Sole mandate – the exclusive choice

When deciding to sell your home, should you choose one estate agent, or many agents to assist you in the sale? According to Eskel Jawitz, founder and Chairman of Jawitz Properties, appointing one agent is unquestionably the wisest choice in order to achieve the best possible price the market will pay for your home.

“When you give an agent a sole mandate, you’re ensuring his commitment, accountability and responsibility in achieving the highest selling price. Your agent will devote time, put in maximum effort and most importantly, spend money on advertising and marketing your property, and in demonstrating its value to potential buyers,” says Jawitz.

Selling on open mandate where your home is marketed by different agents, leads to confusion and creating the wrong impression. In many instances, your home may be advertised at different prices with different reasons for sale, and this exposure draws the wrong conclusions and downgrades the value of your home in the public image.

This method can make buyers feel that the sale is desperate or urgent and more often than not, this leads to the house being pegged at a lower level, and brings in offers that are nowhere near the real market value of your property.

Another disadvantage in choosing an open mandate is that agents will be competing with each other to close the deal and sell your house as quickly as possible irrespective of price, to ensure they earn commission. “An open mandate usually results in agents being pressed for time and can often encourage sellers to accept the earliest and lowest offer, as opposed to the best price,” Jawitz adds.

Most important of all, open mandate tends to discourage communication between the agents and seller with the agents being reluctant to give meaningful information to sellers, because of a fear of loss.

“Buyers are seldom loyal to a specific agent and tend to go where the stock is,” says Jawitz. “When you sell your home, the agent is the key person in the transaction and it is best to work with one single agent who you can trust. After all, your home is one of your biggest investments, and you should be confident that your agent can help you get the best return.”

An agent given exclusive selling rights to a property will insist on achieving a fair and well-priced sale. One must remember that there is a basic conflict in real estate - each seller wants to achieve the best possible price for his home and equally so, every buyer wants to buy-in at the lowest possible price that he can. You’ll be kept informed, and given market trends, other comparable sales and feedback from buyers who have seen the property, so that you will be able to make the right decision at the right time about what price to accept.

“A sole mandate agreement ensures that the seller through his sole agent has full control,” says Jawitz. “A seller can be certain that a sole agency will strive towards achieving the best price, in the best possible manner.”

He believes so strongly in the benefits and advantages of sole agency that he always recommends sellers work with a single agent in whom they have confidence and trust, even if it means that they go to a rival agency.

Issued by: Claire Densham Communications On behalf of: Jawitz Properties

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