Page 41 - SilverLakes_Issue 6_2022

PROPERTY NEWS

THE PROS AND CONS

OF DIFFERENT MANDATES

ppointing an estate agent to sell contract period, without the disadvantages However, make sure that if you opt for a
your property is an important associated with having too many agents. sole mandate, you choose the right agent!
Adecision. Consider your options The agent should provide the seller with a
carefully, according to your needs. SOLE MANDATE marketing plan for the property. If at any
Signing a sole mandate means that the stage during the process the agent is not
OPEN MANDATE homeowner is giving the real estate agent following the marketing plan they have
If a seller opts for the open mandate route, an exclusive contract to market and sell a provided, the seller will have the right to
they are taking the exclusivity out of the specific property. It is then up to that agent cancel the mandate.
deal. This means that multiple agents, to find the right buyer for the home, ideally
often from a variety of agencies, will be achieving the highest possible price within In the event that the seller is not satisfied
working to secure the sale of your property. the shortest time-frame. with the service they receive from the
selected agent, they can appoint another
In choosing this mandate, you will be Many homeowners feel that if they sign agent once the sole mandate period has
casting your net wider to get a suitable a sole mandate with an agent, they are elapsed.
buyer. reducing their chances of finding a buyer
in the most optimum time-frame and for EXCLUSIVE SOLE MANDATE
This may be a good option if you are under the highest price. This is far from reality. An Some agents will require that a seller signs
pressure to sell your property fast, for agent that has exclusivity to market your an exclusive sole mandate. This implies that
whatever reason. But over-exposure is property will go the extra mile with the the seller cannot sell his/her own property
never a good idea, as buyers sometimes marketing. during the mandate period. If they do, they
“label” properties. will still have to pay the agent’s commission.
As the seller, you will only have to deal
Therefore, having an open mandate with with one agent and one viewing schedule. Although this might sound like an unfair
only one or two agents would mean you You will also get quality feedback on all practice, it would make a lot of sense in
have the benefit of not being locked into a viewings. an area like Silver Lakes Golf Estate. What
typically happens is that the mandated
agent starts advertising a property,
someone in the estate then recognises the
property from the pictures and contacts
the owner directly. The agent spent time
and money on advertising the property.
Such a buyer would not have known that
the particular property was for sale had it
not been advertised.

Please contact us for any advice.

Call: 083 551 7122
Email: leroux.marlie100@gmail.com

INTRAMUROS JULY 2022 | 39