From sole to sale - why a sole mandate delivers the best results
Category Newsletter: Article
By now, you are hopefully aware that Coastal Property Sales and Letting also offer a skilled sales service to property owners. With our long track record in sectional title property especially, it makes sense to make us your first call if you are thinking of selling.
The next important question is whether you should grant a Sole Mandate to just one agency or appoint multiple agents on a joint or open mandate. Sellers are often tempted to appoint competing estate agencies thinking that this will bring more buyers or a better price.
This however, has been shown time and again, to have the opposite effect. Research has shown that a Sole Mandate works best and gives the best results. When you appoint multiple agents, they will all advertise your property online and buyers will see this and are likely to be put off. If the property is listed at different prices, as is often the case, it is even more off putting for potential buyers.
A property being marketed by multiple agents often stays on the market for longer compared to sole mandate properties. Remember that agents generally work on risk, so a sole agent will work that much harder towards the sale.
Granting a Sole Mandate to Coastal Property Sales and Letting means that we will market your property as if it is our own, says Jason Paans, sales manager for the company. That means that it will receive maximum exposure with most of our efforts focused on internet marketing alongside direct marketing to our increasing database of clients.
A Sole Mandate puts more focus on marketing and promoting your property, it is that simple. The key to making a good sale is to put your property on the market at the right price with a sole agent that understands the local market conditions and can guide you to an appropriate listing price that will attract maximum interest.
Appointing multiple agents could also lead to cost implications. If for example, the property is still on the market when the mandate expires and it is then granted to another agency, the seller could well end up with a double-commission obligation later on.
Working with multiple agents also mean multiple viewings that may be very disruptive to the seller or tenant in the property. A sole agent will carefully coordinate all activities and viewings on top of a relentless pursuit to achieve a sale.
Author: Jason Paans, Property Consultant
