SOLE MANDATES SELL BETTER: We Show You Why
Category News
You want to sell your home, and you want the best service and the best price, all in the best time. To achieve this you have two choices: you can either hire multiple agencies (open mandate) or you can give one estate agency exclusive rights (sole mandate) to market and your home.
Which do you think will get you the best results?
If you're like many other uneducated home owners, you might think an open mandate is the solution - many agents = better results... right?
WRONG.
The opposite is true. If you aren't committed to an agent, chances are the agent is not committed to you and your ideal outcomes. Open mandates see agents prioritising their sole mandate properties from a time and cost perspective, or - even worse - competing with other agents to make a rushed sale, often omitting crucial details and getting you a compromised deal.
On the other hand, granting a sole mandate results in the estate agency being focused on getting the best price for your home, dedicating resources as well as communication to get the best possible outcome for all parties and cement a relationship that will continue #BeyondTheSale.
But that's not our decision, it's yours, so we will prove to you why a sole mandate is the way to go! Home sellers have a lot more options available to them now, and it's important to know what these options are before you commence with a sale.
WHAT DOES A SOLE MANDATE MEAN?
Sole mandate means you give a single estate agency the sole right to market your home. Many agents will try to lock you into a sole mandate - some up to a year! - and the understandable concern here is that once they have cemented this exclusivity, they will take their foot off the gas and prioritise other sales.
That is why at LWP Properties, for example, we work for your mandate. If you give us three months and aren't happy with our service, we will let you out with no obligations. Proof that we know we can do the best possible job for you!
Sole mandate benefits
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You get a better price. Why? Because the focus of the estate agency will be to earn themselves the highest possible commission. With an open mandate, each estate agency will be too busy trying to beat the others to the sale to focus on getting the best selling price.
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You'll get a better quality marketing campaign. Multiple agencies marketing the same property results in an uncoordinated marketing campaign which could end up being a mess.
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You have the security of a signed contract. Would you hire a builder without signing a contract with them? Signing a contract with a single estate agency binds both of you to the conditions of the contract and makes the arrangement official.
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You only pay one commission. Estate agencies charge a commission for their services and it's better for you financially to only have to pay one estate agency. You can be certain that if you have multiple estate agencies trying to sell the home, they will all demand a commission for successful completion of a deal.
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Less admin. It's easier to keep track of one estate agency than having to remember interactions with multiple agencies. You don't need the extra headache when trying to seal a deal for your home.
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Greater accountability. You have one agent and agency responsible, so one set of reporting, tracking, show houses, and ultimately the buck stops with them.
Open mandate benefits
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More estate agencies marketing your home might mean it could get more exposure, but not all exposure is equal: differing pictures and prices could create suspicion in buyers and put them off.
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More resources are available to help market the property... if they commit to it, but they are more likely to commit those resources to sole mandates.
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You may get to pay a low commission rate as different agencies are competing with each other, but as we all know, you get what you pay for!
THE CLEAR CONCLUSION...
A sole mandate is more effective than an open mandate.
Contact us today to discuss putting your property on the market, and what sets our property professionals apart from everyone else.
Author: LWP Properties
