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Why it May Not Be The Best Idea for Private Owners to Engage Too Many Brokers

Why it May Not Be The Best Idea for Private Owners to Engage Too Many Brokers

While it happens ever so often, many private owners tend to engage as many agents as they can possibly find in the market with the hope of maximising their chances of securing a suitable tenant in the quickest possible time for their property. However, is this really a good strategy to adopt?

Same Enquiries from Multiple Prospects

Before you know it, you will most probably be busy on your phone as a private owner landlord as you will likely be receiving multiple enquiries. If you do not ask about the profile, you may think that you are receiving a ton of enquiries. However, if you were to try to find out in more details, it may well be the same prospect enquiring about the same unit as the prospects may not know that the different listings may be for exact the same unit. While it may seem like you are so busy trying to secure a suitable tenant or buyer, you may not be doing things efficiently or effectively as there is a chance of double work or triple work by attending to the exact same prospect. Time is certainly precious as it is irreversible and it could be better spent or managed if done correctly.

Prospect’s Impression of the Unit

How would you feel when you see the exact same unit listed in the market with so many listings appearing so many times? If you were to put yourself in the shoes of the potential tenant or buyer, you may perceive the unit in the market as having low demand due to certain reasons or that the landlord or seller is eager or even desperate. As a tenant, would you feel good or comfortable renting from a desperate landlord? Would you be assured that the landlord is in a good position with sufficient cash flow and holding power to hold the unit throughout the entire lease term especially in the time of a market uncertainty? Also, would you want to offer a high rate or high price for the unit with listings that appear so many times?

Outcome May Not Be As Perceived

While it may seem like the more the merrier, it may not always be the case as more can sometimes mean less effective as there may be lack of control. Furthermore, the last thing most landlords would want to see is when there is a price war going on in order to be the first to bring in the offer. This would certainly not be the best if we think in terms of the interest of the private owner landlord.