Sole mandates should demand that extra mile
Category Residential Property News
Sole mandates are worth every seller’s serious consideration. The benefits for sellers are numerous with the most important points being your home’s security, agent accountability and enhancing the sellers potential to receive the best possible offer, in the shortest period of time from a pre-qualified buyer.
Having one agent accountable for the marketing of a property ensures better customer service and feedback and ensures that all agreed marketing initiatives are followed within the stipulated timelines. A sole mandate enhances agent motivation and focuses an agent’s attention at much higher levels than properties secured on the more common Open Mandate scenario. Plus it removes any chance of a costly double commission claim.
“Sellers should think carefully about who they give a sole mandate to and ensure that they get maximum service and marketing mileage in return for the privilege”, say Myles Wakefield CEO Wakefields Real Estate.
What should sellers consider before agreeing to a Sole Mandate? Sellers should look for a Real Estate Agency and agent that has the highest level of property market knowledge in the area, the confidence that the agent has a good data base of clients and a suitable marketing plan for the property.
How much exposure will the property be given, be it in advertising, social media or other initiatives such as radio, or special show days should also be assessed. It is always an idea to ask how much advertising budget an agent or agency is prepared to put into marketing your property.
Sellers need to be careful of that property valuation which is strikingly higher than that provided by the agents with proven track records in the area. Many an agent will promise more in terms of price than they are in fact able to achieve on the property in order to persuade sellers to give them the sole mandate. The flattery may do wonders for the seller but ultimately a process follows of lower offers being received and then a request to lower the price to what would have been a more realistic price in the first place. By this time valuable marketing time has been lost and when buyers see a price dropping they are likely to push for an even greater reduction in price.
Throughout the year, Wakefields go the extra mile when it comes to the advertising of their sole mandate properties. From Bumper Show days that achieve much higher buyer numbers than the norm, to a well publicised presence on East Coast Radio and in particular the Sunday morning Property Show, these extra marketing initiatives assist the company in going the extra mile.
Another valid question is how much print advertising does your estate agent’s company do? Can it claim to be the biggest spender on property advertising in KwaZulu-Natal? Will it give your property exposure on its own website as well as on the country’s leading property listing portals such as Property 24 and Private Property?
Giving a written sole mandate means you are a serious seller. What you need to establish is to what degree your selected estate agency and agent will go that extra mile. We are proud to say that Wakefields ticks all those boxes!!
Author: Lesley van Duffelen
