What does it mean to “work exclusively” on a property?
When you as an owner want to sell your property, you may be tempted to put it up for sale in several realtors at the same time. The choice seems obvious: the more real estate companies working, the greater the sales possibilities. In this article we will see that in reality it is not like that and, on the contrary, it is detrimental for the owner to work that way.
“Other real estate agencies may bring interested clients, but the promotion and publication of the property should be at the head of a single real estate agency.”
Does that mean that other real estate companies are not going to work that same property?
No, it does not mean that other real estate companies cannot bring in clients interested in the property or offer it internally to their clients, but that the promotion and publication is at the head of a single real estate company. Other real estate companies can participate in the process by bringing a potential buyer, for example. In that case, we at A GROUP Real Estate are always willing to share 50% of the commission paid by the client who brings the other real estate … which does not always happen the other way around. Many times it happens that the colleague of the traditional real estate is not willing to share in equal parts and wants to keep a higher percentage. We believe that this is a clear difference in the quality of service we provide from A GROUP Real Estate, with the focus on customer service rather than earning a commission. I understand that sometimes it is difficult to understand for traditional real estate because that implies opening your head to another mentality, but that’s how we work at A GROUP Real Estate.
“We like to say that we are not in the property business, but in the relationship business.”
Therefore we have a more long-term, strategic vision. The important thing is to establish a bond with the client, focusing on satisfying their needs. So if I end up getting a lower percentage of commission on that operation, I don’t care so much anymore, it becomes secondary. I make a smaller profit today, but if my client is happy, in the long run it was a profit for me so it will surely come. I have no doubts about that and I check it daily.
But isn’t it better for multiple real estate companies to compete for the same property? Are the odds of selling faster not multiplying?
No, because nowadays the client is going to search the Internet and will already find the same property published in different portals at the same time. You are one click away from any property. That way of working with several real estate agencies worked when there was no Internet: the more real estate companies put up their sign, the better. Today it no longer makes sense because with the available technology, clients have access to know the properties immediately and through multiple portals. Not only does it make no sense: it is harmful because it deteriorates the image that one is communicating of that property.
“Nowadays it no longer makes sense to hang up posters of various real estate companies. Anyone is one click away from the same property published on different portals. ”
Much of our work also consists of that, in take care of the property image . Not only taking care of the quality of the photos and of the publication , let’s also consider the following: if a potential buyer sees that the same property is put up for sale by several real estate agencies, what are you going to think? You will perceive it more as an auction than as a sale. It is a matter of starting to call the different real estate agencies that have it for sale and make them enter a little game of tug of war with the price, seeing which one is the one that lowers it the most …
Ultimately, this “reverse auction” ends up favoring a speculative buyer and harming the owner who wants to sell his property at a good market price.
In addition, by working exclusively with a single person responsible for the promotion, this will generate a link between the client and the agent with a greater commitment. There is a relationship of trust taken to another level.
In summary, we can say that the main benefits of working exclusively are:
- The client receives a personalized treatment, without intermediaries.
- The image of the property is taken care of, it is not discredited by “auctioning” it in several real estate agencies at the same time. The seller owner is protected and favored.
- A bond of trust is generated with the agent that leads him to a greater commitment in promoting that property.
