Why is a Sole Mandate Beneficial?
Category Sellers Guide
What is a Sole Mandate? How does it differ from an open mandate? What are the advantages to signing a sole mandate with my agency of choice? These are all really good questions, and ones which you no doubt have asked some time or another.
In this article we will discuss:
- The different types of mandates
- How a sole mandate differs from an open and joint mandate
- The benefits of choosing a sole mandate with Louw & Coetzee Properties
The Different Types of Mandates
There are 3 types of mandates namely, an open mandate, joint mandate and sole mandate.
Open Mandate: Your property is being marketed by more than one agent from more than one real estate agency, with your permission. This type of mandate may be given verbally.
Joint Mandate: As the seller, you have signed an agreement stating that your home will only be marketed by 2, or sometimes 3 agents from different real estate agencies, up to a specific calendar date.
Sole Mandate: As the seller, you have signed the mandate agreement stating that your home will only be marketed by one agent from one real estate agency, fup to a specific calendar date.
The Differences Between Mandates
Different types of mandates may be beneficial for different reasons. Some sellers believe that having an open mandate keeps their options open to allowing other agencies to advertise their property, and take advantage of that agency's network.
Joint mandates are said to be advantageous because a certain level of healthy competition is created. 2 or 3 agencies have received the opportunity to market a property, and more often than not, they work very hard to ensure they are the one to sell your home.
After the commencement date of the joint mandate, the seller can see which agent provides them with feedback, which agents are bringing buyers to view their property, or which agency has advertised their home on multiple other platforms or made an effort with different marketing strategies.
If the home is not yet sold and the agreement period ends, the seller can choose to renew the agreement, or opt for a sole mandate with the agent and agency they prefer.
Some sellers can be weary of signing a sole mandate agreement. It's like putting all your eggs in one basket, right? Other sellers prefer to sign a sole mandate, believing that there is less correspondence and feedback to deal with from more than one agent. A sole agreement also allows for an agent or agency to really focus their resources on marketing your home and often the agency can then put more into marketing spend.
Signing a Sole Mandate with Louw & Coetzee Properties
When you choose to sign a sole mandate with one of our agents at Louw & Coetzee Properties, our agency ensures the responsible and effective marketing of your home. What does this mean? Our admin team is strict with receiving proof to market before making a listing live, therefore being responsible. Before going to market, our agent will arrange for professional photos to be taken of your property. In some cases, a video will also be taken to include on the listing and show potential buyers the flow of the home. Listings with high resolution photos sell 32% faster than those without. In addition to photos are high quality videos, whereby listings with videos receive 403% more inquiries than the listings without. This being said, our team definitely makes an effort to effectively market your home.
We know, we know, the same is done for our joint mandates and open mandates. So why should you sign a sole mandate with Louw & Coetzee Properties? You are ensuring that our agency will have complete allowance for marketing your home for a certain time period. Therefore, our team is able to feature your property's listing, or premium it, which is a paid ad on Property 24.
What is a featured ad on Property 24?
When we feature a listing, it moves to above the normal listings in the results area where it is listed. It also:
- Ranks above the normal listings
- Removes your listing from being grouped
- Is active for 7 days
- Provides a bigger lead image and tile
What is a premium ad on Property 24?
Your listing will share the top spot above search results, and includes the ability to be promoted in other areas. For example, your home is in Sonstraal Heights, and is listed in this area, it is also able to be promoted in the Welgemoed area to receive a wider audience. It also:
- Takes a strongly branded top spot
- Is promoted in more areas
- Is active for 7 days
If you had not yet made up your mind about signing a sole mandate before reading this article, we hope this helped answer your questions and put your mind at ease.
For more information about listing your home, get in touch!
Author: Louw & Coetzee Properties
