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“Private Property offers tips on how to convince sellers that a sole mandate is better than an open mandate”
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“If you’re trying to convince someone to choose a sole mandate, clearly explain the advantages using concrete statistics. For example, stats show that a sole mandate property tends to sell for more than an open mandate” – Simon Bray,CEO, Private Property
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Why a sole mandate?
Sellers often think that more is better: surely, they argue, if five agents are working on your property, you’ll get five times the response? But a sole mandate protects the seller best because it is a contractual agreement: it ensures the agency’s commitment and guarantees a requisite level of service. There are fewer people to communicate with (the seller doesn’t have to fi eld calls from a number of agents) and fewer interruptions to daily life. The seller benefits from greater advertising exposure, more show days, increased marketing spend and a listing on the agency’s website as well as on portals such as Private Property. Says Simon Bray, CEO of Private Property: “If you’re trying to convince someone to choose a sole mandate, clearly explain the advantages using concrete statistics. For example, stats show that a sole mandate property tends to sell for more than an open mandate.” The end result? A quicker sale for a better price.
Reasons a sole mandate is better
1. An agent is able to give more attention to the sole mandate because they know they only have it for 90 days.
2. Research shows that agents spend three to four times longer on sole mandates.
3. It is easier to keep track of offers as there is only one point of contact for buyers.
4. The property is not overexposed.
5. There is no risk of conflicting prices resulting in lower offers.
Extra perks
Client still not convinced? Try offering a seller these additional benefits:
• Reduced commission.
• More exposure on Private Property: professional HD photos, a walk-through video and a high visibility advert in the listing.
• Social media exposure for the property.
Words: Supplied
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