Vendor advocates are a relatively new addition to the line-up of professionals working in the real estate industry. You might not even know what they do exactly, so here is some information about who they are and how they can help you in a property transaction.
Vendor advocates are best described as a middleman between you and the real estate agent. They can take a lot of the stress out of the selling process by dealing with the selling agent directly and ensuring that you’re not taken advantage of.
Here are the main services a vendor advocate will provide:
- They’ll negotiate the commission and advertising fees on your behalf.
- Evaluate the real estate agent’s marketing strategy.
- Advise you whether it is beneficial to go to auction or sell via private treaty.
- Evaluate whether you are asking a reasonable price for your property.
- Answer any questions you have and provide suggestions
Perhaps most importantly, they will keep an eye on the real estate agent’s performance, and make sure they are doing everything they agreed to and that they are providing you with the best service.
They will also keep in contact with you, providing you updates on what’s happening and any suggestions they have to improve the process. Think of them as your personal employee doing all the hard work while you sit back and relax.
How much do they cost?
The best part about vendor advocates is that most of them are free!
They prepare most of the sale before handing it off to a selling agent who handles the actual transaction. The real estate agent gives the vendor advocate some of the commission in return for doing most of the leg work. A vendor advocate make’s the selling agent’s job easier and cheaper, so most real estate agents are keen to work with them.
It’s good for real estate agents because they are converting more sales, and it’s good for you because you don’t have to pay a single cent!
Then why do I need a real estate agent?
Although most vendor advocates are licensed estate agents, you’ll still need a selling agent to handle the actual sale.
The vendor advocate is the agent on your side, making sure you’re getting the best deal and everything you need.
The vendor advocate prepares the sale, and the real estate agent finalises it. This streamlines the process and results in more overall sales for both parties. It’s a win-win for them, and a win for you because you have two people working for you – free of charge!
Ensure they are qualified
Before you engage any real estate professional, vendor advocates included, you should ensure they are properly qualified and have the necessary experience.
Licensed estate agents with selling experience are best because they understand the process of selling property from start to finish. They know how real estate agents think, and have experience dealing with buyers.
Ask for references and testimonials so you can verify the level of service they provide with previous customers.
More information on Vendor advocates service.