Real Estate and the Exclusive Mandate

Charikleia Stouka of Alma Real Estate discusses some dos and don’ts when selling, buying or renting property in a real estate Q&A.

Why say yes to an exclusive mandate?

It is the absolute and only way for the real estate broker to succeed quickly and most effectively in selling/renting your property.

By giving an agent an exclusive mandate, the real estate agent undertakes to do his/her best to achieve the transaction within the arranged period of time. Because the commission is guaranteed the real estate agent is able to invest in your property expecting the best results. Agents are not then afraid that another agent or buyer will deceive them, trying to “steal” the property for their own account.

The property is clearly and freely shown in the market and in this way arrives immediately in the buyers’ eyes so you get the best out of the best for your purpose: to sell/rent your property.

What if another agent may have a client who would be interested in my property?

How many real estate agents might you know? However, you should be sure to know (and this has to be in writing) if your agent collaborates with any other real estate agent or office, (not all agents do).

If it happens one of my neighbors or one of my friends and relatives want to buy my property, why I should have to pay the agent?

Because the agent invests time, money and effort on your behalf. If you have acquaintances who have expressed their interest before the agent’s promotion of your property the transaction should take place before you contract an agent. If not, then the agent has a right to a commission.

But I have 1-2 people that have seen the property and expressed an interest.

Their names can be mentioned in the mandate and can be excluded.

What if the real estate agent/office doesn’t conform to the agreement?

If the service provided is not according to what you have agreed, you can terminate the mandate, but you have to mention this before and write it on the mandate.

In conclusion, and in any case if a property appears with numerous real estate agents or offices, it shows:

  1. You don’t have confidence and you don’t trust your agent.
  2. A desperate owner that no buyer would respect.
  3. A lack of respect for your own property
  4. You will never reach your objective: to sell at the best price.
  5. Your property will be ridiculed by the different image that various real estate offices will give by raising or lowering the price, trying to attract clients, and by giving different information about the same property.

Caution: The agent shouldn’t simply put signs on your property with their contact information and do just nothing at all, to promote it, waiting for buyers to pass by or, worse, to advertise their office, especially if your property is at a central point.

Can I myself advertise my property in the newspapers and media?

Real estate services are not obligatory but advertisements are not able to sell/rent homes, real estate professionals do.

How should I find the best real estate professional?

By examining their image and presentation of their work, on social media, by clients’ testimonials, by their portfolio, and by their references.

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