The benefits of having a sole mandate
When selling your property for the first time, it's important you explore all the legal options available to you to ensure a quick, successful sale. A sole mandate is defined as a contract that offers a single estate agent the exclusivity to market your property for you. This ensures that no other agency has the right to encroach on your sale. For first-time sellers who opt for a sole mandate, it's important to note that this means you aren't allowed to sell your home on your own.
The purpose of having a sole mandate
Apart from removing the sense of confusion between multiple sellers or agencies, the many perks to having a sole mandate include:
- More privacy and security for the seller
- Too many agents listed as sellers can cheapen the property
- A better price is guaranteed from a sole mandate
- An exclusive agent will put more effort into marketing and selling your property
- No double commission claims
- Just one "For Sale" board outside your property. More than one can make you appear desperate for a sale
- Better communication and no mix-up of information/schedules from multiple parties
Sole mandates also offer more peace of mind in the sense that it is a fixed contract that recognises and shares the same goal of the seller. All expectations are clearly outlined and you have a partner in an agent who is willing to go the extra mile for you.
What is the difference between a sole mandate and an open mandate?
Open mandates allow different agents to market and sell your property. While this may offer a wider spectrum of offers, it can also dilute the asking price of your property. Most noticeably though is the difference in service you will experience from these two options. An open mandate creates competition in the market, and while this may seem like a good thing it can sometimes be overwhelming for agents who want to close a quick sale by not marketing the property to its full potential. Open mandates can sometimes affect negotiations as a potential buyer may view the property with one agent, yet sign the paperwork with another. This has the possibility of a double commission as both agents may be liable for the sale.
Open mandates also impact the exclusivity of the sale as it becomes increasingly difficult to keep track of the different agent's interpretations of your listing. Whereas with a sole mandate your process is handled by one agent from beginning to end. Your property will get the attention it deserves from pre-qualification of buyers, professional show days and organised viewings, to a handover after a complete sale. Sole mandate sellers usually invest in an in-depth marketing strategy as they know their costs will be covered by the commission earned by the sale. The incentive to negotiate a higher deal will also be a bonus as this affects the commission they earn by a better listing price.
How to ensure you achieve your asking price through a sole mandate
REALGLEN Properties' agents pride themselves on providing dedicated attention and service to each client. They recommend a sole mandate for those who aren't willing to have their listing on the market for a long time, while still achieving the initial asking price (or higher!). The focus changes from the quantity of potential buyers to the quality of interest shown. Higher offers come from buyers who feel prioritised. Your sole mandate agent can dedicate their time to organising viewings and any extra additional information the buyers need to see the value your property holds.
If you're thinking of selling your property and are in two minds about which mandate is right for you, the smart choice is always a quick, seamless transition from listing to that sold sign. A sole mandate ensures you won't have to deal with admin from numerous buyers and agents and is a proactive way of determining the best process for the sale of your prized property. Contact one of our expert agents today to discuss your options.