Market surges as exclusive agreements become more commonplace.
Until the start of the 2020's it was safe to say that with regards to the property market in the Sosua area, we were in a buyer's market. In other words, buyers' were spoilt for choice and the market was saturated with affordable properties. As an owner looking for a quick sale (and in the knowledge that buyers' were "thin on the ground") the seller needed to achieve maximum publicity in order to get a viewing let alone a sale. The obvious way to do this was to sign non-exclusive agreements with as many reputable agents as possible. Commissions were high and competition for buyers was fierce. How things have changed:
So why might a seller elect to go for an exclusive contract? In a sellers' market property is "thin-on-the-ground" and if they want to track down a bargain, buyers need to search thoroughly for appropriate property. This "scouring" of the internet by potential buyers means that the buyer will track down properties themselves through their own initiative. They are unlikely to settle for the advice and listings of a single agency. What if they were to miss the home of their dreams?
The result of all this is that since the back end of 2021 sellers have been much happier to sign exclusive contracts, and why wouldn't they? To start with, in general terms exclusive commissions are usually set lower, and with so many people looking for good property, sellers with exclusive deals are seeing the same footfall as they would with non-exclusive contracts as the better agencies tie up their own arrangements to co-broke one another's listings.
So what's the downside? As a business we like to show potential buyers where properties are located. We prefer to treat our buyers this way. It's amazing just how many agencies choose not to show their buyers where a property is located, and that can be a waste of time should a buyer be looking for a specific type and location of property while the agent won't even discuss where it is. However, we've now started to see rogue "agents" turning up at properties that we have exclusive listings with. They can track them down by simply looking on our map feature. Then they either pretend to be from our office or they tell the owner that we have given them permission for a viewing. Their intention is to get an offer from the potential buyer and then cut out all our efforts by trying to deal directly with the owner.
Our advice is this: Both buyer and seller should always remember to check the following when dealing with agents and agencies: Do they have a proper business telephone number? Do they have a website? Do they have an address? It's time to cut out these "agents" that think all they need to do is copy our photographs on to Facebook and declare themselves as estate agents.