A:
A sole mandate is an exclusive contract that stipulates an allotted time frame during which a seller may not appoint another agent to market the property. This ensures the agent will put maximum effort into selling the property.
If agents are working on an open mandate, however, they may not spend as much time marketing the property, which will reduce your home’s chances of selling.
This is worsened during a buyer’s market when agents have many listings vying for their attention. In an open mandate, multiple agents will be trying to sell your property.
This opens the potential for confusion as to which agent was the effective cause of the successful sale, which increases the chance of a possible double commission claim.
– Adrian Goslett, chief executive of Re/Max of Southern Africa