After receiving your quote, the next step is to entrust your property to a real estate agent.

But before they can start marketing it, you'll need to sign a sales mandate.

You can choose between two: exclusive and simple.

What is a Sales Mandate?

First things first, what exactly is a sales mandate? To put it simply, this is a contract that binds you, the property owner, to a real estate professional entrusted to take charge of the sale of your property.

They will do most of the heavy lifting, including the legal processes, looking for potential buyers, and most especially, marketing your property. And as already mentioned, there are two kinds of sales mandates. There's the exclusive mandate and the simple mandate.

Just as its name says, the exclusive sales mandate gives total exclusivity to just one real estate agency. As such, you're not allowed to hire or collaborate with other agencies and/or third-party professionals throughout the duration of your contract.

Usually, the exclusive sales mandate spans around three months. If you decide to terminate the contract by the end of this term, you'll be required to send a letter to the agency with a 15-day notice prior to the end of the mandate. If not, your contract will be renewed automatically.

The simple sales mandate lets you hire a real estate agency to help sell your property without exclusivity. This allows you to also seek professional help and assistance from other agencies, particularly when it comes to finding a prospective buyer.

And similarly to the exclusive sales mandate, any contract signed with one or more agencies will last for three months. These mandates will also be renewed automatically after the terms end if you do not send a notice for termination.

So what to choose?

  • Freedom - Does the mandate allow you as much freedom in taking charge of your own sale?
  • Exposure - Does working with multiple real estate agencies expose your property too much? How will this affect the marketing of your property?
  • Work Compatibility - Do you work well with the real estate agency you signed with? Are you happy with their performance?

Important to Remember

Most real estate agencies prefer an exclusive sales mandate in order to receive a bigger commission. They also argue that you can finish a sale more quickly when there's only one agency taking charge of marketing your property.

If you go into a simple sales mandate, there's a risk of overexposure. Not to mention the risk of confusion when your property is listed by several agencies at different prices. Potential buyers might be put off by such disparities. 

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