Many sellers are under the misconception that in refusing to give one estate agent a sole mandate and leaving their property on the open market it will be exposed to more agencies and therefore more buyers. Buyers visit all show houses within an area and are listed with each of the various estate agencies. Therefore your property will not be exposed to 5 times the amount of buyers by allowing 5 different agencies to market the property!
By giving one agency a sole mandate the following advantages exist for both the seller and the agent:
- A written intention to sell implies a more committed seller and therefore a more committed agent.
- Allows the agent to launch the property onto the market with carefully planned timing and marketing strategies.
- Is worthy of a more generous budget for advertising and marketing.
- The various potential buyers are obliged to negotiate through the one agent, who is then in a position to create a platform of competition between the interested buyers. Rather than the agents of different companies competing with each other to get the sale regardless of the price.
- Controls viewing access through one company reducing security risks and eliminates the possibility of a buyer being shown the property more than once by different agents.
- Ensures consistency of price during the marketing period – one agent, one price.
- Ensures responsibility and accountability from one company including regular activity reports.
- Reduces the chance of commission disputes from rival companies and protects the seller against double commission claims.
- After sales service. Monitoring the progress of the transfer of the property and liaising with the seller, conveyancer and purchaser.