All you need to know about real estate mandates
A mandate is an essential document that creates a link between the owner and a real estate agency, whether for the sale or rental of a property in Mauritius. This contract defines the conditions under which the agency is authorized to market the property, and frames the relationship between the parties.
What is a real estate mandate?
A real estate mandate is a contract signed between a seller or lessor and a real estate agency. It gives the latter the power to sell or rent a property on his behalf, according to precise conditions: duration of the mandate, price of the property, agency commission, terms of termination, etc.
What are the different types of mandate?
There are three main categories of real estate mandates:
- Simple mandate: the seller/lessor can entrust the sale/rental to several agencies and sell/rent his property himself. This mandate offers great freedom, but can slow down the sale/rental process, as several agencies may offer the property at different prices, confusing buyers/renters.
- Semi-exclusive mandate: the seller/lessor can sell/rent his property himself, but cannot use another agency.
- Exclusive mandate: the seller/lessor entrusts the exclusive sale/rental to a single agency for a specified period. This agency is the only one authorized to sell/rent the property. This type of mandate strongly motivates the agency to invest in promoting the property, which generally speeds up the sale and optimizes the price obtained.
What type of mandate should I choose?
The exclusive mandate is the most attractive because it offers several advantages for the owner:
1 - The agency is more motivated to sell/rent quickly and at the best price, as it is sure to receive a commission if the sale/rental is concluded.
2 - The agency can invest in targeted marketing actions (advertising, online ads, billboards) without fear of direct competition from other agencies.
3 - Exclusive mandates are often limited in time, allowing you to reassess your strategy if the property doesn't sell/rent quickly.
4 - Some agencies share a common file of buyers and tenants, which increases the chances of finding a buyer quickly while maintaining a single contact.
When it comes to selling or renting a property, choosing the right type of mandate is crucial. Although the exclusive mandate may seem restrictive, it guarantees superior efficiency thanks to the agency's total involvement and optimized marketing. The simple mandate offers greater flexibility, but can lengthen sales times. In all cases, it is advisable to use a registered and professional real estate agency, capable of defending your interests and securing the transaction.
For more information, contact your real estate agency:
DECORDIER immobilier Grand Baie
Phone : +230 268 2828
E-mail : contact@decordier-immobilier.mu
Website : www.decordier-immobilier.mu