\">Property agent commission in Singapore: How much should I pay?<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.99.co\/singapore\/insider\/sell-vs-rent-out-property\/\" target=\"_blank\" rel=\"noopener noreferrer\">Sell vs rent out your property: How to make the right decision<\/a><\/p>\n<p>Looking for a property? Find your dream home on Singapore\u2019s largest\u00a0<a href=\"https:\/\/www.99.co\/?utm_source=blog%20main%20site%20conversion\">property portal 99.co<\/a>!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You can engage as many real estate agents you want, and that\u2019s just what some people do when trying to sell or rent out their properties. It\u2019s like having a football team with 20 players instead of 11: more people, more chances to score right? Actually, it\u2019s not quite that simple. Here\u2019s what you need&hellip;<\/p>\n","protected":false},"author":21,"featured_media":55335,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[54404,57131,53613],"tags":[55142,53597,54858,53599],"persona":[],"class_list":{"2":"type-post","14":"entry","15":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Exclusive rights vs. multiple property agents: Which is better? - 99.co<\/title>\n<meta name=\"description\" content=\"It\u2019s not quite that simple. 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