While the process of property listings and selling or buying a property is a profuse methodology, there is ample information available on various platforms to justify each one of them. If you are in search of a broker or a real estate agent – for starters, you can begin with the process of appointing a one for yourself.
While the Dubai real estate agent would get you a deal, where he makes the maximum profit at certain fixed percentages, you would be handed over an agreement before you know it. This is where the concept of exclusive listing comes in. This is basically the typology of a real estate property listing agreement, where a specific agent plays the role of the sole agent or the seller. Under this listing agreement, the seller possesses the right to sell the property without any accountability.
This blog includes a comprehensive understanding of exclusive listing and would help the reader focus on the benefits of the property listing typology.
Defining Exclusive Property Broker Listings
The Exclusive agency listing comes with the right to advertise the property on all the multifaceted marketing domains. This also justifies the bond that the owner shares with the designated real estate agency.
However, the exclusive contract is not confining, which refers to the liberty that the exclusive agent enjoys, where he is liable to work under other brokerage companies. The agent is traditionally qualified to source buyers from other brokerage organisations. It is also important to note that exclusive listings prioritise more than non-exclusive ones, hence setting realistic goals.
- Choosing a single qualified agent who puts in the maximum effort to promote or sell a property is more beneficial than five agents who come with minimal benefits.
- On the other hand, if the listed property is managed by five agents, the chances of a successful sale would be lower. The contentious reward system would now catalyse the non-productivity of the agents.
Without a doubt, it is not only important for the agents to build a relationship with their clients, but the equation should be the same. In the concept of an exclusive property listing, maintaining relationships is one of the most important pointers that you should keep in mind.
Most agents come with multiple property listings and the aim of the seller is to top the listing charts of the sale.
Pros of Exclusive Listing
There are many sellers out there looking to list their properties exclusively. With the right market and environment, the reach bandwidth of the listings expands.
Pre-Marketing of the Property Listings
Pre-marketing works similarly to something that they call the “Trailer” of a movie. Listing a house on MLS before it actually appears in the market is termed as “pre-marketing”. It creates the factor of interest amongst the buyers, while the seller can also bag some offers before the listing is actually put for the buyers on the market.
On the other hand, if you don’t get many offers, be patient and wait for some potential buyers to show up while you pre-market and hype it to its best potential.
Exclusive Listings
Privacy is something that MLS lacks and this is where exclusive listings come into the picture and take the lead. Be it the celebrities or people in general who are unwilling to disclose their house addresses, the exclusive listing steps ahead in marketing their homes. In a scenario like so, the bandwidth of the market is limited and caters to a favourable throng.
Constricted House Access Amidst the Renovations
While listing a property on MLS, the entire layout of the property needs to be completed and accessible for immediate sale. Exclusive listings work as a pre-marketing technique that allows you to set up the house during the open house sessions. The time after pre-marketing gives you the opportunity to install appliances and give final touches to the house.
Testing the Dubai Real Estate Market
Exclusive listings are also a great way to explore market prices and give you the opportunity to list your house at a higher price than anticipated. With time, exclusive listings can help you get a better deal from the previous price that it was listed for. However, if you feel dissatisfied with the market response, you can always put the property on the Multiple Listing Service, where it would be accessible to the public. It is also interesting to note that the public would be unaware of the listing being exclusively listed for a long period.
Cons of Exclusive Property Listings
Works from Multiple Perspectives
In the case of exclusive listings, the same agent might represent the buyer and seller, which makes it harder for the agent to prioritise a community. In cases like so, the agent might involve his own buyers, which makes them take the cherry away from the cake. The entire process might be more chaotic than anticipated.
The Market is Limited for Exclusive Property Listings
It is obvious that the exclusive listings would cater to a certain bar of market. Every listing agent is not connected with every realtor in town, and if the listing is not made public, more agents won’t notice your property. Selling a Dubai property at its best price happens with public exposure and indulging with the maximum number of buyers.
You can’t Know the True Value of Your Property
It is a known fact that listing your house on MLS is the only way to find a buyer who would be willing to pay for your home. Putting up your property on MLS exposes it to a larger group of buyers, which gets you the best deal possible.
Bottom Line
There are many ways to market a property in the growing real estate market of Dubai. With the growing technology, the power of rendering has to offer a lot to the property’s marketing. From visual images to virtual tours, everything can be availed when you choose the right criteria and the right organisation to market your property.
There are many exclusive listings available on multiple portals in Dubai, which caters to almost 4000 people pan Dubai. In the end, make sure to communicate with experts before making any decisions regarding a listing in real estate or investing in a property.
FAQs
While opting for an exclusive agency listing, you can potentially save a lot of money in the form of commission that you won't have to pay.
An exclusive listing gives maximum exposure to the right category of buyers. It is also important to note that any exclusive listing agreement gives confidence to the real estate agencies. These factors are supposed to approach their strengths (most qualified for buying a specific property owned by you).
Any normal listing refers to any traditional listing prospect that you might see on any real estate platform. On the other hand, the exclusive listing is inclusive of marketing the property on behalf of the seller. Exclusive property broker listings do not post on the MLS (Multiple Listing Services).
Mostly in contracts, the listing agreement traditionally provides a sense of protection to both the broker and the seller. All the details, including the responsibilities and the liabilities are provided in writing. Why would a seller opt for an exclusive listing?
Is exclusive listing beneficial?
How are exclusive listings and normal listings different?
What importance does the listing agreement hold?
