There are many reasons why real estate agents and agencies like to have sole agency, or exclusive, agreements when selling property.
And there are reasons why sellers can benefit from allowing just one real estate agent to handle their property sale.
Let’s think about it from their perspective for a second.
The commission payable on a successful sale will likely amount to no more than 3 percent, less marketing and business expenses.
Many real estate agents in Thailand work for commission only. If they’re paid a salary it is normally low to entice higher income from successful sales.
Being the only real estate agent to be selling one particular property means they are not in competition with others and will likely devote more attention to a sale.
The real estate agent will be able to devote his or her attention until a success sale is made, and given that exclusive deals only usually last for 90 days, they are more motivated to find buyers.
If they fail to sell they will surely lose the right to sell from that owner in the future.
In some parts of the world, real estate agents will spend significantly more on marketing and advertising for an exclusive property.
Looking at things in reverse, a real estate agent will not spend a significant amount on promotion when he or she knows they are in competition with others.
As a seller, dealing with just one real estate agent does make things easier. That agent will be the sole point of contact for enquiries and for arranging viewings. That’s much better than have several agents all fighting for your time and attention.
That all said, as a seller when you select your sole real estate agent, be certain that he or she has the knowledge and experience to achieve your sale. Don’t be scared to ask for contact details of previous customers – and call them to see how their sale was handled.