It’s extremely important to make sure you read and understand estate agent contracts before signing. The Property Ombudsman’s Code of Practice for Residential Estate Agents spells out that you have the right to a 14 day cooling off period if the contract was signed at a location away from the agent’s business premises – usually, this means if you signed the contract at your property.

There are distinct differences between sole agreement, sole agency contract, and multiply agency agreement. 

The Sole agency agreement offers the advantage of focused attention from a single agent. A sole agreement gives your chosen agency the exclusive right to sell your property for the fixed period stated in the contract unless you decide to take your home off the market. It often involves lower fees compared to multi-agency agreements. However, the sole agency limits the number of potential buyers your property reaches, as only one agency markets it. This is the most common type of estate agent contract. 

A “sole agency” contract gives the agent exclusive rights to sell your property, but if you find a buyer independently, they will not charge their fee. You’ll usually pay between 1% to 2% for a sole agency agreement, but it can be higher, but it is a cheaper choice than multi agency. The average estate agent fee in the UK is 1.18% + VAT (or 1.42%).

You could contact more than one estate agent if your contact lets you have this option.

With multi-agency agreements, you can instruct as many agents as you like. They will all act for you at the same time and the one who finds the buyer earns the commission.

This type of contract is less common and attracts a higher fee than sole agency agreements. 

You’ll pay around 2% to 3.5% for multi-agency as you’ll have more agents finding you a buyer

Fees can vary depending on the marketing package and your home’s location, so find out what’s included in the cost. While the normal lock-in period with a sole agent is 12 weeks, shorter periods of six to eight weeks can often be negotiated.

With most estate agents now registering their properties on sites like Zoopla, it’s become less necessary to register with multiple agents to gain exposure.

Important points to consider when selling a house

Make sure all of the key services are included in the fee when speaking with agents, including photos, floorplans, marketing and managed viewings.

Always choose the ‘no sale, no fee’ option – estate agents only sell about 50% of the properties on their books – so registering with one doesn’t always guarantee a sale.

Many agents will write into their contracts a demand that you keep the property on the market with them for a set duration. 

This can range from a single week up to three months or more and will be worded along the lines of neither party cancelling the agreement during the first XX weeks.

Many estate agents charge a withdrawal fee but, they have to be upfront about it before you agree to use their services.