You are about to put your home on the market and now you are faced with the question of whether or not you should sign a sole or open mandate - we find out more about sole mandates and why it is actually a better option than multiple agents.
The benefits of signing a sole mandate when selling your home
While it might feel that if you let multiple agencies market your home, you will increase your reach to potential buyers and enable your property to sell quicker - the truth is that it is often far more effective to have one agent market your home to secure the best sale.
If you opt for an open mandate, you’re taking exclusivity out of the deal completely. This means that there will be multiple agents, from a variety of agencies, who will be marketing and trying to sell your property.
This might sound like the option that will better your chances of finding a buyer, but this also brings around a host of complications and increases the chance of a double commission claim. An open mandate allows for a wider net to be cast, however, doing so also opens the potential for confusion as to which agent was the effective cause of the successful sale.
The fact that sole mandates are clear, written contracts protect both you and the agent, reducing the risk of any costly misunderstandings. The written contract also ensures that an agent will put maximum effort into fulfilling the end goal of selling your property at the best price, the shortest possible time.
Another important factor to consider when signing a sole mandate is that logistically, in a time when we are more aware of safety and health issues that could arise from having to deal with multiple agents and buyers, a sole mandate will mean one agent to liaise with regarding showings and administrative tasks.
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How to choose the right agent
A sole mandate is an exclusive contract that stipulates a timeframe during which you may not appoint another agent to market your property. It is therefore vital that you choose the right agent for the job.
The first step in choosing an agency is to request a property valuation. Any agency worth their salt will give you a comparative market analysis based on current market rates, an analysis of pricing trends in your neighbourhood that is backed by research and experience.
This means that you will be able to set a market-related asking price, rather than over-or under-valuing your property.
Choosing the right estate agency takes some research. Here’s what to look out for when making your decision:
- Choose an agency with a good track record in your neighbourhood;
- Ask whether the agents are qualified (they should have a valid fidelity fund certificate), and attend regular training;
- Request a property valuation, and make sure it has supporting research;
- Ask about the agency’s marketing approach;
- Read client testimonials;
- Browse their website.
