We've all heard of selling agents and many of us are aware of buyer's agents. But what about vendor advocates?
What do they do? Who do they help? And most importantly, do you need one if you're selling your home on the Northern Beaches?
In this article, we speak with Anthony Butler from Anthony James about the role of a vendor's advocate and how they can help you get the best outcome for your property sale. Find out when to engage one, how much you'll pay (hint - it's free!) and how they get involved in the process.
Anthony, let’s start with the basics – what is a vendor’s advocate?
A Vendor's Advocate is an invaluable resource for sellers, offering assistance and guidance to ensure they make informed decisions throughout the property selling process.
We help with two main things. One, we facilitate the selection of the selling agent who will market and sell the property. This crucial step ensures that the seller is represented by an agent who possesses the right expertise and experience.
Two, we provide a supportive and knowledgeable presence, acting as a reliable sounding board for the vendor and answering any queries or concerns that arise during the selling journey. While sellers can always approach the sales agent for information, sometimes having an additional professional opinion can offer valuable insights and peace of mind.
Ultimately, our purpose is to assist individuals by offering expert guidance and being a dependable source of support throughout the entire selling process.
In your opinion, where in the process do Vendor Advocates add the most value?
Vendor Advocates offer significant value to the entire selling process but one of the main benefits is at the beginning when the home valuation is carried out.
Vendor Advocates conduct thorough home appraisals to provide owners with a reliable second opinion on the property's value. This step is crucial in ensuring that sellers have a realistic understanding of their property's worth.
This minimises the risk of agents exaggerating the property's value in order to win the listing. By partnering with a reputable agent, sellers can trust that their property will be marketed effectively and at a fair price, avoiding potential setbacks during the selling campaign.
This proactive approach saves sellers from enduring extended campaigns only to later discover the need for price reductions. With accurate pricing from the beginning, sellers can optimise their selling process and achieve better outcomes.
When should a seller consider engaging a vendor’s advocate?
If you lack knowledge of your local real estate market or don’t have any established relationships with local agents, then a Vendor’s Advocate can be helpful.
This situation often arises when sellers have recently relocated from another state or country and have had limited time to build connections with trusted agents in the area. Or perhaps they are an investment property owner who doesn’t live in the area.
When the time comes to sell, it can be hard for people in these situations to identify a reliable agent. Without existing relationships, the selection process can feel uncertain and risky.
Enlisting the services of a Vendor's Advocate who possesses extensive knowledge of reputable agents in the specific area becomes invaluable. Their expertise allows them to identify and recommend the best agents, ensuring sellers have peace of mind and confidence in their choice.
Should you choose a Vendor's Advocate who is local to your area?
It can certainly be beneficial to choose a Vendor's Advocate who specialises in your specific area. Their expertise allows them to differentiate between competent and less reliable agents, simplifying the selection process.
However, it's not always necessary for the Vendor's Advocate to be a local area expert. Their value also lies in their ability to ask the right questions and extract pertinent information from agents during the selection process.
So, while local expertise can be advantageous, it’s equally important for a Vendor's Advocate to possess the skill set of asking the right questions and obtaining relevant information. This ensures the selection of an agent is based on informed decision-making, regardless of whether the Vendor's Advocate is a local area specialist or not.
How much does it cost to use a Vendor's Advocate?
Utilising the services of a Vendor's Advocate is completely free for sellers. The Vendor's Advocate receives payment from the sales agent, typically in the form of a referral fee.
By leveraging this payment structure, sellers can access the expertise and guidance of a Vendor's Advocate without incurring any direct expenses. It ensures that sellers can benefit from professional support throughout the selling process without it impacting their financial outcome.
Is Vendor Advocacy only suited to expensive properties?
Absolutely not. The guidance and support provided by a Vendor's Advocate can be advantageous for any seller, regardless of the property's value.
People with high-value properties may be more inclined to use one as prestigious properties often pose greater challenges in accurately determining their value. But that doesn’t mean the service is limited to this end of the market.
Can you share some advice to help vendors choose a selling agent?
Absolutely. I think it's essential to look beyond the assumption that the agent with the most signboards and highest number of properties sold is automatically the best choice.
While their track record indicates competence, it doesn't guarantee they are the right fit for you. It's crucial to recognise that different sellers have different needs and preferences.
Plus, just because an agent might sell less than their competitor, doesn’t mean they’re no good at their job. Whilst some agents prioritise being the top seller in their area, others focus on maintaining a work-life balance, while still delivering excellent results.
So ultimately look for an agent who understands your specific goals and aligns with your values. Consider their communication style, responsiveness, and willingness to listen. A good rapport and mutual understanding are crucial for a successful working relationship.
Want to get in touch with Anthony? Head to https://anthonyjames.au/