A competitive mandate is effectively an open mandate whereby:
- All agents may work the property – i.e. not exclusive to one agency or network.
- The seller typically has a net price and agents add their commission on top of that to obtain a market price.
- The agent has no obligation to the seller with regards to marketing or advertising the property
- the seller may sell the property privately.
- The seller will typically negotiate a lower commission rate with the agent.
There is always potential to convert these mandates into sole mandates provided we have a good competitive advantage.