Exclusive vs Open Agreement

An agent has approached me with an offer on a property and would like to enter an exclusive agreement for 3 months. I would prefer an open agreement.

The property is a small acreage rezoned for shopping centre and apartments. I have had contact directly with developers interested in the property. I am also in an open agreement with another agent.

What are the pros and cons of entering into an exclusive agreement? Are there any benefits to me?

The agent is advising me it is in my best interest to channel all purchasers through one strong negotiator.

 

Sounds like the only thing the agent is trying to channel is the commission...

 

It is annoying that agents insist on exclusive. They virtually promise to put no effort in unless it's exclusive....

Nothing wrong with open listing in a sellers market is there? Not like agents have to do much to get stuff sold.

Opinion only. Cynical opinion if I am honest.

 

I'm thinking all the same things...

 

Whatever you decide, make sure that the developers that you've already had contact with are exempt from the agreement.

 

We always insist on a sole agency agreement. This protects the agent from our listing with another agent, but also protects us in the event that circumstances change or we sell to a friend/relative.

First agreement is only ever for 6 weeks. This gives the agent time to prove their worth and can be extended.

Unless you have prior knowledge, don’t lock yourself in for 3 months, a long time to languish with a ineffective agent, particularly as markets can move quickly.