The real estate mandate: How to obtain and manage an exclusive mandate

The exclusive mandate is a powerful tool in a real estate agent’s arsenal. It allows the agent to take full control over the sale of a property, ensuring stronger commitment from the owner and a better chance of success for the agent. However, obtaining an exclusive mandate is not easy; it requires convincing the owner of the added value you can bring compared to other options. Once the exclusive mandate is obtained, it is essential to manage it with transparency, professionalism, and efficiency to ensure a quick sale at the best price. This article explores strategies for obtaining and effectively managing an exclusive mandate.

1. Understanding the exclusive mandate and its advantages

What is an exclusive mandate?

An exclusive mandate is a contract signed between a property owner and a real estate agent, granting the agent exclusive rights to sell the property for a set period. Unlike an open mandate, where multiple agents can be involved in the sale, the exclusive mandate limits the sale to one agent, reinforcing the commitment between the two parties.

Benefits for the real estate agent

For the agent, the exclusive mandate offers several advantages:

Complete control over the sale: The agent can manage all aspects of the sale, from setting the price to final negotiations, without competition from other agents.
Investment in marketing: The exclusivity justifies a greater investment in marketing, as the agent knows that all efforts will directly benefit the sale.
Strengthened client relationship: The exclusive mandate strengthens the trust between the agent and the owner, who relies on the agent to complete the transaction.

Benefits for the owner

For the owner, an exclusive mandate also offers several advantages:

Simplified management: A single point of contact for all actions, making communication and coordination easier.
Agent commitment: The agent is more motivated to invest time and resources to sell the property quickly and at the best price.
Targeted and professional marketing: The property benefits from a more elaborate marketing strategy, increasing its chances of being sold quickly.

2. Strategies for obtaining an exclusive mandate

Demonstrating your expertise and added value

To convince an owner to sign an exclusive mandate, it is essential to demonstrate the added value you can offer compared to an open mandate. Here are key points to emphasize:

Local market knowledge: Show that you have a deep understanding of local real estate trends and that you can set a realistic and attractive selling price.
Personalized marketing strategy: Present a detailed marketing plan, including online listings, virtual tours, professional brochures, and partnerships with real estate platforms.
Professional network: Highlight your network of contacts, including other agents, investors, and potential buyers, who can help sell the property faster.
Negotiation expertise: Explain how you can maximize the sale price through your negotiation skills.

Offer a free and detailed property evaluation

Offering a free and detailed property evaluation is a great way to build trust with the owner. This evaluation should be precise, based on a comparative market analysis, and should show that you can position the property at a competitive price that will attract buyers. By demonstrating your expertise from the start, you increase your chances of obtaining an exclusive mandate.

Communicating the benefits of the exclusive mandate for the owner

It is crucial to clearly explain to the owner why an exclusive mandate may be more beneficial than an open mandate. Emphasize that exclusivity encourages the agent to invest more in selling the property, which can lead to a faster sale at a better price. Additionally, the owner won’t have to manage multiple agents and can avoid the confusion and complications often associated with an open mandate.

Guaranteeing personalized and regular follow-up

Reassure the owner that you will provide personalized follow-up throughout the sales process. This includes regular reports on actions taken, feedback from visits, and any necessary adjustments to the sales strategy. This level of transparency and communication builds trust and can convince the owner to sign an exclusive mandate.

3. Effectively managing an exclusive mandate

Implementing a powerful marketing strategy

Once the exclusive mandate is obtained, it is crucial to deploy a powerful and targeted marketing strategy. This strategy should include:

Optimized online presence: Use real estate platforms effectively with well-written listings, professional photos, and presentation videos.
Targeted advertising: Invest in online and offline advertising campaigns, targeting potential buyers most likely to be interested in the property.
Event organization: Plan private showings for qualified buyers and open house events to maximize the property’s exposure.

Managing visits and feedback

Managing property visits is a crucial part of the sale. Schedule visits that showcase the property at its best, taking into account the most suitable times for potential buyers. After each visit, gather feedback and adjust your strategy based on the comments received. Regular communication with the owner about the visit feedback is essential to maintain trust.

Negotiation and offer management

When offers start coming in, it’s important to handle each proposal carefully. Use your negotiation skills to secure the best terms for your client. Keep the owner informed at every stage of the process and support them in making decisions. By being proactive and transparent, you can maximize the chances of closing the sale quickly.

Transparency and continuous communication with the owner

One of the most important aspects of managing an exclusive mandate is transparency. The owner should be informed of every step in the sales process. Send regular reports, be available to answer questions, and be responsive. Clear and regular communication reassures the owner and strengthens their satisfaction, which is crucial for a successful sale.

4. Avoiding common mistakes in managing an exclusive mandate

Lack of communication

A lack of communication is one of the main reasons why owners may lose confidence in their agent. Make sure to stay in regular contact with the owner, providing updates even if they are purely informational and not related to major progress.

Underestimating the property’s value

An incorrect property valuation can harm the sale. If the price is too high, the property may stay on the market for too long. If the price is too low, the owner may feel shortchanged. It’s essential to regularly reevaluate the property based on market conditions and buyer feedback.

Lack of follow-up after signing the mandate

Signing an exclusive mandate is only the beginning of the process. A lack of follow-up after signing can lead to disappointing results. It is imperative to remain proactive, adjust strategies if necessary, and ensure that every aspect of the sale is managed efficiently.

Conclusion

The exclusive mandate is a powerful tool for real estate agents, offering full control over the sale of a property and the opportunity to maximize the chances of success. Obtaining an exclusive mandate requires clearly demonstrating the added value you can bring as an agent, particularly in terms of marketing, negotiation, and managing visits. Once obtained, it is crucial to manage the mandate with transparency, diligence, and efficiency to ensure a quick sale at the best price. By following these strategies, you can turn an exclusive mandate into a successful sale, enhancing both your reputation and professional portfolio.