What to Expect in an Exclusive Estate Agency Agreement

Do you have a capable agent?
20 Jun 2017 Language: English

Selling or Renting out your HDB is a daunting task especially if you’re doing it for the first time. With numerous ads on properties for sale and for rent, you might wonder how your property would stand out and eventually be sold or rented out in the shortest time possible.

Landlords and Sellers who understand the benefits of Exclusive Estate Agency Agreements (Exclusive Agreements) would hire a single agent/ agency to advertise for their property while others would engage multiple agents with the belief that it will get the job done faster.

Eventually it comes back down to the capabilities of the agent.

If you have a capable agent, giving him the full authority to manage your property would certainly increase your chances of moving the unit faster. However, since Exclusive Agreements are often misunderstood, let’s first explore if this is the right choice for you.

So what is an Exclusive Estate Agency Agreement?

When you sign an Exclusive Agreement, you are appointing one agent/ agency to perform estate agency work for you including but not limited to promoting and marketing your property at the agent’s cost. The roles and responsibilities of an exclusive agent are essentially the same as a non-exclusive agent in the sense that you are also authorising the exclusive agent to do viewings, negotiations, and paperwork for you. The main difference is that you will only deal with one party instead of multiple ones.

What can I gain from this?

1. Dedication in promoting your unit

Exclusive agreements stipulate that the appointed agent should advance your interest unaffected by any other person. Since the exclusive agent knows that his efforts will not go to waste, he will devote more of his resources to promote and market your unit.

Choose an exclusive agent who advances your interest.

2. Easier Coordination

Having one point of contact means that one agent is now fully responsible for your unit. You can be assured that reasonable instructions and requests regarding the sale or lease of your unit will also be carried out by your agent diligently. You won’t have to repeat yourself multiple times to different agents and reduce the possibility of the same prospect viewing your unit twice by mistake.

3. Better results in achieving your desired price

Usually if prospects see duplicate listings of your HDB, they will often choose to contact the agent offering the lowest price. Therefore, when multiple agents are engaged by an owner, in order for them to lure more enquiries, the agents will very often lower their asking price, resulting in a price war for your unit.

However, if you have a trusted exclusive agent marketing your unit, he will not have the fear of losing out to other agents advertising the same unit. The exclusive agent is then able to concentrate on pushing your property at your desired price by focusing on the merits of the home rather than just the price.

Choose an exclusive agent who concentrates on pushing your property at your desired price.

Ohmyhome helps you market your unit at an exclusive basis. We are committed to giving utmost priority to your HDB, utilizing effective marketing strategies for the most efficient results.

Fixed Rate

Means you don’t have to factor in the usual huge commission fees in your selling price. This could allow you to keep more of the profit or price your HDB at a more attractive level than your competition.

Full-Time Agents

Our professional and experienced agents are all working full-time at Ohmyhome. Their activities are closely monitored by the company and it is part of their required duties to advertise your HDB aggressively to ensure that we can achieve your goals in the shortest time possible.

We are a Team

Your unit is not just left to one agent, an entire team of support staff comprising of customer service, marketing staffs and agents are at your service. At Ohmyhome, providing you a smooth journey in your HDB transactions is of utmost importance to us and we will be there with you every step of the way.

Terms and Validity

Exclusive Agreement is valid for 3 months from the agreed commencement date. You will only be required to pay our fixed rate fees upon a successful transaction. No fees are needed if no transaction has occurred.

During the 3 months exclusive period, as long as your unit is being transacted (whether through our agent’s introduction or by others), you are liable to pay the fixed rate fees to Ohmyhome. After the expiry date, you will only be liable to pay the fixed rate fees if the deal was concluded from the efforts of our agent.

If there is co-broking, the exclusive agent and the co-broke agent can agree on the share in commission but you are not liable to pay any additional fees for the co-broke agent.

Key Takeaway

The key factor in deciding whether you should enter into an exclusive agreement is to first find an agent/agency that you can trust. Professionalism and quality customer service are the things that you should look for as it will not only show their commitment to finding solutions to market your HDB but it will also ensure that your 3 months validity period is maximized towards achieving your goal.

Ohmyhome is here to help with our Fixed Rate Agent Services if you need more assistance in choosing your next HDB Home or in selling your HDB flat:

Or you may call us at 6886 9009 to secure an appointment today.

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