Why use two estate agents

Zapzep · 2023-08-04T21:20:31+00:00

I keep seeing properties advertised with two agents, what is the purpose of this, surely one listing on Rightmove is all it takes, what is the point of using two?

PrinnyPree · 05/08/2023 06:53

I imagine they started with one and that agent has been a bit useless/not managed to sell but they're stuck in contract so have appointed another to work alongside?

pilates · 05/08/2023 06:58

Its amazing how competing two agents against each other can secure a sale.

RocketIceLollie · 05/08/2023 07:14

The problem is you could end up paying for two lots of commission. Most agents will have a t&c that they get a commission if they introduced someone to a property even if that person then goes onto buying the property from another agent at a later date.

Twiglets1 · 05/08/2023 07:55

I don't really understand why people employ 2 agents at the same time. My daughter bought a flat that was on with 2 agents and it was a complete mystery why the vendors felt the need to do that. She bought in Spring 2022 when flats in London were easy to sell and it quickly attracted lots of viewings.

It definitely worked against the vendors in that situation. Firstly, they would probably have paid a higher fee, as is common with multi agency. Secondly, the agent who showed us round was desperate to sell it ASAP before the other agent could secure a buyer. Thus he was pressurising them to accept the offer.

We know for a fact the vendors could have got more money if they had let it sit on the market for a bit longer instead of accepting the best offer they got in week 1. I'm 100% confident about that because even my daughter would have paid more if the EA had given the owners better advice about holding out for a better offer. It's a different market now, so owners do have more need to grab the first decent offer they get. But I still don't see the benefit of multi agency when everyone looks on Rightmove anyway.

Seaitoverthere · 05/08/2023 08:26

We wanted to switch agents after a slow start last year but was awkward as agent was family member of a close friend. We gave notice that we would be having another on board and suddenly 3 offers came in.

pilates · 05/08/2023 08:34

In my case, the second agent agreed the same rate as the first one. I only paid commission to the agent who sold.

mondaytosunday · 05/08/2023 08:34

@RocketIceLollie that would usually only happen if you were contracted with one agent then stopped using them and started with another. I can't see why a buyer would view with one and not go through them if they still had the property under contract (and the seller telling them to).
Back in the day - pre rightmove - this was fairly common. I've listed with two agents as back then there was no overall listing service - unless you saw a sign outside a property or an ad the only way was to go around ALL the agents and register with them. Now thank goodness Rightmove and the like acts as multiple listing services so I wouldn't have thought it necessary.

TakenRoot · 05/08/2023 08:45

The fee is usually higher for a multiple agency deal. Houses being sold by executors, landlords etc more often seem to go multi agency, or those needing lots of work / non standard construction etc.

Different agencies have different networks of developers or other more commercial buyers. Competition leads to quick sale, if that is more important than price to the vendor. Hence more probate and commercial / investor sales.

Digimoor · 05/08/2023 10:27

In London it's usually because the seller is desperate or unwilling to price it realistically

Twiglets1 · 05/08/2023 10:30

Digimoor · 05/08/2023 10:27

In London it's usually because the seller is desperate or unwilling to price it realistically

How would going on with 2 EAs help a seller who is unwilling to price it realistically?

Didyousaysomethingdarling · 05/08/2023 10:39

Maybe it helps avoid what I've just read in the comments section of the Telegraph...
"A common racket which I have experienced a couple of times is deliberately keeping a house off the market to give the impression the price needs to drop so that a 'friend' of theirs can buy the house cheaply. This will more than likely be a developer. You might be a seller but you are not the agent's only customer."

Twiglets1 · 05/08/2023 12:17

Didyousaysomethingdarling · 05/08/2023 10:39

Maybe it helps avoid what I've just read in the comments section of the Telegraph...
"A common racket which I have experienced a couple of times is deliberately keeping a house off the market to give the impression the price needs to drop so that a 'friend' of theirs can buy the house cheaply. This will more than likely be a developer. You might be a seller but you are not the agent's only customer."

Wouldn’t the Seller have something to say about it if their property was not being listed on Rightmove as For Sale?
The situation you describe sounds very niche if not an urban myth.

Original poster

Zapzep · 05/08/2023 12:41

@Twiglets1 the property might have a right move listing but when someone enquiries the agent will say something like “sorry we are not doing viewings on that one at moment because... ”, or they will simply blank people by not calling them back with a date, so even though the property is listed the vendor doesn’t actually get any viewings.

OP posts:

Twiglets1 · 05/08/2023 12:47

I think a Seller would soon get suspicious if they got no viewings at all in the first fortnight. If that was me I would get a friend to phone up pretending to be an interested Buyer and see what the EA said.
An EA could get into a lot of trouble for acting unlawfully and against the interests of their client. I doubt many do this in reality though it’s possible some have done.
Very much doubt it’s a “common racket” though or you would hear about more people who have sued their EA for not allowing viewings.

Digimoor · 06/08/2023 07:07

@Twiglets1 it doesn't help the seller but maybe they think two agents increases their chance of a sale