Sellers win with sole mandates
Are you thinking of selling your home? A common misconception that people have is to employ as many people in the selling as possible.
Oprah style we say "You get the mandate. You get the mandate. You get the mandate. EVERYBODY gets the mandate!"
This is a flawed strategy. Let's outline a couple of reasons why you should consider a sole mandate.
Double commission doozy
Heard of double commission? Well double commission claims are reportedly on the rise. These claims arise when there is an open mandate, and there is no clarity on which agent was responsible for the "effective cause" of the sale. This means that more than one agency may state that they are entitled to the commission payable by the seller.
An agent is likely to invest more fully into a sole mandate. This investment will come in the form of their attention, time as well as advertising costs. Research shows that agents are likely to spend three to four times longer on a sole mandate. When there is an open mandate, there is much less incentive for the agent to fully invest.
You build a rapport
When you are only signing one agency, you will build a rapport with your agent. This will mean that you can engage with them, they will fully understand your expectations and can guide potential buyers accordingly. And another boon is that your property is not overexposed.
It is just easier. Easier to keep track of the viewing appointments, the interest showed in the property as well as the offers. You also only have one point of contact and that simplifies the sale immensely!
If you are considering selling, then do your research into reputable agencies and give them sole mandate. You will not regret it!
Author: Xoliswa Tini Properties