What are exclusive agents and how are different are they from other agents out there? What is their job scope?
There is a difference between an exclusive agent and a sole agent; even though both indicates that only one agent is entitled to sell off a property. Real estate agents themselves always mix up these two terms.
If you appoint a sole agency to sell off your home, you will not have to pay any commission to the agent, should you make the sale yourself. However, under an exclusive appointment, the seller will have to pay up the professional fee when the property is sold, regardless of who closes the deal.
The job scope for an exclusive agent is basically the same as a general one – nevertheless, once exclusivity is given, the property agent will definitely prioritise the seller’s property by putting in more effort, resources and time to market said property as the sale is almost guaranteed under an exclusive appointment.
What are the advantages of hiring an exclusive agent?
An exclusive appointment will definitely motivate and encourage the property agent to act more proactively and aggressively, besides convincing the property agent that disposing the property is a serious matter for the seller.
Hence, in return, the agent is willing to carry out various type of marketing activities and initiatives to ensure that the property will be sold at an optimum price in the shortest period possible. Sellers can expect to see their requirements being fulfilled efficiently or maybe even beyond their expectations.
Are there any cons to hiring one? What are some of the things to be considered before hiring an exclusive agent?
Before hiring an exclusive agent, sellers are advised to do their due diligence – check the agent’s background and validity by browsing through the Valuation and Property Services Department (JPPH) website. Also, do not forget to make sure that the agency is registered with the BOVAEA and is currently active as well.
Sellers can also evaluate the property agent’s suitability by checking if he or she is familiar with the area and property type. It is recommended to employ an agent who is an area specialist – this means that the agent will have valuable experience and expertise in the subject property and is knowledgeable with the market condition for that specific area. A plus point for the potential agent will be if he/she could provide legitimate testimonials from previous customers – a solid track record is a winning factor as it provides sellers with the necessary confidence and trust.