HOW TO LAND A SOLE MANDATE
PUBLISHED 22 NOV 2017
A SOLE MANDATE IS THE HOLY GRAIL FOR ESTATE AGENTS AND AGENCIES – BUT THERE ARE WAYS OF APPROACHING THE TOPIC WITH POTENTIAL SELLERS
SELL YOURSELF FIRST
While you are ultimately representing your company, it’s important to promote yourself when you initially meet homeowners looking to sell. While discussions about sole mandate packages, company policy and marketing tools are important, they have a place. The first meeting isn’t it. Instead, I share my passion for my job, my successes and my experience in the area. Listening is also essential: by doing so, I find out more about the homeowner and why they are looking to sell. There is often a hidden agenda – and compassion goes a long way to building a relationship and trust.
BE STRAIGHTFORWARD AND HONEST
Talk about the pitfalls of overpricing and the positives of selling within a short period of time. There’s strong evidence to support the view that sole mandates result in faster sales and higher prices. It’s my experience that about 80% of sales come from sole or joint sole mandates – I share that information with the client.
UNDERSTAND THE SELLER’S FEARS
When giving a sole mandate to one agency, sellers tend to feel they are relinquishing their rights. No-one likes to sign documents without thorough scrutiny and a sole mandate can be a little daunting. Like most legal documents, it defines what the outcome will be if you don’t abide by the rules.
To ensure the seller feels more comfortable, take a different approach: I let homeowners know that I am there to sell the property and not to put obstacles in their way. Reassure them that the document is purely protection against expending eff ort without reward.
WORK AS A TEAM
The seller should feel like you are with them: they want to be involved and don’t want to relinquish what is usually their biggest asset into a stranger’s hands. That’s why creating a relationship is so important. By including the homeowner in the process, they feel far more confident and happy with your efforts.
Let the homeowner know that you have their back. Give 110% to selling the property and work with the current owner. Communicate regularly when it comes to feedback from buyers – even if the market response is nil, provide honest observations. At any stage, I will relinquish that mandate to assist the seller further.
Under-promising and over-performing is the secret: the seller should know that you did your utmost, with – ideally – the right result.