Exclusive Mandate vs. Multi-listing
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Exclusive Mandate vs. Multi-listing
"I want to sell my property fast so I want to use a lot of agents"
This is the general idea behind sellers choosing multi-listing services (MLS) thinking that by having more agents their property will sell faster or that agents will work harder to get the property sold.
Agents who work hard will work hard and agents who don't work hard won't work hard, no matter what mandate you sign. Buyers choose areas, not agents and more agents don't mean more buyers, there are only so many buyers looking to buy property in your area. A good agent will know how to market your property to source the correct buyer for your property. Remember that choosing the right agent is always more important than choosing the right mandate (see our article on choosing your agent).
You can however assist your agent by giving him the correct mandate. Advantages of an exclusive mandate:
- The agent can negotiate the best offer on your property not being worried that the buyer will put in a lower offer with a different agent.
- Buyers compete for the property and not agents.
- No commission disputes.
- Only one agent to work with and get feedback from.
Go and have a look at property sites, you'll see one property advertised by 10 different agents and most likely 10 different prices. In some cases, the agents even use the same photos of the property. Apart from the confusion over the price it gives an impression of being desperate to sell and it simply looks bad. If your property is priced correctly and you chose an active agent in your area just give him the mandate and he will sell your property.
Author: Kobus Erasmus