Why a Sole Mandate is a game changer for sellers?
Category Property Tips
Sellers often mistakenly believe that an Open Mandate and multiple agents (usually from different agencies) will sell their property faster or secure a higher price. There is simply no evidence to support this.
On the contrary, experience shows that it is off putting to buyers when the same property is listed by different agents on the property portals and agents also receive fewer website hits on multi-agent listings compared to Sole Mandates. Instead of buyers competing for your property, you may end up with agents competing, or no-one competing at all.
In contrast, sales data shows that a Sole Mandate with the right local area agent can achieve better results in terms of a faster sale and higher price compared to the market average. A Sole Mandate is a legally binding contract with a sole estate agent to focus on the marketing and selling of your property for a specific time period. It must be accompanied by a marketing plan setting out the various activities that the agent will undertake.
A Sole Mandate offers a number of benefits to sellers such as:
- A single point of contact with a single agent managing the marketing activities including liaising with buyers and viewings.
- Focused attention from an agent who will keep their reputation in mind and direct every effort towards securing a sale for you.
- Avoid legal and commission risks as there will be no duplication of buyers or confusion about who introduced the buyer, thus avoiding the risk of double commission.
- Dedicated marketing budget in terms of quality photographs, video/virtual tour (if applicable) and listing and promoting the property broadly for maximum visibility.
- Regular communication and feedback on activities and how buyers are responding to the property and price including addressing any perception issues in terms of value.
- Accurate pricing backed by area expertise and current sales and market trends rather than an overvalued estimate to secure a mandate.
- Vetting of buyers and legitimate offers so that there is no time wasting or pressure on the seller to accept just any offer as quickly as possible.
- Networking with other agents for maximum exposure of the property to as many potential buyers as possible.
Seeff agents have a proud history of achieving great success in selling our Sole Mandates, achieving on average faster turnaround times compared to the rest of the market and closer to or full asking price, depending on the particular circumstances.
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Author: Gina Meintjes
