Marketing And Agency FAQs Page

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This section provides answers to some of the questions that are most frequently asked by members of the public. Also included are questions and answers relating in general to the buying of property in Ireland which will be particularly helpful to prospective purchasers from overseas.

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Agency

Q: What is meant by Sole Agency?

Q: What is a Joint Agency?

Q: What is Open Agency?

Q: Why is Sole Agency the predominant type of Agency given?

Q: What does Sole Selling Rights mean?

Q: What is meant by Sole Agency?

A: This means that you have given a single firm the sole agency rights on your property, to the exclusion of other firms, during the lifetime of the agency.

Q: What is a Joint Agency?

A: Where two firms (or three in exceptional cases, such as a large commercial property) are appointed to act in concert in the marketing campaign and where they will all receive a share of the agreed fee in the event of the introduction of a ready, willing and able buyer at a price acceptable to the vendor.

Q: What is Open Agency?

A: Where the property is placed on a number of agents’ books on a “first come first served” basis and the party introducing the buyer receives the fee.

Q: Why is Sole Agency the predominant type of Agency given?

A: Should the sole agent introduce a buyer, there is no dispute as to which agent is due the fee - in open agencies this can be a particular problem. Also with open agencies, astute buyers will approach every agent that has the property for sale and will select the one they feel will benefit them best (the weakest link in your chain, so to speak). This results in the buyer selecting the agent that ultimately will sell your property. Think about that for just a moment and you will know it cannot be in the interest of vendors.

Sole Agents are also far more certain to receive a fee than a firm working on an open agency. This naturally concentrates the firm’s efforts on your behalf.

Q: What does Sole Selling Rights mean?

A: When you grant a sole, joint or open agency, you usually retain the right to sell the property yourself. Before you think this is an easy opt out, bear in mind that this can only be to someone introduced to you without ANY input from the agent. Even the buyer seeing the agent’s sign on the property and knocking on your door means that the agent introduced the buyer to you as vendor. However, if a relative, who had previously expressed an interest decided to buy and you accepted his/her offer, a liability to pay a fee may be avoided.

It is possible to grant Sole Selling Rights to an agent and this means that no matter who sells the property during the course of, or as a result of, the agency, the agent is entitled to a fee. If you receive a letter confirming you have granted Sole Selling Rights when all you have granted is a Sole, Joint or Open Agency, respond immediately in writing (retaining a copy) pointing out the error and asking the agent/s to confirm the actual position to you in writing. You should contemporaneously draw the matter to your solicitor’s attention.

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