For landlords · 5 min read
Sole agency vs multi-agency letting: which costs less?
Sole agency means one agent markets your property, usually at a lower commission rate and under a fixed tie-in period. Multi-agency lets several agents compete, widening reach but at a higher rate — Foxtons' published schedule, for example, charges 9% (10.8% inc VAT) for sole agency renewals against 10% (12% inc VAT) for multi-agency. Sole agency is normally the better economics if the property will let easily; multi-agency earns its premium only where demand is genuinely thin.
Frequently asked questions
Is sole agency cheaper than multi-agency?
Usually yes, by roughly one to two percentage points. Foxtons publishes 9% (10.8% inc VAT) for sole agency renewals against 10% (12% inc VAT) for multi-agency. On £18,000 annual rent that is about £216 a year.
What is the difference between sole agency and sole selling rights?
Sole agency means one agent markets the property, but you may not owe commission if you find the tenant independently. Sole selling rights can make commission payable however the tenant is found, including by you. Check which term your agreement uses.
Can I switch from sole agency to multi-agency?
Only after any tie-in period expires and with the notice your agreement requires. Check both before signing — a long exclusivity on a property that is not letting is the main risk of sole agency.