What does a Vendor Advocate do?
Vendor advocates are an often misunderstood part of the property market. This might be because they are a relatively new addition to the line-up of professionals who work in the property market.
The good news is that Vendor advocates are beneficial for people selling a home. They are essentially a middle-man between a seller and the real-estate agent, and most of them don’t charge the seller a fee.
To work as a vendor advocate, or any property agent, you must be licensed and registered. Professional vendor advocates have only been around for a few years, but they play and essential role in the property market by representing sellers independently.
A vendor advocate basically helps someone sell their home, and acts on behalf of the seller rather than the real-estate agent. Perhaps the best thing they do is ensure that the real-estate agent is working in your interest and doing everything they can to market your property and attract offers.
What services do they offer?
A good Vendor advocate should do the following things:
- Provide advice and guidance on finding the best real-estate agent
- Help you negotiate commission fees
- Selling strategy advice
- Evaluate if your property is best suited for private sale or auction
- Provide a market appraisal of your property and establish a price range
- Evaluate offers from buyers
- Keep the real-estate honest
Vendor advocates will do a lot of the things that real-estate agents traditionally handle, so they are essentially acting on your behalf and choosing which real-estate agent is best to carry out your deal. Think of them as your personal assistant for the property transaction and someone you can rely on to answer all your questions.
Vendor advocates are also good for real-estate agents because they do most of the leg work for them, and the real-estate agent just has to funnel offers through to the seller. Most real-estate agents are keen to work with vendor advocates because they can close more deals this way, with minimal effort.
How much do they cost?
The best part is that most vendor advocate don’t charge a fee and instead make their money from the real-estate agent. They take a cut from the real-estate agent’s commission, so it is in their best interest to ensure you get the best deal.
It is important to find a vendor advocate with a good reputation and a proven track record. Before engaging one, ask for references or past sales records. Don’t be afraid to call up some of their past clients and ask how satisfied they were with their service. An experience agent will be knowledgeable and be able to give you good advice that will get you the best possible outcome.