Sellers benefit from sole mandate
Category Residential Sales
When it comes to property sales an open mandate sounds appealing. Getting agents to vie for business, some homeowners argue, will see more offers coming in at higher prices. But the reality is quite different, as John Roberts, CEO of the Just Property Group, points out: “Even if you get one or two extra offers from an open mandate, are those the offers you really want? In an open mandate the agents chase the deal, and in their rush to put an offer on the table first, they cannot hold out for a better deal as another agent is bound to pip them to the post.
“Bear in mind, there are a finite amount of buyers out there and chances are by bringing in extra agents you are simply ensuring that no one takes ultimate responsibility for the sale of your property.”
A specific agent taking responsibility for the sale of a house is the true beauty of a sole mandate, as he or she will create a personalized marketing plan for that particular property. Security should also be considered as it is preferable that a single agent gains access to a property and takes responsibility for show houses. Another bonus is that sellers are spared the hassle of commission disputes.
But before agreeing to a sole mandate with any specific agency, find out what is on offer and set a definite time limit to the agreement, suggests Roberts. “Don’t take anything for granted and make sure that you know exactly what the agent will do to market your property and negotiate the best deal for you. Working with a reputable agency cannot be understated, so be sure to do your homework before signing a sole mandate agreement.”
For a different view on property sales contact Just Residential on www.justresidential.co.za
