An open mandate is often the worst strategy of all when you decide to sell. It does not deliver the success you are looking for. A sole mandate is the only solid strategy you can activate when you sell a property and one that works. I wanted to take a few moments to outline what goes wrong when you have no strategy and you want to sell a property? This example is in Edleen in Kempton Park. An open mandate is not a strategy at all. In fact, in this example, it’s a recipe for disaster. It’s more often than not a weak plan at best and let me prove it to you. At KW Select we will work with almost any property mandate. We will work on an Open Property Mandate but we recommend a Sole Mandate – always. Book your property valuation here.
We recently covered the different mandates and their merit. Click here to read the full article.
What Made It All Go Pear-Shaped?
- Diana for this article, recently ended a 10-year relationship so she is not in a good place at all. And we are not always certain all these agents are accredited with the PPRA.
- Diana decided to put her property on the market, but she opted for an open mandate.
- Firstly, it started with 1 or 2 energetic estate agents on an open mandate. None of these agents were invested in the sale and the photos were NOT professional photos either. Frankly, the photos did the property no justice online.
- And before long this open mandate had 11 estate agents working on the sale, with absolutely no results.
- And the prices that the property could have sold for 8 months ago were long gone. The market had changed.
Best Strategies Are Not From An Open Mandate
- Because folks, none of these 11 estate agents were invested in the sale of Diana’s property.
- All these agents started with an asking price that was too high in order to get on the ‘panel’.
- Then these agents started to wear her down and beat her down in price.
- You see, folks the price was incorrect to start with. R200,000 too high!
- Diana was in the dark for almost 8 months. No feedback from buyers, agents, or the market in general.
Why Does An Open Property Mandate Often Not Work?
- Because none of your 11 estate agents in this example have a vested interest.
- In this game it’s not about activity, it’s about results. Estate agents don’t get rewarded for the effort. Estate Agents get rewarded for results and output.
- Too many cooks can and will spoil the broth. They very nearly almost did spoil the broth.
- An open mandate in actual fact gives you even fewer options.
- Open mandates give you less leverage and you actually lose effectiveness.
- And the most important thing of all is that your property becomes over-exposed. Too many people have viewed your property online. Folks, it makes sense, what is wrong with a property if 11 agents in this example are still unable to sell your property.
- An open mandate also lacks accountability.
The Best Strategy Is A Sole Mandate
- Accountability lies with one person, your appointed estate agent.
- This one agent makes it their business to keep you posted, informed, and appraised with how the market is responding to your property on the open market.
- 1 person to navigate and coordinate viewings.
- One person to get the job done and to make an offer. 1 person to navigate the transfer of a property once the OTP has been submitted.
Avoid Frustration And Expect Success With A Sole Mandate
Folks, if you want to pick the right strategy when you sell property, consider a sole mandate. I can assure you that if you have any questions, I will be willing to answer them. When you bank on a winning brand like KW Select, and your price is competitive, we WILL sell faster than any other brand. Bank on the biggest real estate franchise in the world. Bank on and leverage world-class technology that actually enables a quicker sale.
Estate Agents – want to know more about KW?
Keller Williams (USA) is a top real estate brand to work for. If you are an estate agent and want to know a little more drop me an e-mail. If you would like to leverage world-class technology to the benefit of all our stakeholders across the value chain and end up with a win-win every time, then let’s touch base. Also, read what makes Keller Williams the best!
Book Your Property Valuation Online
If you have tried the open mandate and have found yourself faithless and frustrated, then click here and get an expert opinion. Let us help you team up with the best KW Select agent in your area and quickly too. When you bet on red you will not be sorry.
