An open mandate is when a property seller gives permission to multiple estate agents to market and sell their property at the same time. This means several agents can advertise the home, but only the agent who successfully finds the buyer earns the commission. The seller may also still have the option to sell the property privately. The main advantage of an open mandate is wider exposure, since many agents are promoting the property. However, the downside is that agents may be less motivated to invest heavily in marketing, and the property can sometimes appear inconsistently priced or over listed.
A sole mandate, on the other hand, is when the seller gives exclusive selling rights to one estate agent or agency for a fixed period. During this time, only that agent is allowed to market and sell the property. This usually results in more focused marketing, better presentation, and a clearer sales strategy because the agent is fully responsible for the outcome. The drawback is that the seller is limited to one agency’s network, so choosing the right agent is very important.
