Multilist... this is a method of selling that involves the 'exclusive' listing of your property for sale with a "member agent" of the multi-list system. You are locked into this agreement for the specified time as you would be with an exclusive agency agreement. This method then gives other agents in your area, who are members of the multi-list system, automatic access to your property.
Now in theory it sounds good that you can have 5, 6 maybe 10 agents who all have access to show their buyers through your home but you only need to deal directly with one. The widest possible net has been cast so regardless of which office the buyer walks into they will have access to your home, great.
But in reality it can have a negative effect. The main reason for saying this is that the agents will tend to focus more on selling the properties they hold as exclusive listings as it guarantees they will get paid. With a multi listed property they will have to share the commission, so it is not as attractive for them. Now read that paragraph again.
Let's all put our salesman's hat on for a minute... in which direction would you sway a buyer.. in the direction where you were personally going to get paid 100% commission, or only 50%?
Multi listing was indeed popular a number of years ago when agents actually worked together, but today there is more competition between agents and that has changed the environment totally.
Multi listing can also affect the sale price you receive.
Under the multilist system a buyer has a choice as to which agent they use to inspect your property. Because the agent knows that all the other agents in the area also have access to the multilisted property they feel they need to "lure" the buyer to use them. And to do so, may suggest to the buyer that they can secure the property for a certain figure. Obviously the lower the figure they suggest ensures that the buyer comes back to them to inspect the property.
A smart buyer will now contact all the multilist agents in the area and quiz them on a potential sale price, and they will always choose the one that they think will secure them the property at the lowest possible price and let's face it, as a buyer, wouldn't you!
What we do… Think of us as you would of anti-virus software you install on your computer to detect and eliminate a virus before it causes damage. We help home sellers to detect and eliminate issues which are typically caused when agents (who have their own agenda) give poor or misleading advice.
Unfortunately, there is a growing number of people who contact us when a problem has already occurred… remember you install anti-virus software on your computer to avoid getting a virus, so please contact us first so you can avoid problems with your sale.
We will always tell you in plain English what effect any advice from an agent will have on your sale and whether its good advice (in your best interest) or it’s going to cause you a problem in which case we will make alternative suggestions for you to consider.
PLEASE NOTE: We DO NOT pass your details onto anyone else, we do not on sell your email address or phone number to marketing companies or any such like or real estate agents. Your personal details go no further.
More Selling Tips...
Playing With The Price
A New Way Of Selling
Selling-Buying In A Slow Market
The Silent Victims
Lots Of Lookers
Presentation or Desperation?
Beware The Phantom Buyer