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Vendor Advocacy – Frequently Asked Questions

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BMT Valuers > Vendor Advocacy – Frequently Asked Questions

Do you need help with buying or selling?

Is the initial meeting normally free and without obligation?

For those who have property to sell, whether it is a house or investment property, there are many concerns involved. These concerns mostly deal with time and money. Selling property can be very time consuming, especially in today's economy when everyone is looking for the best deal available. This means that those who are buying want in-depth information about the property, and will take their time making a decision. After all there is a lot of money involved, and so such a purchasing decision needs to be made really carefully. Money is the other main concern. Those who are selling the property wish to get the best price possible, often over and above what they originally invested in the property. Most people will take into account the price that they paid when they bought the house, and any expenses that they made such as fixtures, fittings and renovations. There is also the realisation that using an agent is one of the best ways to ensure all matters are handled professionally and legally.

How can a Vendor Advocate help?

With the multitude of selling agents in the field, how can those selling know who will best represent their interests? These concerns have the added effect of creating stress for the seller, who most likely is already experiencing stress as this is a huge undertaking for most. What can be done to make selling property easier all around for the seller? Using a vendor advocate/vendor agent can make the selling process go much smoother and easier all around.

What else does a Vendor Advocate do?

He or she will work with the agent regarding the advertising of the property, as well as what to do once offers begin to come in. The vendor agent will also make sure the selling agent communicates in the manner agreed upon, with timely information reported on a regular basis. Also, when the offers do begin to come in, the vendor advocate will help the seller access the offers, along with helping to develop the terms and conditions of the sale. This may also be done in conjunction with the selling agent, to ensure that nothing is left out or neglected. One reason it's very important to have someone with the qualifications needed to select the right selling agent or agency for one's property, is because many real estate agents and agencies specialise in certain areas of real estate. While an agency might deal with all types of properties, many of the agents who work for them deal in certain areas, such as selling houses, or investment properties such as apartment buildings, or retail outlets. Not only that, agents will vary in terms of their marketing skills. A vendor agent can select one who has the right skills, and an appropriate database, for helping to sell the property at hand. By choosing the best agent or agency to work with one's property, the vendor advocate will ensure the best price is set and received for the property.

In brief, how would the role of a Vendor Advocate be clearly summarised?

By now, it should be clear that a vendor advocate is one who knows the real estate market as well as the agents and agencies in the field, and is able to work out an appropriate match for the seller and agent, as well as the potential buyers. A vendor agent also ensures that the seller's wishes are carried out for the sale of the property. Instead of the seller taking the time to make sure the agent is doing what is requested, the vendor advocate will do that work, freeing the seller from this stressful burden. From advice regarding what needs to be done to maximise the sale of a property, such as repairs or renovations, to advising on the best method of sale, a vendor advocate is a good team member. He or she will also give the property seller a good budget to work within, along with an objective market appraisal of the property, and help with selecting the best agent for the actual sale of the property. A vendor agents does the work of many, saving the seller time, money, and enabling the sale to be carried out relatively stress free.

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