Reasons against engaging multiple agents:
• The control of information in the negotiation of a sale is of paramount importance to achieving a premium price. With multiple agents representing your property, you don’t know what is being said to potential buyers and how this affects the negotiation process.
• When a smart buyer sees a property listed with multiple agents, they will choose to buy the property through the agent that will get them the best price. You need to have the hottest buyers to be dealt with by the most skilled negotiator, as a better negotiator will sell your property for more money.
• There is a significantly lower probability that an agent will sell a property that is open listed as opposed to a property that they have the sole rights to sell. Therefore, these properties get the least attention or priority, especially from the better agents, who will usually have plenty of sellers willing to give them sole rights to sell their home.
• The agent will be more concerned about selling your home before other agents, so they get paid, than they will be about making sure that the property is being sold at the highest possible price.
• An agent is in a much better position to negotiate the best price for you when they are dealing with, and have control of, all of the potential buyers. It can become very messy when you have three potential buyers being dealt with by three different agents. Most of the time this results in a conflict of advice as each agent is trying to protect their right to earn the commission on the sale.