When selling your property, choosing the type of agency agreement can greatly affect your selling experience and result.

An exclusive agency agreement ties you with a single agent, who assumes full responsibility for selling your property, often within a set timeframe. This can simplify your selling process, allowing you to track one agent's work, and incentivise them with bonuses or commission scales based on sale timelines or price. The downside though might be being stuck with an unsatisfactory agent without the ability to switch easily.

On the other hand, an open agency agreement allows you to list with multiple agents. This creates competition and provides flexibility, but might result in less commitment from individual agents due to the risk of not securing the sale. An agent might spend months working on the sale of your home, only to find that another agent gets paid after showing just one buyer.

Overall, agents like all business people prioritise where they will likely see the greatest return. In an exclusive agreement, knowing the full reward will come their way upon successful sale, agents are more likely to invest more effort.

Seek professional advice to understand which agreement type suits your situation best.