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SHOULD A SOLE MANDATE BE CONSIDERED WHEN OFFERED BY AN ESTATE AGENT?

A Sole Mandate is an instruction to sell a property by one specific estate agent or agency at a time. A Sole Mandate together with a Marketing Plan should clearly indicate what services will be offered and what commission is payable for these services, together with the terms and conditions of the mandate. If you are the seller and employ the estate agent or agency to market your property, it’s important that you understand all aspects of the terms and conditions of the agreement as it is legally binding agreement. You can request changes to be made by the estate agent, to be agreed upon within reason.

REQUIREMENTS FOR A SOLE MANDATE

A Sole Mandate is an instruction to sell a property by one specific estate agent or agency at a time. A Sole Mandate together with a Marketing Plan should clearly indicate what services will be offered and what commission is payable for these services, together with the terms and conditions of the mandate. If you are the seller and employ the estate agent or agency to market your property, it’s important that you understand all aspects of the terms and conditions of the agreement as it is legally binding agreement. You can request changes to be made by the estate agent, to be agreed upon within reason.

ADVANTAGES OF A SOLE MANDATE

  • The seller should get a better price by employing a sole real estate agent
  • The agent puts more money and energy into marketing your property
  • Avoids double commission claims
  • Affords the seller more privacy and security
  • Too many agents can cheapen the property
  • Only one for sale sign boards outside your property, thus one point of contact
  • The sole mandate agent will make full use of his or her team and buyer contact list to effect a quicksale at the best price

FURTHER BENEFITS TO A SELLER COMMITTED TO A SOLE MANDATE

A sole mandate which is usually set for an average of 3 months, but rarely longer than 6 months, excludes competing agencies that act as free riders in the market. A sole mandate, therefore, serves as incentive for the reputable estate agency to focus all its energy and resources on selling a property.

There is considerable merit in considering the granting of a sole mandate to a reputable estate agent as the agent can still make use of other agents within the agency and affiliate agents, as long as the deal is struck in a manner where it does not influence the seller’s price in a negative manner and commission sharing is not an issue.

“I can guarantee my services and marketing plan. If the right buyer is in the market, my marketing efforts will find him.”