When I started as a Buyer’s agent, few people here knew what it was. It was widespread in North America, and most property sales were transacted using a listing agent and a buyer’s agent. The role of Vendor Advocacy is relatively new and unknown these days, so I want to explain how it works.
A Vendor’s Advocate is a project manager for your property sale. They help you sell your property and are involved from the initial strategic planning phase following the campaign through settlement day.
Like my time as a buyer’s agent, I now see the demand and acceptance of vendor advocacy taking a similar trajectory. Every time I work with someone as a VA, I see how they appreciate the service and its value to the transaction. Of course, it is not for everyone and suits some more than others.
Who Benefits
Most people get to buy and sell a property only a few times in their life, at best. Those who buy and sell a lot of property may not see the benefit. But even for those few, it sometimes works that they wish to delegate the job to someone who does it a lot.
Engaging a VA is especially useful for a vendor who is time-poor, absent from the location, unfamiliar with the selling process, unsure about selling or feels they need an experienced professional to help with this significant decision. How often do you attempt to service your car, diagnose your child’s illness or build your own house? Sometimes, engaging a professional in critical decisions is the most prudent decision.
The Process
Much like a selling agent, a VA will provide a market valuation of your property using comparative recent sales. Then, they will provide data and information on agents with a good track record and sales history. If you then choose to go to market, they help you select the right selling agent to best suit you and the property. Sometimes, a good personality fit is as important as experience and market share. Anyone with a long-standing relationship with a trusted agent should stay with that relationship, as that is valuable. Most people do not, and helping them get this part right is essential. A VA can also help if you wish to be an owner-seller or use one of the many new websites catering to DIY selling.
The Costs
Once selected, the VA and the listing agent work together throughout the marketing campaign. The VA takes a smaller share of the final commission and is a conjunction agent. Therefore, engaging a VA does not cost you any extra money – you get two agents for the price of one. One may ask if the delegated listing agent is always agreeable to this, and the answer is yes. Especially those who have worked with a VA before. They only have to worry about the buyer and find the workload satisfactorily diminished. I have always found it to be a harmonious working relationship.
Testimonial
I want to share this testimonial from a recent VA client with you. She owned a property in Byron Bay and had since moved to Sydney. She wished to sell it to buy a unit there. I helped her find the right agent, prep the property for the market, and oversee the marketing process to get her asking price. I also gave her advice on buying in Sydney.
“Michael was a blessing. He consistently provided sage, grounded, and clear advice with an understandable rationale.
Michael provided wonderful support and advice while preparing my property in Byron for sale. He linked me in with wonderful tradespeople who did an exceptional job on budget and on time, with no angst whatsoever. I live in Sydney and take great comfort in knowing that Michael oversaw the renovations.
Michael identified a best-fit agent to sell my property, again providing readily available support and guidance through the listing and negotiating of the sale process.
What stands out for me with Michael is his rare combination of vast experience in the field of real estate, his comprehensive, lived knowledge of the Byron area and, most importantly for me, his willingness to work at my pace to my priorities, always with respect, patience and kindness.
I cannot recommend Michael highly enough.”
Billie, Sydney
Downsizing Support
I found this recent article from the SMH a good addition to this topic. A Vendor’s Advocate can help downsize, sell, and buy. If you cannot download the full article, here is the synopsis:
Empty-nesters have the potential to ease the housing crisis by selling their large homes, allowing families with more people to move in. However, the Australian Housing and Urban Research Institute says emotional barriers can stop many people from moving. Professional downsizers can help with big moves later in life, and a recent downsizer thinks it can be a “fantastic decision”.
Podcast
Here is an excellent podcast and video about Vendor Advocacy as well.
If you want a no-obligation, no-cost consultation about the future sale of your property, call or email to make an appointment.
Michael Murray | 0428 5555 | michael@byronpropertysearch.com.au