Importance of a Sole Mandate with Seeff Richards Bay, Elaine Vandayar explains
Category Property Advice
Sellers often mistakenly believe appointing more than one agent will sell their property faster, and achieve a better price. Elaine Vandayar, Seeff Richards Bay Director says experience shows this is not the case and can have an opposite effect where the property remains unsold, with the seller having to reduce the price.
It has been proven that a sole mandate achieves on average the most efficient sale at a better price.
What is a sole mandate?
A sole mandate is an agreement with a property owner to grant exclusive rights to a specific agent to market and sell the property.
This means:
- One agent represents the seller.
- The agent is incentivised to sell the property and receive the commission due.
- The agent can invest more resources to market the property.
Points to remember:
- A sole mandate contract has specific terms and conditions.
- It typically has a fixed expiration date.
- There are usually penalties for breaking the contract.
In contrast to an open mandate, where multiple agents can market the property, a sole mandate offers the advantage of focused attention and potentially a faster sale.
To clarify this, Elaine says that a sole mandate gives Seeff Richards Bay exclusive rights to market and sell your property for a specified period and offers many advantages.
Focused Marketing Efforts
Elaine says a sole mandate ensures Seeff Richards Bay dedicates its full attention and resources to selling your property and doing away with different agents competing. Your agent can focus on a tailored strategy using proven marketing techniques to attract buyers. A sole mandate gives your property access to Seeff's national marketing tools, giving your property higher visibility and maximum exposure.
Better Communication and Coordination
With one agent, communication is efficient and reduces risks of miscommunication. This is beneficial when scheduling viewings and negotiating offers. Your agent can manage these processes without overlapping viewings or varying strategies from other agents.
Higher Commitment and Accountability
Elaine confirms that property practitioners invest more time and resources into properties under a sole mandate because their efforts are protected. Knowing they are the sole representatives of the property, agents are committed to achieving the highest possible price in the fastest possible time. This leads to a higher quality of service and a proactive approach to marketing and negotiations.
Increased Buyer Confidence
Potential buyers view sole mandates as more credible. They are assured the property details are accurate and that the agent has an in-depth understanding of the property. This confidence leads to more serious offers, as buyers feel more secure.
Elaine says that with buyers competing for your property with a single agent, it is more likely that the agent holding a sole mandate will secure the maximum selling price.
Streamlined Negotiations and Sale Process
A single agent interacts with who understands your requirements and assumes responsibility and accountability. Negotiations are managed effectively under a sole mandate. With one agent handling all offers, the process is transparent and less complicated.
In Closing
Signing a sole mandate offers significant benefits for sellers. From focused marketing and better communication to higher commitment and increased buyer confidence, a sole mandate simplifies the process and leads to a more successful outcome. Sellers should consider these advantages, as the right estate agent empowered by a sole mandate, can make a substantial difference.
Elaine says a sole mandate agent is accountable for results. Their progress is monitored, controlled, and tracked to ensure sellers receive top service, especially sole mandates.
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