In today’s merciless real estate market, you need all the help you can get. How do you put your house out there to attract serious buyers? You’re going to need to do more than just posting an ad on Facebook.
GamRealty Property Listing Service is the most effective way to sell your house in Gambia. We will list your property as a shared listing service.
Our service explained in detail. Read more.
Ask yourself the following questions when choosing between an Open Listing or GamRealty Shared Listing Service.
You can sell your property yourself, but first consider whether this is really wise. You then have to arrange and sort everything out yourself, from determining a good asking price, negotiating to drawing up the deed of sale. Not only does it involve legal knowledge, but it also takes a lot of time. Moreover, only real estate agents can place a property on GamRealty. By hiring a sales agent you have all the knowledge and expertise to be able to sell your property for a good price. Such a person is often more than worth the cost.
Calling in a sales agent costs you a sales commission or success fee as we at GamRealty call it, but it provides you with knowledge, experience and time.
You pay a success fee for the services . This is a percentage of the final sale price and you only pay when the property is transferred to the next owner.
Extra costs can occur when you want to organize an Open House Day or when you want to advertise with your home (online).
In the clients (sellers) interest GamRealty generally only sells and list properties on an exclusive basis.
Open listing is a non-exclusive agreement, meaning the property to be listed is open to any agents and the owner is not responsible for the commission, unless the agent brings the buyer. The owner can sell his own property and not pay any commission.
- Your Interest Comes Last
Your ‘non-exclusive’ agent will not have the incentive to work hard, invest time and money in marketing your property as there is no guarantee of any commission from the owner as other agents may bring the buyer to the table.
The owner can also bypass the agent and sell it and not pay a commission as there is no exclusive right-to-sell contract with the agent.
Lastly, a ‘non-exclusive’ agent, given the above circumstances, has no obligations to invest, accept responsibility and much less put your interest first.
With this in mind, it could be a better idea if you consider signing an exclusive agreement with only one agent.
- Competition Among Agents Will Almost Always Lead To A Drop In Price
Competition among agents for the same listing will usually bring about a reduction of price, which is usually not in your favour as the agent will want to make his commission quickly without giving enough consideration of your interest or the present market conditions.
With open listing, you as the seller will have no control over the price as there is no incentive for the agent to invest and market your property.
Your non-exclusive agent will usually wait for buyers to turn up and make an offer, and often this offer is communicated to you the owner without any consideration of the existing market conditions.
You will also lose precious time because most of the time the non-exclusive agent will be waiting for the buyers to take initiative instead.
An exclusive agent will have control over the price and give you the best result in terms of pricing, as a proper relationship is now defined.
Given a single point of contact, you can be assured that your exclusive agent will advertise your property in a responsible manner to attract the right buyer for you, knowing that he is being protected from competition from other agents and yet entitled to a commission.
- It Creates Confusion For People Who Are Interested In Your Property
Having an exclusive agent will save you the annoyance when it comes to coordinating and dealing with multiple agents.
Imagine you are being served by many agents and when it comes to viewing your property, you’ll be wondering why you are seeing the same buyer again. The buyer will also be surprised to see you again.
This is another pitfall of open listing.
A buyer could be served by multiple agents of yours due to multiple postings by many agents in property websites or newspapers, and the poor buyer may end up viewing the same house with different agents. Buyers may also end up feeling frustrated in the process.
Exclusive right-to-sell is an exclusive agreement giving the right to the agent in our case GamRealty to list, market and sell the property and entitlement to a commission or success fee upon selling within 6 months.
The validity period for an exclusive agreement is up to a maximum of 6 months. The exclusive agreement can be renewed upon expiry. The exclusive agent will also be entitled to a commission no matter who sells it.
There are home sellers who still have this perception that opting for open listing will give them higher chances of securing a better deal, but in reality, the desired price often falls below their expectations, their property is not well presented or shows up online in multiple different sites or FB pages with different agents. This will confuse future buyers and ‘scare’ them off.
Some home sellers avoid signing an exclusive agreement with an agent for fear that the agent may not be up to the task, or they may think that they may be lucky enough to find one right buyer from among the many agents working hard and competing with one another for the same job. These are mistakes home sellers must take note of!