You Only Need One Real Estate Agent: Here’s Why
During the home buying process, a real estate agent represents the seller. Some sellers have trouble when it comes to selecting an agent and will opt instead to seek out and select multiple agents. While there is no legislation outlining the fact that sellers are not allowed to have more than one agent, real estate agents themselves strive to remain respectful. This means that they will not disrupt the sale of a fellow agent at any time for any reason. Doing so could cause a variety of different issues and is completely against the real estate agents’ set code of ethics.
Here’s How It Works
The majority of real estate agents are employed by a broker, and they are permitted to work either as a buyer’s agent or a seller’s agent as a part of that broker’s agency. The ones who are not working under a broker are brokers in their own right. If you try to use more than one agent and fail to disclose this information, the agents will likely figure this out since they are all working with the same brokers and need to organize home showings and such in a way that does not disrupt the progress of another sale. Most listings are sent to “Multiple Listing Service,” also known as MLS. This is where real estate agents can post their listings and reach the highest number of potential buyers. If you are working with multiple agents, they will find out, and you put yourself at risk of delaying your sale due to being rejected by your agent.
Agents Want A Commitment
When you are talking with an agent and considering whether or not they are a proper fit, they will ask you at some point if you are dealing with any other agent(s). Perhaps you are wondering why it matters if you work with more than one agent. Exclusivity is very important to them because agents get paid on a commission as opposed to a regular salary. This means that they don’t receive any money until your home is sold. Without a contract, it is easy for the seller to back out and the agent will then miss out on a paycheck. This is why agents ask sellers to sign a “listing agreement” which essentially grants the real estate agent the permission to not only list the property for sale online but to also control the sale. As a buyer, if you decide that you no longer wish to do business with your agent, it is not as easy to back out as you think. You will have to give up your deposit, which is approximately 1%-3% of the asking price, and due to the contract, you could be sued or even forced into finishing the sale regardless. This is protection for the agent.
The Code of Ethics
Compensation not only depends on a buyer not backing out of the sale, but it also depends on the respect and decency of other real estate agents. There is a code of ethics for a reason; otherwise, agents might be cheated out of their commission after committing their time and energy to a buyer. If your agent finds out that you are working with someone else on your listing they will not work with you in any capacity out of respect for their colleague and because they could be spending time with a client who they know is committed to them and work on a sale that has a guaranteed commission. You really only need one real estate agent to guide you through the home selling process. There aren’t any benefits that come with having more than one agent since they should all be knowledgeable about what they do. If you do your research and seek out a high-quality real estate agent, they will be more than equipped to represent you while you sell your home and get you the best deal possible. Committing to one real estate agent ensures that they are compensated for all of their efforts in the process of selling your home and it also should give you peace of mind knowing that they will do all they can to get your home sold.