The Power of a Sole Mandate
Category News
Let's start with some stats.
Of all our sales this year, 70% have been on sole mandates, 15% on joint mandates, and 15% were open mandates.
The stats speak for themselves. However, let's unpack this further.
You stand a higher chance of selling with a sole mandate. Combine these stats with the fact that our sole mandates also sell quicker and for more money. It should seem like a no-brainer, but why is this?
The simple answer is that you have a dedicated agent who has taken on the responsibility of selling your property. That agent has more marketing available to them on a sole mandate - with a marketing team and agency backing them.
Furthermore, you are protected from double commission. You also have an agent who is giving you all the information you need to make important decisions around the pricing and strategy to sell your property.
"Casting a wider net" might help you catch more fish, but it certainly won't help you get the highest price on your property.
Though it's important to attract a high number of potential buyers, the goal is to catch the right one, not many. Thus, opting for a sole mandate and casting a single line may prove to be the most effective approach.
The following are things to consider before you shift to an open mandate when selling your property.
- First and foremost, with a sole mandate, you have a dedicated agent who puts the necessary effort into selling your property.
- You know that the agent has the expertise and experience to take your property to market.
- Any agency will spend more on your marketing with a sole mandate, increasing your marketing capability. This maintains interest in your property.
- Agents are held to a specific mandate timeframe, which motivates them to perform sooner.
- The agent is focused on commission (it is business, after all). This means they will be pushing for the highest possible price instead of racing against other agents.
- A sole mandate does not limit the buyers to a property. A sole mandate is a protected space. There is no need to worry about a double commission that results in less money in your pocket.
- We're here to help you make a sensible business decision, not an emotional one
- If the agent is not motivating their commission as it is with an open mandate, they are not motivated to sell.
Then we come to how you should decide on that agent and agency:
- A big brand will always be conscious of its reputation. This assures you that if a problem arises, they will be there to sort it out.
- On the Atlantic Seaboard, three (sometimes four) agencies are doing 80% and more of the sales. Ask your agency if they are one of them.
- Don't simply be guided by the highest valuation or the lowest commission. On the contrary, when you hire an agent to negotiate on your behalf, you should, at the very least, hope that they are able to negotiate a fair commission.
- Most importantly, selling a substantial asset is an important journey for you. You must be able to both trust and like the agent going on that journey with you.
At Seeff Atlantic Seaboard and City Bowl, our agents are stress-tested and go all out for their clients. So, if you're thinking about selling your property, get in touch with us: clientcare.asb@seeff.com | 021 434 9175
Author: Seeff Atlantic Seaboard & City Bowl
