How do you plan on selling your home? We outline why signing a sole mandate for selling your home benefits you and the buyer.
What’s right for selling your home
Every home, every seller, and every buyer is unique. That’s why it takes expert advice and guidance to sell your home, or find the perfect home for your family. If you’re wondering which approach to use for selling your home, let’s consider the role of a sole mandate.
What is a sole mandate?
As a contract between seller and agent, a sole mandate grants your specific estate agent exclusive rights to selling your home within a particular time frame. A sole mandate is:
- A legally binding contract: When you sign a sole mandate with your estate agent, there are clear terms and conditions attached to it. As a legally binding contract, this means you, as the seller, are also bound to these terms and conditions, and not just your estate agent.
- Given for a predetermined amount of time: Most commonly, sole mandates are granted to estate agents for ninety (90) days. As the seller, you may want to extend this time frame.
- Typically assigned to a specific estate agent: If, as the seller, you instead prefer to issue a sole mandate to a larger estate agency, this can be negotiated. A sole mandate linked to a larger estate agency is not all that common, however, and can have some negative side effects for the sale of your home.
The benefits of choosing a sole mandate
There are several, significant benefits attached to selecting a sole mandate when selling your home. As always, however, we recommend you conduct thorough research before making a final decision regarding any aspect of selling your home. That said, when you choose to sell your home through a sole mandate, you’re choosing peace of mind, and securing the devoted attention of an estate agent who will prioritise the sale of your home.
Sole mandates eliminate unnecessary competition
When you sign a contract with your estate agent for a sole mandate, you effectively eliminate unnecessary competition. By removing the urgency attached to securing the sale of your home, your estate agent is free to ensure that the best price is secured for the sale of your home. Instead of competing with other estate agents, your appointed agent can focus on finding the perfect buyer, at the right price, for your home.
Sole mandates streamline selling your home
Selling your home takes a lot of work. When you don’t sign a sole mandate for the sale of your home, that workload can quadruple. Multiple estate agents, viewings, show houses, and negotiations can take up far more of your time than is required. By focusing on the important stuff - the sale of your home - you can eliminate a large percentage of the noise and workload attached to selling your home.
Sole mandates help you and your agent plan
Signing a sole mandate for the sale of your home affords you the opportunity to build, and implement, a robust marketing plan for your home. Using your estate agent’s experience, knowledge, network, and marketing facilities, you can rest assured: your home will be sold at the right place, to the right person.
Sole mandates help you find the right buyer
By eliminating the competition between estate agents, and relying on a robust marketing plan, you’ll find the right buyer for your home. Moreover, the right buyer for your home will pay the right price. Your estate agent won’t be swayed by the chase of closing the deal, while potentially sacrificing their commission. Your selected estate agent will help you secure the right price, from the right buyer, through a sole mandate.
Sole mandates simplify selling your home
If you’re still questioning whether or not securing a sole mandate is right for selling your home, consider this factor: simplicity. Take a quick look through the online property sales listings for your suburb. Take note of which properties are listed multiple times within one platform. Now, compare their listings. You’ll soon notice a discrepancy between the listings for the same property, whether it be price, photographs, or other fundamental information. This can be terribly off-putting for a potential buyer. When selecting a sole mandate, you’re assured that your property for sale is presented in a seamless, professional, and simplified way.
Sole mandates secure relationships
A strong relationship with your estate agent helps you sell your home quickly and effectively. By securing your relationship with your estate agent by signing a sole mandate, you’re assured of their full attention and expertise. Signing a sole mandate simplifies and strengthens your relationship with your estate agent, and the sale of your home. By opting to sell your home through a sole mandate, you’ll also become pickier about your choice in estate agent.
Sole mandates ensure accountability
You wouldn’t sign a contract with someone you don’t know, and you wouldn’t sign a contract without first doing your research. Find out what kind of continued learning programme your estate agent is committed to, and conduct your own research on their marketing efforts. Most importantly, find the right estate agent by reputation - the best estate agents have the most impeccable reputations. Most importantly, the best estate agent for selling your home will be someone who knows your suburb, and has extensive experience in your neighbourhood. Signing a sole mandate with your estate agent ensures accountability, both for you as a seller, and your estate agent. We recommend you check out our sole mandate checklist when looking for the right estate agent.
Sole mandates help you find the right buyer
By signing a sole mandate with your estate agent, the process of finding the right buyer for your home is far simpler. Your estate agent can then devote time and energy to ensuring any potential buyer is the right one for your home. They can, and will, conduct thorough research into each potential buyer, to ensure that each and every factor related to the sale of your home is accounted for.