Sole Mandate vs Open Mandate
When you decide to sell your property in luxury real estate market like South Delhi and consider working with a real estate professional, you will be given options on different selling mandates.
Should you just contract one real estate agent to help you with marketing and managing the sale of your property ‒ which is known as a sole mandate ‒ or is it better to enlist the services of multiple agents or agencies instead?
There are obviously pros and cons to each approach and you’ll need to do your homework before deciding on the best tactic.
The idea of you of a giving an open mandate might give you a feeling of having more control over the sale of your property and getting you a higher price. However this decision can quickly complicate the sale with various agents flashing huge figures and promises. Although tempting, this often results in delaying the sale or overpricing your property.
Benefits of Sole Mandate to Home Sellers in South Delhi
- Your property will become more desirable in the eyes of the home buyer if handled on an exclusive basis.
- Your appointed agent can create a platform for competition between home buyers and thus obtain the maximum price for your property.
- Your agent will respect your privacy and introduce only qualified home buyers to your property.
- Your agent will be prepared to spend far more in advertising to promote your property.
- Your agent will work harder and give top priority to the marketing of your property, working with you, and for you.
- A personalized marketing plan which prevents overexposure of your property, minimizing conflicting rumours as to the reason for selling which often leads to depressed prices.
- Dealing with one company will ensure security at all times should be of prime importance.
- Sole Mandate will promote the creation of mutual trust and communication not only between you and your agent but also between your agent and the buyer, following through with full after sales service.
- You will not be faced with double commissions.
Drawbacks of Open Mandate to Home Sellers in South Delhi
- Open mandates will cause agents to fight over your property, not buyers. Agents will undercut each other on commission and price in order to close the deal.
- There is no control over how the property is marketed and how it is represented to the market.
- Real Estate companies are reluctant to spend money on agent’s marketing campaigns for properties that may not see any revenue.
- Real Estate agents hired under open mandates tend to start off full of zealous, however, this enthusiasm quickly diminishes. They are generally not keen to put in the effort and their level of service can be weak.
- It has been proven that properties on open mandate often finally sell below market value.
- Open mandates expose home sellers to the risk of paying double commission. When agents deal with the same buyer and one agent closes the deal, the other agent may claim against the home seller based on the effective cause for initially introducing the home buyer to the property.
- Security of the owners is compromised and people just walk in.
- Financials of the deal are exposed to the unknown people.
Why choose SouthDelhiPrime for Sole Mandate?
- With experience of more than three decades in South Delhi Luxury Real Estate market, SouthDelhiPrime can assure you the best deal for your property.
- Our extremely professional & experienced team of real estate experts can enrich you with their genuine insights &get you the right value of your property.
- Introduce your property to its exclusive network of genuine high net worth clients.
- SouthDelhiPrime with its wide online presence on all social media networks can market your property to reach larger set of clients including NRIs and diplomats.
- SouthDelhiPrime will design a personalized marketing plan for your property to reach the right clients.
- SouthDelhiPrime believes in building & maintaining long term relationship with each of its clients.
We recommend a relationship with one estate agent to guarantee your success.
It is easy to see what is the smarter choice in sole mandate vs open mandate. However, in the end it is you who decides the path you wanna choose!
Happy Home Selling!
