Q. I am selling a property for the first time and not sure whether I should instruct one or more agents to sell, can you advise what is the usual procedure and the difference between a sole or a multi agency agreement.
A. There are actually three types of agency agreements available:
The first and usually the most common is a sole agency agreement. This agreement will be with one agent for a fixed period and will naturally offer the lowest and most competitive fee.
The second is on joint sole basis. This is where two agents are appointed again for a fixed period of time, the seller will still pay one fee which is generally higher than on a sole basis and its up to the agents to decide how they split the fee between them.
Thirdly, is multi agency, this agreement allows the seller to instruct several agents with each agency acting independently of the others and thus in competition with one another. Only the successful agent will be paid a fee with the unsuccessful agents receiving nothing, this type of agreement usually attracts the highest fee.
Of course there are advantages and disadvantages on all three types. Ask your agent which agreement suits your particular situation best.