I have no clue why sellers are so scared to give agents exclusives. When they hear the word “exclusive”, they act as if they are giving their soul to that agent. Little do they know, giving an agent the exclusive would actually be more beneficial than keeping the listing open. Here are 5 reasons why sellers should seriously consider giving an exclusive:
1) Incentive: By giving an agent the exclusive listing, you have motivated them to market your property. Once you sign that exclusive agreement, that agent will be RUNNING to get signs, put ads in the newspaper, and even put it on the MLS, which brings me to my next point…
2) The MLS: Agents that are part of the MLS (Multiple Listing Service) put ALL their exclusive listings on the MLS, which means more exposure for your property. Most agents that are working with a buyer search for properties on the MLS, and the only way to get your property there is to give an agent the exclusive.
3) Market Exposure: When agents are given an Open Listing, their marketing strategy limits them from over exposing the property; this is because they don’t want other agents to know about it. If other agents know about the listing, they can easily contact the seller and cut the listing agent out of their commission. BUT, once the agent has the exclusive, the first thing they do is make sure other agents know about the listing, because they will be guaranteed a commission, even if another agent sells the property.
4) Control: Hypothetically speaking, let’s say you gave Open Listings to 6 different agents from 6 different companies. Now, you have 6 sets of keys out there for agents to show your home, 6 different agents to continuously follow-up on, and 6 Open Listings that have become 6 headaches. I say headaches because, if something goes wrong, goes missing, or gets broken, you have no idea who is responsible. If you give 1 agent the exclusive, you know exactly who has the keys, who had access to your property, and who to call for a follow-up your property’s activity.
5) Relationships: In short, you should definitely consider giving an agent the exclusive when thinking of selling a property. It’s not only a strong marketing strategy, but it also helps you build relationships.
If you’re looking into selling your property, feel free to give me a call. I’m always looking for business. Thank you.
Tristan White – Your Bahamian Realtor
Work: (242) 677-8255
Cell: (242) 477-0266