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"When selling or renting out your property in Lusaka, it’s essential to understand the different types of mandates available. Each mandate type has its advantages and disadvantages, and the right choice can significantly impact your property’s marketability and the efficiency of the sales or rental process.
Open Mandate
An open mandate allows you to list your property with multiple agents. You can also find a buyer or tenant on your own. Only the agent who closes the deal is entitled to a commission.
Pros:
Multiple agents are working to sell or rent your property, potentially leading to faster results.
More exposure as your property is listed across different agents and platforms.
Cons:
Agents might be less committed to your property since they know they are competing with others.
It may lead to inconsistent marketing efforts and pricing information.
Sole Mandate
A sole mandate means you appoint only one agent to handle your property. If you find a buyer or tenant privately, you don’t pay the commission to the agent.
Pros:
The appointed agent is likely to be more dedicated and proactive in marketing your property.
Consistent marketing strategy and pricing information.
Cons:
Limited to the efforts and network of a single agent.
If the agent is not effective, your property might stay on the market longer.
Exclusive Mandate
An exclusive mandate is similar to a sole mandate, but even if you find a buyer or tenant privately, the appointed agent still gets a commission.
Pros:
The agent will invest significant effort and resources to ensure your property is sold or rented quickly.
Often includes premium marketing strategies and additional services.
Cons:
You are tied to one agent and must pay the commission regardless of who finds the buyer or tenant.
If the agent is not effective, you might feel locked into a non-beneficial contract.
Which Mandate is Right for You?
Choosing the right mandate depends on your specific needs, the current market conditions, and how much involvement you want from your real estate agent.
If you have any questions or need personalized advice, feel free to reach out to us!
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