The idea of an open mandate might give you a feeling of having more control over the sale of your property. 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.
A real estate professional will be able to advise serious sellers on the accurate market value of their properties.
Advantages of signing an Exclusive Mandate on your Property:
- You will get a better price by employing a sole real estate agent, competition is then among the buyer pool of your area
- Marketing a property exclusively portrays a seller is not desperate and leaves less wiggle room for lower offers
- Property professionals put more money and energy into marketing your property
- Avoids double commission claims
- Affords the seller more privacy and security
- Buyers are prequalified for affordability
- Only one for sale sign board outside your property
Disadvantages of signing an Open Mandate on your Property:
- Less time is spent on marketing the property for sale
- Higher security risk
- More disruption of seller’s privacy
- Various sale boards, creating an impression of a desperate seller
- Various agencies grouped on the internet portals marketing the same property give the impression of a desperate seller
- Bargaining down of price by a buyer dealing with different agents
- Too many agents can cheapen the property
- Duplication of buyers and double commission claims
Prequalification also makes it easier to acquire a home loan, as you’ll have proof you can afford the property you apply for.