Standard Bank = 100% Home Loans Again!

July 26, 2010

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What is the difference between a Open and Exclusive Mandate?

October 31, 2007

When you decide to sell your property you must be aware of the type of mandate you are signing. Never sign a mandate which does not have a clause committing the estate agent to certain responsibilities.

Open Mandate

  • This allows more that one estate agency to market and sell your property. The agency ultimately selling your property is entitled on the commission.
  • Should you sell the property yourself, then the agency would not receive any commission
  • Since more estate agents are involved in the marketing of your house, there will be more opportunities to sell your house.
  • This represents a greater probability that you could get your asking price.
  • However, the estate agent will be less motivated to spend the maximum time, effort or money to advertise a property which might be sold by another agency.

Exclusive Mandate

  • This is the kind of mandate your estate agent would love. Should you sign an exclusive mandate with a specific agency, they are entitled to commission irrespective of who eventually sold the property.
  • Even if you sell the property yourself the agency will still be entitled to their commission.
  • Estate agents often adds a clause which states that if during the mandate period a buyer was introduced to your property, but only decided to buy after the mandate expired, the agency is still entitled to receive commission.
  • For obvious reasons the estate agent will be much more motivated in his or her marketing efforts than would be the case with an open mandate.

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