Exclusive agency as a method of sale
THE Real Estate Institute of Queensland (REIQ) recommends sellers use the exclusive agency method to sell residential property as it is the most effective.
The exclusive agency method is where the sale of the property is in the hands of only one party, as opposed to an open listing, where the seller lists their property with a number of real estate agents.
“An exclusive agency is advantageous to the seller as the appointed agent will be dedicated to selling the property. This saves the seller the confusion of having to liaise with more than one agent,” REIQ managing director Dan Molloy said.
Furthermore, this method will save the seller the time and money involved in advertising and marketing costs when a number of agents are trying to sell the property.
“Under the Property Agents and Motor Dealers Act 2000 (PAMD), a seller can only appoint an agent under this arrangement for up to 60 calendar days. During those 60 days the seller may decide not to renew the appointment if the property has not sold,” Mr Molloy said.
The seller can agree to make a further appointment of up to 60 days, but the renewal cannot be made earlier than 14 days before the term expires.
Under any selling arrangement using a real estate agent, the seller and agent must sign a PAMD Form 22a - Appointment of Real Estate Agent (Sales and Purchases) in order to legally set the terms of the selling agreement.