Benefits of a Sole Mandate

Benefits of a Sole Mandate

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The benefits of a Sole Mandate 

If you're a first-time seller, you may have come across the terms sole mandate and open mandate, which may probably have you questioning what the best way to go is. Let me help you make a decision by breaking down the differences between the two options below.. 

Sole mandate explained 

A sole mandate, also referred to as an exclusive mandate, means you contract only one Estate Agent or Estate Agency to market and sell your home. The mandate stipulates the agreed time frame during which you may not appoint another estate agent to market your property, only after the mandate has expired will you be able to engage the services of another Estate Agent. Should you choose, you may still be able market and sell the property yourself, only if there is a clause in the contract that allows for that, however, you may still be liable to pay a fee to the sole mandated Estate Agent for their time and resources. 

Pros of a Sole Mandate 

The thought of an open mandate gives a sense of control over the marketing and sale of the property. However, dealing with multiple agents who have conflicting opinions of what your property should sell for by suggesting above market figures and promises. Although an open mandate may be tempting, this often results in delaying the sale of your property, therefore having a relationship with an Estate Agent from Posh Estates will guarantee a smooth transaction. 

Selling your property is a big deal and it should be handled professionally and honestly, dealing with multiple estate agents working to sell your home may be stressful and chaotic. 

Though there is a belief that if multiple agencies market your property, it will sell quicker, which is not entirely true, the mandated Estate Agent will invest time and money in marketing your property and bring qualified buyers, knowing that they are guaranteed their return on investment. In addition, dealing with one Estate Agent is a form of security since one Agent will be reporting to you and if anything goes south at the property, you only have one person to enquire from. 

What is an open mandate? 

An open mandate means that your property is listed with more than one real estate agent from various estate agencies, each of whom will be marketing and trying to sell your home. Open mandates are often verbal agreements; therefore, the lack of written agreement leaves room for misinterpretation, which could cause conflict. 

In Conclusion

Having a signed sole mandate, the estate agent will be motivated to put in the required effort to achieve the targeted goal of selling the property. Whereas, on an open mandate, the agents are less motivated to spend an amount of time marketing your property. So, signing a sole mandate 

is a strategic move in making the process of marketing and selling the property less stressful. Prior to signing any mandate, due diligence should be conducted to ensure that you find and deal with a knowledgeable, experienced and PPRA regulated property professional who'll take the task of selling your property having your best interest as a priority and provide you with market related advice. The advantage of working with a regulated estate agent is that their professional advice may save you time, money and chaos.

Author: Posh Estates