THE SUCCESS OF A SOLE MANDATE
Category Advice
As a seller, your priorities are to sell your house at the best possible price in the shortest possible time. But how best to achieve that?
Do you favour the shotgun approach and give an open mandate to every real estate agency, in the hope that you will reach as many potential customers as possible...or do you see the value in choosing the right property practitioner and estate agency who will target the right buyers? In other words, a sole mandate.
The proof is in the pudding. Myles Wakefield, CEO of Wakefields Real Estate says, "Between 80 and 90 percent of our sales are either Wakefields' sole mandates or a variation of that, so we always encourage sellers to consider a sole mandate. It makes sense that when we are entrusted with a sole mandate, we invest 80 to 90 percent of our advertising spend on your property. As a seller, it just makes sense to opt for the 80/90 percent."
Selling a property is an emotional experience. It's not a single event, it's a journey. You want to be guided and accompanied on that journey by a person you like from a real estate brand you trust, and one you know has your best interests at heart. A sole mandate is a contract between you, the seller, and the estate agency - the property practitioner is bound to deliver on all the promises made in that contract.
Wakefield says, "We believe that with the strong marketing plan offered by a sole mandate, the property will reach all ears and eyes. If the property is marketed vigorously and correctly, it won't only be Wakefields' clients who see that property, but all buyers."
For sellers, a major benefit of a sole mandate is that you deal solely with one person. They manage the complete process for you, and take the onus on themselves that, to the best of their ability, they'll make it a smooth one. With a sole mandate, that trust you put in them translates into the energy they put into it. They've consulted with you on everything pertaining to the property, know the property inside out, and can answer all questions both from prospective buyers and colleagues in their office. A knowledgeable property practitioner is nine times out of ten a successful one.
You and your real estate agent are a team. You can bounce ideas and thoughts off them, they can talk through the other marketing ideas like the value of a show house or - if possible - not limiting visiting hours to a specific day or time. They want to sell your house, so their professional opinion and advice is all focussed on achieving that.
Your chosen property practitioner is your sole point of contact, and will keep in constant contact with you, updating you on client feedback. Whether it's telephonically or via WhatsApp, you'll get the feedback.
Wakefield also points out: "It's important to know that the possibility of multi-listing a property is not excluded by a sole mandate - the advantage in that case, is that the estate agency who holds the sole mandate manages the entire situation on the seller's behalf.
"When a sole mandate is signed, there's a connection forged between the seller and his or her property practitioner. That practitioner now needs to deliver in terms of spending time, focus and money on your property, and at Wakefields, we know they will."
Author: Nicole Brown | The Wakefields Academy
