As a real estate agent, winning an exclusive mandate can be the key to your success in this highly competitive industry. It's a chance to work exclusively with a client and earn a commission on the sale of their property. However, standing out in a crowded market can be challenging. That's why we're here to provide you with valuable tips on how to win that coveted mandate.
In this article, we aim to provide real estate agents with valuable tips on how to win an exclusive mandate, especially those in Europe. So, whether you're a seasoned pro or just starting out, discover how you can increase your chances of winning a mandate and achieving success in the real estate industry. Before we dive into the tips, let's first define what we mean by exclusive mandate, as well as some other common terms.
Open or multi-listing mandate: a contract between a property owner and multiple real estate agents, allowing all agents to market and sell the property.
Joint mandate: a contract between a property owner and two real estate agents, granting agents the right to market and sell the property, but requiring the owner to pay a commission to the agent who successfully sells the property.
Dual mandate: means that the client has given permission to two agents to sell their property and the two agents split the commission.
Exclusive or sole mandate: is a contract between one real estate agent and a property owner, granting the agent the exclusive right to market and sell the property for a specified period of time.
Be sure to emphasize the benefits of a sole mandate when pitching your services to potential clients.
Securing a sole mandate is a powerful tool in your arsenal, as it allows you to give a property maximum exposure while also ensuring that all potential buyers are introduced to the home through a single point of contact. By having this exclusive relationship with the property owner, you can gain a better understanding of their needs and act in their best interest, increasing your chances of selling the property and earning a commission.
Tips to win mandates
1) Understand your client
Before you can win a mandate, it's important to first understand your client's needs and priorities. This can be achieved by asking the right questions, actively listening to their responses, and taking the time to get to know them on a personal level. By doing so, you can build a stronger relationship with your clients and tailor your services to meet their specific needs, ultimately increasing your chances of winning a mandate and closing the deal. So, make sure to prioritize understanding your clients and their unique circumstances, and you'll be well on your way to securing exclusive mandates.
2) Outline your skills
Now that you’ve gained a better understanding of their needs, priorities, and budget, you can tailor your services to meet the client’s unique requirements. Clarify their expectations by outlining what you can offer them and what they can expect from the process of working with you.
Focus on presenting a professional image and maintain a positive attitude when dealing with clients by being friendly, approachable, and enthusiastic about their property. To clarify the client's expectations, it's important to clearly outline what services you can provide and what the client can expect from the process of working with you. Provide your client with an attractive presentation that outlines your marketing plan and showcases the professional tools and features of Properstar that you can utilize to sell their property.
Here is an example of what a Properstar agent can use in their professional presentation:
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Wide reach: Properstar has a global reach, allowing you to showcase your client's property to potential buyers from all over the world.
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Advanced search filters: Properstar has advanced search filters that allow buyers to narrow down their search based on specific criteria, increasing the chances of finding a suitable property.
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User-friendly interface: Properstar has a user-friendly interface that makes it easy for buyers to navigate and find the properties they're looking for.
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Professional property listings: Properstar allows agents to create professional-looking property listings that showcase the property in the best possible light.
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Property analytics: Properstar provides detailed analytics about each property, allowing you to better understand the market and adjust your strategy accordingly.
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Social media integration: Properstar integrates with social media platforms, allowing you to promote your client's property on various social media channels.
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Mobile app: Properstar has a mobile app that allows you to manage your listings and communicate with clients on-the-go.
By highlighting these features, you can demonstrate to clients that you have the necessary tools to market their property effectively and reach a global audience of potential buyers.
3) Provide value-added services
As a real estate agent, providing value-added services can help you win mandates and ultimately close deals. One way to do this is by offering a realistic valuation of the property based on market conditions, location, and other factors. By providing an accurate and transparent valuation, you can build trust with your clients and help them set a reasonable asking price for their property. In fact, you can work closely with homeowners to provide a property valuation through Properstar. Offering advice on how to improve the property's appeal can also add value to your services. This could involve simple things like decluttering and cleaning – all the way to ideas about extensive renovations or staging.
An agent can win the favor of their clients’ simply by acting like a friend would: by being attentive, available, and empathetic. They can prioritize their clients' needs and concerns and be proactive in helping and guiding throughout the process. This can involve regular check-ins, responding promptly to messages and calls, and offering additional support as needed. They can also go above and beyond by offering personalized advice and recommendations based on their clients' unique situations and goals, and by being a trustworthy and reliable source of information and support. Overall, an agent can aim to develop a strong relationship with their clients, built on trust, communication, and a genuine desire to help them achieve their real estate goals.
As a real estate agent, you can win the favor of your clients by acting like a friend would. This involves being attentive, available, and empathetic towards your clients' needs and concerns, and taking proactive steps to aid and guide them throughout the process. Aim to be a trustworthy and reliable source of information and support, by responding promptly to messages and calls and maintaining open and honest communication. By following these steps, you can build a strong relationship with your clients that is built on trust, communication, and a genuine desire to help them achieve their real estate goals. We talk about more ways that you can connect with a property buyer in this article.
4) Offer competitive fees
It’s important to offer a fee structure that is in line with industry standards. Start by researching the fees charged by other agents in the area to get an idea of what is competitive, then offer a transparent and competitive fee structure that is easy for clients to understand. Be upfront about your fees and commissions from the outset, so there are no surprises later. By being transparent and offering competitive fees, you can build a reputation as a reliable and trustworthy agent who prioritizes their clients' needs. Providing excellent customer service and consistently delivering results can help you to build a strong reputation and further differentiate you from the competition.
Seal the deal
Understanding your client's needs and priorities, outlining your skills and experience, providing value-added services, and offering competitive fees are all crucial factors that can impact your ability to win exclusive mandates. As you gain experience and skill you will soon be winning mandates with confidence and expertise!
Signing a mandate with a seller provides both you and the client with benefits. The agent will be motivated to secure the highest possible price for the property, the contract facilitates a safer selling process, (as you can ensure that any prospective buyers are legitimate and serious about purchasing the property) and a mandate creates a moral commitment between the agent and the seller. A signed mandate encourages the agent to spend some of their advertising budget on the property with Properstar promotions, and the seller can avoid the risk of double commission. By going ‘above and beyond’ for your clients and consistently delivering outstanding service, you can stand out in a crowded market and win the trust and loyalty of your clients.
More about Properstar
Properstar is a real estate platform that connects sellers and buyers through an extensive network of qualified agents since 2018.
We offer innovative solutions to facilitate, simplify, accelerate and secure your clients' real estate projects, whether with our tools, our expertise or our support service. We operate in 4 markets (France, Switzerland, Portugal and Spain) in Europe and the United States.
Properstar's parent company, ListGlobally (2012), is a global leader in publishing online listings and works with over 100 property portals in over 60 countries, enabling agencies and developers to reach an audience of over 200 million potential buyers and investors.
