V I P EIENDOMME
Estate Agency in Bloemfontein

An Open Mandate means any estate agent can sell your property and that it's pretty much fair game for anyone. A Sole Mandate on the other hand is the term attached to giving an estate agent 'Exclusive Rights' for selling your property, that means only your chosen estate agent can market and work with your property. Well there is a gigantic pitfall when not dealing with just one estate agent. That being that when you use more than one estate agent you might be liable to pay all the estate agents their percentage of commission when your house does sell! Think of a Sole Mandate as an insurance policy against something like that happening to you. A Sole Mandate is a lot like a very exclusive product that only one person can sell, this one person being your chosen estate agent. Your chosen estate agent being the only one who has this exclusive product means it's unique and rare, only on offer as his product! This almost always guarantees your estate agent works even harder to market your product and sell it at a much higher price than what it would have sold for at multiple estate agents. As mentioned above it's a known fact that houses placed on the market on a Sole Mandate basis generally sell at much higher prices than those houses being marketed under an Open Mandate basis. Remember using more than one estate agent does not mean your property will sell at a high price or even reach more buyers. The real problem with Open Mandates is that when dealing with many estate agents they begin competing and undercutting each other. This can be a real problem for you as a seller and can ultimately mean your property might be on the market for years and sell at a much lower price than you were hoping for. Before you get excited and run out to the nearest estate agent to set up a Sole Mandate, there are a few things you should know! There's no such thing as a stupid question, only stupid people! When interested in setting up a Sole Mandate with an estate agent make sure to ask about the agents track record, the percentage of mandates they are selling, a list of at very least 3 successful sellers he worked with and how long it takes him to sell a property on average. You don't want someone who promises you the moon and the stars but takes the next 5 years to deliver them. It also serves as an insurance policy for you that you won't have agents undercutting each other and that you won't have agents calling you to show people your property at all hours of the day. The benefit of having one hard working estate agent as opposed to 10 estate agents who don't really care about selling your property is clear. You can switch agents at the end of the time period. This helps your new estate agent see who shot down the property so he doesn't waste his time trying to market it to those buyers! The obligations of the agents in regard to marketing, advertising and providing other services available. The obligation of the seller during and after the expiry of the sole mandate with regard to buyers introduced during the currency of the mandate. So you just set up your first Sole Mandate, you feel confident that your estate agent is capable and that your property will sell at the price you want within the next few weeks. Now he wants to buy your property privately because he's always liked the braai and garden. The first mistake people make when a buyer approaches them directly is to panic and make promises they can't keep. Ultimately it depends on your personal preferences and circumstances but if you are like most sellers you want to sell your property as quick as possible and at the highest price possible. Always remember that submitting your property to multiple estate agents is risky business and that it's always safer to deal with just one estate agent that can apply themselves fully and devotedly to the marketing and selling of your property.