• 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