For a successful let do you go sole or multi-agency?

Last week I was talking to a friend whose flat is up for rent.

It’s a lovely flat so I was surprised to find that she had instructed 4 agents! Why so many? Well she was certain that more agents would mean more people would see her property. Right?

Will more people see her flat? No, not really.

Over 90% of people find their next home online. Agents know this and so are signed up with a least one of the big two portals.

By engaging 4 agents, her advert will be seen by the same number of people, they will just see it 4 times. Instead of attracting interest it is a more likely to look a little desperate and put people off.

Will these agents work harder to let her flat?

Again, unlikely. After the initial flurry of interest, an agent faced with the choice of devoting time and effort to a multi-agency property, where they have a 1 in 4 chance of earning their fee, or a property where they are the sole agent, they will invariably choose the latter. Or worse, in order to get across the line first, they may take short-cuts with the tenants they introduce!

My advice:

When she met each agent, what was her ‘gut feeling’?

Which agent did she believe would offer her the Best Service both initially and over the lifetime of the tenancy?

My suggestion was to contact this agent and instruct them for a month on a sole agency basis.

What was not so simple was cancelling the agents she had not selected!!