Signing Exclusive for selling property

[Wish1719]

Hi all,

Advise needed,

Pros and Cons...

 

 

Thanks

[Espresso]

Hi all,

Advise needed,

Pros and Cons...

 

 

Thanks

 

I did that. My was an unusual case. I have only 1 property...so I need the timing to be perfect...sell and buy while at the same time I do not need to rent a temp place...and the completion of my selling need to be in time to pay for my new house. I need an excellent agent who can pull this off....so I gave exclusive.

 

But I gave it to a top producer who make almost a million buck last yr. Exclusive is alright if you can find the right agent.

[Duckduck]

forget it. at most pay more sales comm. sign exclusive means agent can chobolan for the entire also u cant do anything abt it. waste your time only

[FastFastCar]

I usually don't unless that agent is someone I really trust and is an outstanding person who can get the price I want. But no points finding a truckload of agents as well, it will dis-centivise the agent to market for you when he knows you approach a dozen others. My advise is to ask 2 or 3 good ones to market for you to create abit of competition but still ensure they act in your interest.

[Soya]

Hi all,

Advise needed,

Pros and Cons...

 

 

Thanks

 

 

Don't go exclusive. If the agent doessn't wanna share his comm and co-broke and u could be limiting your buyer pool. And there's nothing u can do during the exclusive period.

 

Open market: first in, best dressed.

[SLSAMG88]

I usually don't unless that agent is someone I really trust and is an outstanding person who can get the price I want. But no points finding a truckload of agents as well, it will dis-centivise the agent to market for you when he knows you approach a dozen others. My advise is to ask 2 or 3 good ones to market for you to create abit of competition but still ensure they act in your interest.

 

This is the best.

 

I signed exclusive once, idiot only brought 5 or 6 people to see, then tried convincing me this is the best price in the market!

 

I let the the exclusive period lapse and looked for 2 additional agents.

 

First viewing from 2nd agent offer price was already 30% more than the supposed "best price" from exclusive agent!

[Wish1719]

thanks for the heads-up

[Typhoonz]

Hi all,

Advise needed,

Pros and Cons...

 

 

Thanks

 

Ai buay choo ah bro?

 

It all depends on how hardworking your agent is. Should see his track record and assess his performance. My present place is also sold under exclusive rights by the agent. We first viewed the flat in April 2009 but found it unsuitable due to the condition (have to renovate the entire flat less the flooring). So we went on to see others and there was a lapse of 6 months before we eventually bought it due to some cockup but another agent for another flat.

 

So either the flat cannot sell or the agent boh zho kang...

 

My thoughts are unless you know the agent is super zai, if not don't close the door on your options.

Edited April 27, 2012 by Typhoonz

[Neutralsg]

From personal and experience of others, I conclude that handing out exclusively to an agent may not be in the best interest of the seller as their pecuniary interests often conflict the interests of the buyer for a variety of reasons.

Hence, it's best to open the options to:

a) a couple of reliable agents

b) the best possible offer above the floor price intended

b) set a date / time available for viewing and offer

Eventually it depends on what is more suitable for you.

Just my 2 cents.

[Wish1719]

Ai buay choo ah bro?

 

It all depends on how hardworking your agent is. Should see his track record and assess his performance. My present place is also sold under exclusive rights by the agent. We first viewed the flat in April 2009 but found it unsuitable due to the condition (have to renovate the entire flat less the flooring). So we went on to see others and there was a lapse of 6 months before we eventually bought it due to some cockup but another agent for another flat.

 

So either the flat cannot sell or the agent boh zho kang...

 

My thoughts are unless you know the agent is super zai, if not don't close the door on your options.

looking to...

that Pee Sai nvber come in show his experience....Nbz.....

 

[Throttle2]

Hi all,

Advise needed,

Pros and Cons...

 

 

Thanks

 

 

where got pro?

 

only cons to me

[V200]

Personal experience. When you give certain agents exclusive, they will advertise on papers, internet or even have a open house to try to sell. This is provided the value you want is market rate.

My ex colleague did not believe in exclusive. Sold his condo for 10k lesser than what the second agent got him 2 days after he closed with 1st agent . And from what I understand. The second agent did not even go all out because no exclusive.

Reason being, no exclusive, means any agent with the price closes to your requirements should close the deal.

 

All the time effort and marketing costs does not pay off. Instead you are rushing to close.

But with exclusive, you got time to try for best price...

 

Of course if you get a incompetent or lazy agent, exclusive also no use.

 

Anyway this was what the second agent told me and it made sense. Just my 2 cents ...

[Chewbacca]

When you give exclusive, the agent tend to get you the best deal, since his commission depends on the selling price. Both you and him wants it to be as high as possible.

 

Non-exclusive......means that they'll want to get an offer ASAP. You can deal with it by setting a date and says 'best deal until then gets the commission', I guess.

 

To be honest, even if you give exclusive, they'll want to close it as soon as possible, anyway, it's to his benefit as well that he gets you the best deal in shorted possible time...

[Typhoonz]

looking to...

that Pee Sai nvber come in show his experience....Nbz.....

 

Pee Sai Ong now buay chia boh buay choo liao mah... Focus has changed completely... He can still offer suggestions but I think you must go to his showroom and go for a test drive on the RCZ... He sibeh hoh seng li leh...

[Typhoonz]

Personal experience. When you give certain agents exclusive, they will advertise on papers, internet or even have a open house to try to sell. This is provided the value you want is market rate.

My ex colleague did not believe in exclusive. Sold his condo for 10k lesser than what the second agent got him 2 days after he closed with 1st agent . And from what I understand. The second agent did not even go all out because no exclusive.

Reason being, no exclusive, means any agent with the price closes to your requirements should close the deal.

 

All the time effort and marketing costs does not pay off. Instead you are rushing to close.

But with exclusive, you got time to try for best price...

 

Of course if you get a incompetent or lazy agent, exclusive also no use.

 

Anyway this was what the second agent told me and it made sense. Just my 2 cents ...

 

Agreed totally... My present flat's previous owner's agent sibeh jialat... Cannot sell the house for more than half a year and when we eventually got it, the price was about 10k off when we first saw it...

[A5SB]

If you really intend to sell, my take is get a good exclusive agent.

 

A lot of people have the misconception, no exclusive means more exposure, which means better price. That is not true.

 

By not doing exclusive, nobody have a real incentive to advertise and manage potential buyers for you. Your home would be more like a "standby", bring buyers to other homes, and then along the way view your home if you happen to be available. Or even worse still, use yours as a comparison / reference - let people see your home, know your price, the see another home is a better deal.

 

If you managed to get a deal, it may meet your "reserved" price, but not necessarily the highest possible price your home really deserve. And because there's nobody really focussed on marketing your property, your property become "over exposed" in the market.

 

There is a sweet spot, generally about 1 - 1.5 months after the home is released in the market to get the best deal. After that, your chance of getting a good deal greatly diminish. This is especially so in a buyers market.

 

I'm just sharing, not because I am a real estate agent. This has been my experience as I am a property investor myself.

[A5SB]

Personal experience. When you give certain agents exclusive, they will advertise on papers, internet or even have a open house to try to sell. This is provided the value you want is market rate.

My ex colleague did not believe in exclusive. Sold his condo for 10k lesser than what the second agent got him 2 days after he closed with 1st agent . And from what I understand. The second agent did not even go all out because no exclusive.

Reason being, no exclusive, means any agent with the price closes to your requirements should close the deal.

 

All the time effort and marketing costs does not pay off. Instead you are rushing to close.

But with exclusive, you got time to try for best price...

 

Of course if you get a incompetent or lazy agent, exclusive also no use.

 

Anyway this was what the second agent told me and it made sense. Just my 2 cents ...

 

Yes, interview a few agents, and open your eyes wide before selecting your agent. Go for somebody whom you can work with. I have been using the same agent for years and so far he has alway delivered on his promises.

[Anshng]

Most face this problem because the agent selling the property does not have much committment apart from the advertising cost

I personally sold few properties and the agent actually bring in his company furniture and furnishing to do up my unit, aka like a showflat to achieve a better price. I am impressed by the effort they put in as well and of course must give exclusive. PM me if you need his contact or website.. Sometimes it is not the agent who do not want to sell fast and high price but the property is the single deciding factor. If the property is pretty and buyer feels VERY comfortable in the property, price will be easier to negotiate.