Exclusive Mandate Versus Open Mandate when selling your property
When you decide to sell your property in the 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 an exclusive 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 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.
On the other hand, an exclusive mandate might offer you a more streamlined and focused selling process, with a dedicated agent working to achieve the best outcome for your property.
Ultimately, it’s crucial to weigh the advantages and disadvantages of each option carefully. Taking the time to make an informed decision will increase your chances of a successful and smooth property sale experience.
Advantages of Exclusive Mandate for Home Sellers in South Delhi
When you choose to grant an exclusive mandate to a real estate agent for selling your property, you can enjoy several benefits that enhance the overall selling process and results.
Increased Desirability: Handling your property on an exclusive basis makes it more desirable in the eyes of potential home buyers.
Competitive Pricing: Your appointed agent can create a competitive environment among home buyers, leading to the best possible price for your property.
Qualified Buyers: Your agent will respect your privacy and introduce only qualified home buyers to your property, ensuring that you deal with serious and genuine prospects.
Enhanced Advertising: With an exclusive mandate, your agent will be willing to invest more in advertising to effectively promote your property to a wider audience.
Dedicated Effort: Your agent will work tirelessly, giving top priority to marketing your property, collaborating closely with you throughout the process.
Tailored Marketing Plan: An exclusive mandate allows for a personalized marketing plan, preventing overexposure and minimizing any negative rumors that could impact the property’s value.
Ensured Security: Dealing exclusively with one company ensures greater security throughout the selling journey.
Trust and Communication: A sole mandate promotes the creation of mutual trust and effective communication between you and your agent, as well as between the agent and potential buyers. This communication extends to full after-sales service.
Avoiding Double Commissions: By working with only one agent, you avoid the possibility of facing double commissions and potential complications.
In conclusion, granting an exclusive mandate to a reputable real estate agent offers a range of advantages, making the selling process smoother, more efficient, and ultimately more rewarding for you as a home seller in South Delhi.
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
- The security of the owners is compromised and people just walk in financials of the deal are exposed to unknown people
