1. Lack Of Exposures
Some Sellers might think that more agents equal more exposures or more buyers. In reality, most agents if not all will advertise on same portals, which is property guru. You could see up to 10 advertisements of the same property causing confusion to potential buyers. Same number of buyers see the same property on one portal.
Instead, the Sellers should choose an experienced agent who is able to market the property on multiple platforms and different social media like Facebook, YouTube, Instagram which give you 7 different exposures to larger and wider group of buyers.
2. Lack Of Commitment
In most cases agents in real estate will prioritise their exclusive listings over your open listing. They are committed to invest money to boost the listing, do video marketing or spend time to create content/ post on social medias for Sellers who are committed to exclusive listings. This means that those non-exclusive property will have less attention and efforts. The non-exclusive property may be on the market for much longer time, and in turn this may drive the price down.
3. Mis-Interpretation By Buyers
When potential buyers see that there are 5 or more advertisements selling the same property, they may interpret that the property having multiple agents as a sign your property is difficult to sell or urgent to sell, implying there is something wrong with it.
4. Open To Manupulation
Potential buyers may see the property as an opportunity to bargain. If purchasers see your property is being handled by many agents, they’ll also think that there is a chance to negotiate their price. They might even give an lower offer and find the agent who is most willing to work with them to close the deal. Some agents might not protect the Seller interest because there is no commitment.
5. Different Focus
Instead of focusing to get the highest offer, you may not get what you want for the property. Open listing property pits agents against each other, so it becomes a rush to sell your property. Because of this, the focus may be on finding a buyer to offer a price and persuading you to accept, rather than finding the best offer for you.