Mandates: Frequently asked questions

Most sellers believe that leaving their property on the open market will expose them to more buyers. They deem that a property will sell faster and for a higher price if more agents are allowed to market it. This,however is not the case. Deciding to grant a mandate to one specific agency, or sharing between two or more agencies, could prove to be a very difficult decision to make, if you do not understand what it means and what the implications are. We would like to provide you with information to assist you in making an informed decision.

Q> How long is a mandate?

A > An average property in today's market takes 4 months to sell. We want to suggest that you award a mandate of at least 3 months, which may be extended if need be.

Q> Don't I miss out on potential buyers if I only have one agent working on my property?

A>  Experience has proven that if  the agent follows the appropriate marketing steps and starts at the correct price – qualified buyers will find out about the property and buy it.

Q>  If I have a short time span in which to sell my house, is it not better to give it to every active agency in my suburb?

A> No,in fact the more agents marketing your house , the less committed they will be.We make a commitment to sell your specific property, so it will not be used as a springboard or a comparison for other properties they are trying to sell.Only one company holds information on your property, therefore it eliminates the risk of unverified rumours introduced into the buyers' market, which results in a negative perception from buyers.

Q> Who controls the viewing and access to my property?

A> With an open mandate none of the numerous opposition agents will take responsibility and ownership. By granting an exclusive mandate, only one agency will control the viewings and show days. The domestic worker/gardener will know there is only one person or company to deal with, so they will not allow people into the house by accident. You are assured that only qualified buyers will be brought to view your property.

Q:> How does an exclusive mandate secure a higher price?

A> The benefit of an exclusive mandate is that it allows us time to  customise a marketing plan for your property,positioning it strategically in the optimal target market of buyers. Due to a specific marketing strategy being followed, more money and effort is spent on exclusive mandates, resulting in a higher selling price obtained. An abundance of “For Sale” boards in front of a house, indicates a desperate seller and buyers will be of the opinion that they can make a much lower offer. Each different agency will also have a different price on the web for your property,so buyers interpret this as signs of a desperate seller and will offer much less. An exclusive mandate eliminates negative competition between various and competing agencies, because the property sales advisor has the security of negotiating the best possible transaction for the seller and to work for the mandate on their behalf.

Q> What if the property sales advisor does not deliver on his / her promises?

A> Due to the Engel & Völkers guarantee of satisfaction, you have the security of being assured of performance from the agency and if you are not satisfied,identify which specific step was not followed and then cancel the Exclusive Mandate if we do not meet the actions outlined in the marketing plan. This should be in writing and negotiated with the principal of the agency.

Cape Town - Engel & Volkers south africa exclusive mandates.jpg

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