the right steps to take in selling a property - Hall Real Estate

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www.hallrealestate.co.za SOLE MANDATE VERSUS OPEN MANDATE... The Great Debate There is no doubt that the sole mandate contract has been abused by unscrupulous estate agents, perhaps you know of someone who has suffered from disreputable conduct and who has warned you against even contemplating entering into a sole mandate for the sale of your property? The facts are simple. Professional, qualified and hard-working estate agents will not commit 100% of their resources, time and effort on properties where there is no protection afforded to them by a seller who does not have the confidence to entrust the marketing of his property to them under a contract, wherein both the seller and the agent have set guidelines in which to conduct their business relationship. Hall Real Estate agents do not receive salaries. They only get paid for their successes. The major focus of their efforts will always be those properties where they have entered into a written agreement with a seller. Properties do sell under an open mandate – but, nine times out of ten, these properties sell for less than actual market value. Ask your Hall Real Estate agent for more detailed explanation and then ask yourself what monetary value you will be prepared to gamble with in respect of the eventual selling price of your property. A signed agreement between you and Hall Real Estate will ensure that you are guaranteed a professional service from which you can only benefit. Not only is the individual estate agent bound to you by the guidelines of the mandate, but Hall Real Estate, working within the constraints of the Estate Agent’s Board Code of Conduct, will also have an obligation to ensure that you are always dealt with in an ethical and open relationship. A sole mandate for a reasonable period of time, will not only protect your property from the ravages of interagency competition, but you will also be able to expect constant feed-back, regulated and controlled marketing and the best possible selling price, according to prevailing market conditions. Where, on the odd occasion, a competing estate agency may be able to find a prospective purchaser not already being dealt with by one of your estate agents, Hall Real Estate will make every effort to secure a shared sale. Hall Real Estate will be accountable to you. Hall Real Estate will spend money on ensuring that your property is marketed correctly. Hall Real Estate will ensure that your property is exposed to the widest possible range of prospective purchasers. The Decision Is Yours……… 0861 Hall 46 www.hallrealestate.co.za
www.hallrealestate.co.za UNDERSTANDING THE SOLE AUTHORITY TO SELL DOCUMENT The Authority is structured to afford sellers protection from claims for double commission and allows the appointed estate agent time in which to market the property correctly, thereby ensuring that the property achieves the maximum selling price according to prevailing market conditions. It is a common concern of sellers that signing an Authority with a company precludes other estate agencies from selling the property. It is a policy of Hall Real Estate to allow our estate agents to share listings with other selected estate agencies – we shall make every effort to ensure that the property is sold. CLAUSE 1 – CLAUSE 2 – CLAUSE 3 – CLAUSE 4 – CLAUSE 5 – CLAUSE 6 – CLAUSE 7 – The purchase price is determined by you as the seller and should reflect the current market value of the property, which is determined by what willing and able purchasers would pay for the property. The value of a residential home is therefore not calculated according to replacement, municipal or insurance values. It is the estate agent’s responsibility to inform you as to the market, by means of a Comparative Market Analysis. Commission is calculated on the gross purchased price plus Value Added Tax. Commission is earned on the conclusion of a valid and binding agreement of sale and the fulfillment of suspensive conditions contained therein (if any) and is payable on registration of transfer of the property into the name of the purchaser. The agent is afforded protection in the event of a seller selling the property during the course of the Authority, either personally or through the services of another estate agency and without the consent of Hall Real Estate. On the conclusion of the Authority and if the property remains unsold, the agent will supply you with a list of parties who expressed interest in purchasing the property. This list should be made available to any other estate agency, which subsequently markets the property, so as to avoid claims for double commission. The expiry date of the Authority which must be expressed as a calendar date. At the agent’s discretion, a “FOR SALE” board may be displayed on the property during the course of the Authority. An opportunity is afforded to you in which to disclose any defects to the property of which you may be aware. The clause further stipulates that on the sale of the property, you will be required to provide the purchaser with a Certificate of Compliance, regarding the electrical installation on the premises. Should you not fully understand any of the clauses in the Authority, please do not hesitate to ask the agent. Please remember that you, as the seller, will determine how quickly your property will sell and at what price. You will set the price, the terms and conditions – the agent will market the property according to these stipulations. 0861 Hall 46 www.hallrealestate.co.za
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the right steps to take in selling a property - Hall Real Estate

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