“Private Property offers tips on how to convince sellers that a sole mandate is better than an open mandate.”
“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.
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
- An agent is able to give more attention to the sole mandate because they know they only have it for 90 days.
- Research shows that agents spend three to four times longer on sole mandates.
- It is easier to keep track of offers as there is only one point of contact for buyers.
- The property is not overexposed.
- 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
