When it comes to selling a development project - whether it’s a single land lot, a couple of units, a block of apartments or more - the stakes are high. As the seller, you want to maximize your sale price and minimise the time on market.

One question that often arises is whether using multiple real estate agents to sell a project is a smart strategy. The short answer? It depends. If you've been following my content, I bet you guessed that answer was coming!

Let's explore the key considerations to help you decide whether working with multiple agents is the right move for your development.

Now, I know it's a bit of a running joke now that I answer "it depends" a lot. But in this case, it really does! Having a single property to sell is a different scenario to having more than one, so it makes sense that I look at the two separately.

But first up, let's take a look at the most common two ways you can engage an agent to sell a property.

​​​​​​​Exclusive or Non-Exclusive?

When you sign an exclusive listing agreement (the name of this might vary between states) you're handing the property over to ONE agent. They are the only ones who can market the property. So in this scenario you can't go to the agent next door and get them to list the property for sale too.

And naturally, non-exclusive means the opposite - you can have multiple agents selling the property. Generally this means whoever sells the property gets the commission, although occasionally some authorities guarantee a level of shared commission.

One thing to be aware of in a non-exclusive situation is that most agents want some dollars from you to pay for marketing. Be very aware of what those numbers are, and when they need to be paid. It's possible an agent might still claim a marketing fee from you, even if another agency sells the property. Read the fine print!

A Single Property

If you’ve worked successfully with a trusted agent before who understands your brand and buyer demographic, it may make sense to stick with them exclusively.

One of the reasons auctions are so popular in many places is the perception that competitive tension leads to a higher sales price. If you have multiple people bidding, chances are at least one of them will overspend because they're so desperate to buy the property.

When you have a single property, though, and a savvy buyer works out that it's being marketed by multiple agents, they can play the agents off against each other to get a lower price. This is not good for you!

Sometimes, less is more - especially when your property benefits from a clear and focused marketing strategy. A luxury property, for example, may require tailored marketing. A single high-end agent is likely to be better equipped for this.

It's also possible that if an agent knows there are other agents selling the same property, they won't be as motivated to work hard on finding a buyer. Their exclusive listings are much better bets for them, as there's no risk of another agent finding a buyer first and taking the commission.

Multiple Properties

When you have multiple properties to sell, there are a number of factors to think about. Certainly, using multiple agents can be a smart strategy in some situations.

If you have a large development and you’re releasing many units at once or over multiple phases, engaging several agents can help cover more ground.

Similarly, if you want to reach both local owner-occupiers and overseas investors, it may be beneficial to have agents with strengths in each market.

Perhaps you have a development that includes residential, commercial, and retail units, in which case it may benefit from using a specialized agent for each sector.

One strategy I've used is to give each agent the exclusive listing to a different single dwelling in the development. That way they aren't worried about putting in a lot of work then getting pipped at the post for commission if another agent sells the property.

If there are more properties that will be available to sell down the track, then I can also give the agents I choose the incentive of picking up more listings if they sell their first one at a good price.

And in the meantime, if they have the exclusive on one but a buyer is interested in another property that's not listed with an agent, I'm happy for them to sell it too. So even though their main focus is the property they have listed, they have the opportunity to pick up more commissions if they do a good job.

Using multiple agents to sell a property can offer increased exposure and competitive energy, but it’s not without its complications. For many sellers, especially those unfamiliar with real estate dynamics, a single, experienced, and committed agent may provide a more cohesive and strategic approach.

Ultimately, the decision should be based on the property type, market conditions, and your ability to manage multiple relationships. If handled carefully with clear contracts, consistent messaging, and strategic oversight, multiple-agent sales can work. But without that care, it could lead to confusion, reduced property appeal, and even financial loss.

As with any major financial move, doing your research, consulting with professionals, and understanding the implications of each option are key to making the right choice for your project.