Real Estate Mandates: Everything You Should Know
What is a Mandate in Real Estate?
• Described as the agreement between the property owner and real estate agent. • Outlines the property sale/lease terms • Empowers the agent to act on behalf of the owner to lease/sell the property
Types of Mandates in Real Estate Mainly two types of Mandates in Real Estate
• Open Mandate: Where the agreement is open to multiple real estate agents • Exclusive Mandate: Agreement for a single real estate agent/agency
Benefits of Open Mandate
• Open mandate leads to broader range of clients. • More competition among the agents. • High chances of closing deals early.
Advantages of Exclusive Mandates
• Focused marketing efforts. • More control over the sale/lease process • Impactful exposure to potential buyers • Personalized service & support