Joint Sole Agency
A joint sole agency occurs when someone with a property to sell hires two estate agents to market and sell that property. In this situation, both agents would receive a commission regardless of which one finds a suitable buyer for the property.
While it sounds as if the seller must pay up twice, this isn’t the case. Instead, the agents agree ahead of time to divide the fee between them when the property sells. Alternatively, they may agree the person who sells the property takes the entire commission fee. The ratio decided upon is agreed in advance with the seller. The terms are written into the agreement, so each party knows what the outcome will be when the property is sold.
The joint sole agency agreement is one of three methods that can be used when trying to sell a property. The other two are using a sole agent or a selection of agents (often called a multiple agent approach). With a joint sole agency option, there are two estate agents involved. If you opt for more than that, you’re using the multiple agent approach.
Sellers who are interested in taking this approach should be aware that both agents must agree in advance for it to work. If one rejects the idea, the seller would either need to find another one who would agree to it or go for another option. Make sure you know what the commission would be on the sale if it goes through. The amount would then be divided as set out in the agreement or kept by the estate agent who found the buyer.