sole mandates

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Sole Mandates are very contentious. Sellers often ask the question: "Why give a sole mandate to one company?  If I put it on the open market, more potential buyers will view the property."

This is not quite true, because there are only so many buyers at one specific instant and if the appointed agent is worth his/her oats, those buyers will see your house.

If you work with only one agent or two (Dual Mandate), you should be informed at ALL times of exactly how the viewers experience your property through the compulsory feedback systems.

 

 

 

 

Always consider the following when giving a sole mandate to an agency :

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only work with a reputable agency

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you MUST get a written marketing plan for your property. This is compulsory as per the Estate Agents Affairs Board Code of Conduct for Estate Agents (3.10.2). So, insist on a written Marketing Plan. This plan should give details of exactly how the agent is going to market your property.

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make sure that the agent will give you regular feedback, preferably in writing.

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do not restrict the agent in his/her work. (also see Selling Tips) Arrange access to view the property timeously. It is an Estate Agents nightmare if he/she has a potential buyer, but cannot get access to the house.

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if a good agent does not sell your house within 6 to 8 weeks on a sole mandate, you can accept that there is something wrong with either the property, area or price. (see Valuations)

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always sign a Sole Mandate agreement, but read it first and make sure that you understand everything that is written in the agreement.

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there must be an expiry date on the agreement.

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