Among the various options available, an exclusive mandate stands out as the most effective choice for high-end real estate transactions. This method not only streamlines the sales process but also provides numerous advantages that can significantly impact the success of the sale.
Lew Geffen Sotheby's International Realty explores why an exclusive mandate is the best option for selling luxury properties.
What is a sales mandate?
A sales mandate is a formal agreement between a property owner and a property practitioner or agency, granting them the authority to sell the owner's property. It outlines the terms and conditions, including marketing strategies and commission structure, aiming to establish a structured approach and ensure understanding of roles and responsibilities.
What is an exclusive mandate?
An exclusive mandate is a sales agreement where a single real estate practitioner or agency is granted exclusive rights to market and sell a property. During the mandate period, the property owner agrees not to engage any other practitioners or agencies. This exclusivity encourages the practitioner to invest significant time, effort, and resources in marketing and selling the property, as they are guaranteed a commission if the property is sold within the mandate period.
Sales mandate vs. exclusive mandate: What is the difference?
A general sales mandate allows property owners to engage multiple practitioners or agencies simultaneously, potentially leading to competition and a fragmented marketing approach.
In contrast, an exclusive mandate ensures that only one property practitioner or agency handles the sale, resulting in a more focused marketing strategy. This exclusivity often leads to a streamlined sales process.
Why an exclusive mandate and how does it work?
An exclusive mandate works by fostering a strong partnership between the property owner and the property practitioner or agency. Once the exclusive mandate is signed, the property practitioner becomes fully responsible for all aspects of marketing and selling the property. This includes creating and executing a comprehensive marketing plan, conducting viewings and open houses, and negotiating with potential buyers.
The exclusivity of the mandate encourages the property practitioner to prioritise the property, leveraging their expertise, network, and resources to secure the best possible deal.
What are the advantages of having an exclusive mandate?
Focused marketing efforts: Property practitioners can create tailored marketing strategies to showcase unique features and attract buyers, leading to quicker sales and better offers with an exclusive mandate.
Commitment and accountability: The exclusivity of the mandate strengthens the property practitioner's commitment to selling the property, ensuring professionalism and dedication in all aspects of the sale.
Streamlined communication: An exclusive mandate streamlines communication by providing a single point of contact for property owners, preventing confusion and conflicts that may arise from multiple practitioners.
Enhanced property presentation: Property practitioners invest in high-quality marketing strategies like professional photography, virtual tours, and targeted online advertising to enhance property presentation and avoid competition.
Stronger negotiation position: Property practitioners often have a stronger negotiation position due to their vested interest in the sale, leading to more effective negotiations and better offers for the property owner.
How to choose the right property practitioner
Experience and expertise: Look for a property practitioner or agency with a proven track record in selling luxury properties. Their experience and market knowledge will be invaluable in achieving the best results.
Reputation: Research the property practitioner's reputation through client testimonials, online reviews, and industry awards. A reputable property practitioner will have a history of satisfied clients and successful sales.
Marketing capabilities: Evaluate the property practitioner's marketing strategies and tools. Ensure they have access to high-quality marketing materials, professional photography, and a strong online presence.
Personal connection: Choose a property practitioner with whom you feel comfortable and confident. A good working relationship is essential for effective communication and collaboration.
Professional network: A property practitioner with a robust network of contacts, including potential buyers, other real estate professionals, and industry influencers, can significantly enhance the property's exposure and sales prospects.
Why sign up for an exclusive mandate with Lew Geffen Sotheby’s International Realty
Lew Geffen Sotheby's International Realtyis a premier choice for luxury property sales, offering expertise and resources. By signing an exclusive mandate, property owners can leverage their global reach, market high-end properties effectively, and prioritise properties through cutting-edge marketing strategies. This partnership maximises the potential for successful and profitable sales.
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