You may be familiar with buyer’s advocates, who support potential buyers in finding and buying properties. But are you aware of vendor advocates – also called seller’s advocates – who try to simplify the property sale process?
A vendor advocate might be useful if you’re short on time, selling a property as an investment, need to close the deal quickly, or just want the security of a real estate expert. In order to attract potential buyers and increase your sale price, experienced advocates also have the connections to ensure that your home is advertised and presented in the best possible way.
A vendor advocate is like project manager for selling your home. Stressed or time poor? This might be just what you need.
The duties of a vendor advocate
To reduce stress and time during the sale process, a qualified advocate can perform these activities for you.
Agent meetings
Agents working close to your location are usually well-known to seasoned vendor advocates. Since many also serve as buyer advocates, they might be able to offer insight about which brokers can negotiate more aggressively.
Typically, a vendor advocate will set up meetings with a number of agents who will evaluate the property, provide an assessment, and recommend advertising and sales tactics. An advocate can assist you in choosing the right agent for your property, whether it be for an auction sale or a private sale.
Negotiating sale activities
Your chosen agent might suggest advertising costs, staging and commission amounts. Advocates might offer you much-needed industry advice. They can question some of the advertising strategies and even negotiate a lower agent commission.
While some agents would advise auctions, others could believe that a private sale or sell-by-date strategy will be more successful. You always have the last say, but an advocate could have an opinion based on past experience and sales in the area.
Listing on Domain and Real Estate apps is only one aspect of marketing your home. A part is played by photography, print advertising, brochures, and even a “For Sale” sign. All of these sales tools can be monitored and approved with the assistance of your advocate, presenting the property in the best light.
Contacts in the trades
How challenging is it to find a tradesperson today? It’s not at all difficult for a knowledgeable vendor advocate.
Your advocate will evaluate your property and make any recommendations they feel would increase the appeal of your home. They are looking for anything that can put off a potential buyer with fresh eyes.
Advocates can set up the necessary trades if you decide to move forwards with any repairs or cosmetic alterations. They frequently jump the line to give your work top priority because they typically have a small number of favoured suppliers.
Putting your home on display
Your style may be impeccable and your furniture oh-so-chic… However, a vendor advocate can bring in the stylists if such is not the case. Any sort of property can gain a sense of space and class by getting rid of the 1970s clown paintings and the dusty sherry glasses.
Using your agent
Once your home is up for sale, vendor advocates keep in regular communication with the agent and update you on any offers that might be made, interest in the property, and the number of people or groups who have viewed it.
Additionally, they will support you as you negotiate offers. Keep in mind that the advocate represents you alone, whereas your agent acts as an intermediary between sellers and purchasers.
Check the costs up-front
There’s no set way an advocate makes a living. Make sure you are aware of the fees up front.
Although many vendor advocates have a deal with the agent to split the commission when the property sells (meaning their service is free for you), advocates may charge a fixed fee for their services. Many sellers find the shared-commission model appealing because there are no significant out-of-pocket costs. Keep in mind that using this method limits your ability to haggle over the agent’s commission. Plus, of course, you still need to pay for any staging or repair work done by external trades.
Contact us
Make an appointment to speak with one of our mortgage brokers before starting your transaction if you’re selling.
Our knowledgeable and experienced brokers can provide you market advice and give you real estate information that will show you how much your property is worth.
Additionally, we can connect you with local advocates for vendors (and buyers) who can reduce the inconvenience of your real estate transactions even further.
Contact us right now for more no-cost insights into buying and selling.