Home Information Packs were supposed to see the end of traditional multiple-agency agreements. So, with HIPs now gone, doesn't it make sense to go multi again, rather than instructing just one agent?
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A. HIPs were indeed expected to do away with multiple agency agreements – simply because until you actually paid for your pack, it effectively remained the property of the agent who purchased it on your behalf (and who wouldn’t therefore be very keen to share it with anyone else!).
But, with HIPs are out of the way, do multiple agency agreements make sense again? The short answer is no.
Some people were prepared to pay the higher fees associated with multi, in the belief that by getting several agents involved instead of just one, they would somehow receive a better service, their homes would enjoy wider market exposure, and ultimately they would achieve a better price.
In practice, however, this simply doesn’t stack up. And if you think about it, it’s pretty obvious why not. As buyers, most of us will look at every agent in a given area anyway. Besides, psychologically, if we see the same property cropping up time and time again with different agents, we start to wonder if there’s something wrong with it. Finally, of course, simple human nature means that no agent in a multiple agreement is going to pull out all the stops to sell your home – because in a winner-takes-all scenario, there’s every chance that all his effort might be wasted if one of the other agents (who may have done nothing at all) somehow strikes lucky.
No, although cynics will probably still say that we prefer sole agency agreements because they make our life easier, the simple fact is that it’s far, far better to have one, highly-motivated agent working on your behalf than several half-hearted ones.
There is, however, an even better way. Firms belonging to team - the UK’s largest branded network of independent agents - genuinely work together, via a unique property sharing system. And since the instructed agent and the selling agent split the commission between them, this means you get every team agent in your area working hard to sell your home - for the price of just one. Or, to put it another way, a real multiple agency service, for a sole agency fee!