When looking at mandates, what’re the sole mandate’s merits? Every type of mandate has merits, be that a sole mandate or an open mandate. But is the sole mandate the way forward? This will come up often when you start meeting with agents and every agent will push for a sole mandate.
What are the different mandates?
- Sole mandate: you give 1 Agency an exclusive mandate, meaning only one agency can sell your home. You will only have one board on your pavement. This is also the most prized mandate.
- Open mandate: you give a number of Agencies the right to sell your home. There is no exclusivity to selling your home and you are not restricted to one Agent. Expect a few boards on your pavement.
- Shared or joint mandate: you give a couple of selected agencies, an opportunity to sell your home. This leverages an Agency’s network to promote your home.
Benefits of a sole mandate
- Exclusivity: you have exclusivity and your property is linked to one brand. This sends a strong message to potential buyers about the quality of your home in the marketplace.
- Price control: You have a better chance of selling at a better price. Agents will focus all their energy and marketing fire-power whereas open mandates will not provide the same focus. You want an Agent fully invested.
- Privacy: One agent will manage the process to sell your home.
- Marketing: Ask property agents to outline how they will market your home. There are prominent online property portals that will present your property to over 15 million potential buyers – make sure your property is prominently placed in these online environments.
- Communication: Communication with your Agent will be better because you are working with 1 Agent who is already invested in the sale of your property.
The duration of a mandate
You will eventually be presented with a contract. And, you will be required to agree on the duration of the mandate (sole mandate or other). Make sure you understand the terms and that you are 100% comfortable with your final choice. Consider 6-weeks, but the choice is yours and remember, a good Estate Agent is expected to give you some push-back on extending the duration – they are experienced salespeople.
Final thoughts on a sole mandate
Although I personally favour a sole mandate because I have honestly been on the receiving end of either good luck or God’s blessing I can say a sole mandate works for me. But, if you consider the market you are in, a Buyer’s market, or a Seller’s Market you need to be careful. It is imperative that you ask your Agent what market you find yourself in before you sign the contract or the mandate. Irrespective of the market, we still support a sole mandate. Also, EA Connections will do our level best to get the best agent in your area to contact you in no time. The choice about which mandate to consider is your choice.
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