Whozoo tips #26 - I'm selling my commercial property and another agent has contacted me while I have the other agent instructed, what do I do?

Published: 28/01/2024

If you are already working with one commercial estate agent and another agent contacts you expressing interest in selling your property, it's important to navigate the situation ethically and in accordance with the terms of your existing agency agreement. Here are some steps to consider:

Check Your Agreement:
•Review the terms and conditions of the agency agreement you have with your current commercial estate agent. Pay close attention to any exclusivity clauses or terms related to multiple agency agreements.

Exclusivity and Terms:
•If your agreement includes exclusivity, meaning you've granted the agent sole rights to market and sell your property for a specified period, you may be limited in engaging with other agents during that time. Ensure you are aware of the duration of any exclusivity period.

Communicate with Your Current Agent:
•If another agent contacts you and you are already under an agency agreement, it's advisable to inform your current agent about the contact. Discuss the situation openly and ask for guidance on how to proceed within the terms of the agreement.

Negotiate with Your Current Agent:
•Depending on your goals and the circumstances, you may negotiate with your current agent. For example, you might discuss adjusting the terms of the agreement, exploring additional marketing strategies, or addressing any concerns you have.

Evaluate the New Opportunity:
•Consider the potential benefits of engaging with the new agent, but weigh them against any potential consequences or conflicts with your existing agreement. If the new agent brings unique expertise or opportunities, discuss the situation transparently with both agents.

Legal Advice:

•If you are unsure about the terms of your agreement or the best course of action, seek legal advice. A solicitor can review the terms of your current agreement and provide guidance on the legal implications of engaging with multiple agents.

Termination and Notice:
•If you are considering terminating your agreement with the current agent, review the termination clauses and notice periods specified in the agreement.
Follow the agreed-upon procedures to avoid potential disputes.

Communication is Key:

•Effective communication is crucial throughout this process. Keep both your current and potential agents informed about your intentions and any decisions you make. Transparency can help build trust and maintain professional relationships.

It's important to handle the situation ethically and in accordance with the terms of your existing agreement. Engaging with multiple agents simultaneously without addressing contractual obligations can lead to legal and ethical issues. By communicating openly and seeking guidance from professionals, you can navigate the situation in a manner that aligns with your goals and respects the agreements in place.