If you are a property owner looking to sell it, you might want to hire a realtor’s service unless you have enough experience in the field. This is a common understanding, but what most people don’t know is that they can hire more than one agent to help you close the deal. The agents are called agents if there are two agents involved and multiple agents if there are more than two agents involved.
When two agents are hired by a seller to help them sell a property, it is called a joint agency and the agents are called joint agents. The joint agents here are however not competitors and they both work on selling the property. At the end, when the deal is closed, the agents divide the commission amongst themselves irrespective of who found the buyer.
Hiring the number of agents depends upon the seller’s urgency. If a seller is in a hurry to sell off the property they may consider hiring more than one agent. However, no matter what the seller chooses, the hiring must be in accordance with the contract that the seller enters with the agents. Therefore if the seller has plans to hire joint agents since the beginning it must be made clear to the agents involved and explicitly mentioned in the contract.
Some other features of hiring Joint Agents are:
Having more than one agent means double the contacts. Each of the agents would have their contacts which might help sell the property faster.
There is a lesser chance of clash or confusion as the joint agents neither co-operate nor compete with each other. They work their separate ways and once the deal is closed, they divide the commission.
Since the joint agents are aware that they would get paid irrespective of who gets the buyer, one or both the agents might not work hard enough to sell the property.
The seller will have to pay a higher commission as compared to the fees of a sole agent.
Hiring joint agents could turn helpful if the property in question is a high-value property. The expertise of two realtors could help in a quicker selling of the property than with one sole agent.
For a seller of a property that is high in demand or a general property, hiring joint agents might not be a great idea as the chances of it selling is anyway higher. So spending more money on the commission would not be worth it.
