Owners often choose an Open Mandate when marketing their homes, believing that the more agents they have working on their property, the sooner they will achieve a good price for their house. In reality, the opposite is often true.
Sole Mandate (SM); Open Mandate (OP)[SM] A personalised marketing and advertising plan will be developed to suit your needs. Activity will be monitored and controlled.
[OM] You run the risk that none of the agents will put time and effort into actively marketing or Advertising your property, because they all expect that someone else is doing it.[SM] A single agent interacts with you to understand your requirements.
[OM]Oopen mandate properties tend to be merely ddded to a list.[SM] A sole agent allows buyers to compete on the property, thereby maximizing realized selling price.
[OM] On open mandates, agents compete, thereby compromising price.
[SM] Continuous feedback from your agent allows for careful price management, thereby maximizing the realized selling price.
[OM] Mismanagement of price can result in a lower price being realized[SM] A sole agent is accountable to you for results. Real estate managers monitor and track the service provided by their agents on their sole mandates.
[OM] Agents are less accountable on open mandates. Managers don't monitor agents' performance on open mandates[SM] Your sole agent will negotiate with potential buyers to get the highest possible price for your property.
[OM] With an open mandate, buyers will seek out the agent who will offer them the property at the lowest price[SM] Less likelihood of commission disputes.
[OM] With more than one agency handling your property, commission disputes often arise. [SM] You have the peace of mind of knowing that only one responsible party has access to your property.
[OM] Multiple agents frequently mean multiple keys - and the possibility of compromised security