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When you decide to sell your property, one of the decisions you may need to make is how you appoint a Property Practitioner to market your home.
Two terms you're likely to come across are open mandate and sole mandate.
Understanding the basic difference can help you ask the right questions and make an informed decision before signing anything.
With an open mandate, a seller may allow more than one Property Practitioner or agency to market the property.
The idea can sound appealing: more practitioners marketing the property could mean more opportunities to find a buyer.
However, having several practitioners involved also requires careful coordination.
Sellers should make sure that important information about the property — particularly the asking price and property details — is communicated consistently.
It is also important to understand the terms under which each practitioner has been authorised to market the property.
A sole mandate gives one property practitioner or agency the exclusive right to market the property for an agreed period, subject to the terms of the mandate.
Instead of several practitioners independently marketing the same property, one appointed practitioner takes responsibility for managing the marketing process.
The mandate should clearly set out matters such as the agreed period, marketing arrangements, commission and the respective responsibilities of the parties.
Not necessarily.
The right arrangement depends on the seller, the property, the circumstances and the terms being offered.
An open mandate may appeal to a seller who prefers to work with several practitioners.
A sole mandate may appeal to a seller who prefers one point of contact and a coordinated marketing strategy.
What matters is that you understand exactly what you're agreeing to.
Before signing a mandate, don't be afraid to ask questions.
Make sure you understand:
How long the mandate will run.
How your property will be marketed.
What commission will apply.
What is expected from you as the seller.
What responsibilities the Property Practitioner will have.
What happens when the mandate comes to an end.
Any other terms or conditions contained in the agreement.
Most importantly, never feel pressured to sign a mandate or any other document you don't fully understand.
Read it carefully and ask for clarification where necessary before signing.
Regardless of the type of mandate you choose, accurate and consistent marketing is important.
Buyers should not be finding conflicting prices, property details or information depending on where they see your property advertised.
Clear communication between the seller and the appointed Property Practitioner or Practitioners can help prevent unnecessary confusion.
Choosing how to market your property is an important decision.
Take the time to understand your options, ask questions and choose the arrangement that best suits your circumstances.
A good Property Practitioner should be willing to explain the process clearly so that you can make an informed decision — without unnecessary pressure.