If you have followed our blog during the last two weeks, you have already learned that a real estate agent will be your best asset to sell your house in Torrevieja quickly and without problems, and you know how to recognize a quality professional. Maybe you’ve even found the real estate agency of your dreams, and now you’re asking yourself: Should you work exclusively with the agency? And what does it really mean to have an exclusivity contract? In today’s post we solve all those questions and more.
What does it mean to work with an exclusivity contract?
The exact conditions of the sale of a house with this sort of contact depend, to a large extent, on what each real estate agency offers. Our preferred modality, and the one we will talk about in this post, is also known as multiexclusivity or shared exclusivity.
Multiexclusivity allows collaboration contracts with other agencies, but turns a single agency into the representative of the seller, and therefore, the only one to manage the sale. In the previous post we said that one of the quality indicators of an agency is that it collaborates with other professionals; this also applies in the case of exclusivity contracts.
By the way, did you know that in the US, one of the places with the largest real estate industry, the vast majority of real estate transactions are carried out exclusively?
What advantages does it have to put your house for sale with an exclusivity contract in Torrevieja?
When you make an exclusive sale contract with a real estate agency, they pour a lot of hours of work into your property. You may think the real estate agent is going to relax because they have no competitors, but the result is the opposite; when the agent knows that their work is going to have a sure reward, they try harder to get the sale. Exclusive contracts don’t last forever; the agent will do everything in their power to sell the home in the contract period, and thus ensure a satisfied customer.
In addition, working exclusively allows for better management at the time of selling your home; once you have found a good agency, you will get information about visitors and sales progress from a single person, instead of receiving 30 different emails from 30 different agents. In addition, your keys will be in the hands of a single agency, which means that you will enjoy greater security.
The buyer will also feel safer; your house will be in the hands of a single agency, which means that they won’t see it in a thousand different agencies with thousand different prices. When working without exclusivity, each agency works with its fees and methods, which means that the available prices will change according to the agency, and the potential buyer will get a bad impression.
In short, you will get a personalized treatment, a group of professionals committed to the sale of your home, and according to the statistics, it will take less time for you to sell your home.
What are the advantages of selling your house without an exclusivity contract in Torrevieja?
Most agencies in Torrevieja allow both types of contract, since in the end, the client is the one who has to decide. Exclusivity is highly recommended, but not mandatory, and that is why we believe that this section is important.
The main advantage of working without exclusivity is, of course, the freedom to put your house for sale with many agencies to reach a very large audience. If the real estate agency does not collaborate with other agencies, a contract without exclusivity is probably the best option, since exclusivity would cause the offer to reach a much smaller public. However, if the agency collaborates, has extensive distribution channels, and works with an MLS, an exclusive contract will offer the same result with fewer risks.
Another advantage of selling without exclusivity has is that, in general, agencies that sell without exclusivity have a larger portfolio, and usually people like to have a broad portfolio in which to choose. Of course, this also means that your house will be one more in a sea of available homes, with all that it entails. With a good marketing plan and the commitment that an exclusive contract implies, your home will be advertised as a unique, interesting product that will last little time in the market.
In general, the few advantages that an exclusive contract can have are not enough to make it a better option, as long as the agency is trustworthy and has well-trained professionals.
Besides, it’s worth saying that if many agencies are advertising your home, the wise buyer will try to negotiate with as many as they can, to see which one offers the lowest price. Particularly in the case of Torrevieja, given that there’s a large proportion of foreign buyers, this happens often. Exclusivity is the norm in most foreign countries, and the offer of the foreign buyer will be a lot more aggressive if they see the house is in many agencies. On one hand, the foreign buyer won’t trust a house that appears in several agencies, and on the other, seeing it everywhere will make them think you’re desperate to sell it.
In summary, in a market like Torrevieja, working without an exclusivity contract can mean a loss of money for you.
What rights does the owner have when working exclusively with one agency in Torrevieja?
As a seller, there are a number of rights that you have when signing an exclusive contract, and a transparent real estate agency will know how to enumerate them and, what is more important, fulfil them.
The first right, of course, is that the agency has to commit as much as the seller. By signing the exclusivity contract, the seller is putting their trust in the agency, and the agency has to respond. Before signing the contract, ask about the added value that the agency can provide, and about the work that will be done to ensure the sale of your home.
The seller also has the right to decide the term of the contract. Given that the average time an advertisement lasts in Idealista (one of the largest real estate sales portals) is twelve months, we recommend a time between 6 months and a year; less than that would be too little. And if you are happy with the work of the agency, you can always renew the contract.
Whether you work with exclusivity or not, but especially if you work with it, the agency has to guarantee a number of security criteria. If your agent is not going to filter customers, track visitors with an ID, keep track of potential buyers, and keep you informed at all times, it is almost better that you do not sign anything, either exclusive or non-exclusive, and look for a better agency.