YOU always remain in control of the process when selling YOUR property!
In terms of the mandate given to an agent to market and sell your property, there are mostly three options available to you, each with its pros and cons:
SOLE MANDATE: One agency is given the exclusive right to market and conclude a sale of the owner’s property within a specific period of time and is based on an instruction and agreement between the seller and the estate agency. The time period for a sole mandate depends on the area and the type and price of the property and the activity levels in the market at any given time.
DUAL MANDATE: Two or three agencies are given the right to market and conclude a sale of the owner’s property. The agency that sells receives the associated professional fee.
OPEN MANDATE: Many agencies are given the right to market and conclude a sale of the owner’s property. The agency that sells receives the associated professional fee.
In practice, sole and open mandates are the most common. Following is a quick summary of the benefits of a sole mandate compared to an open mandate:
