Vendor advocates are a newer addition to the real estate world. For those outside the industry, a vendor’s advocate’s exact job, their value and what they bring to the table that’s unique, may all be a mystery.
The best way to explain a vendor’s advocate is to call them a middleman who works between you and the real estate agent. They are intended to make the job of selling a property easier and can help you retain your peace of mind.
What A Vendor’s Advocate Provides:
Here are all the services a vendors advocate can provide for you during the selling process:
- They negotiate commissions and advertising fees for you.
- They answer any questions you may have on the process.
- They can evaluate if you’re asking a good price for your property.
- They can help you decide on auction or private sales.
- They will evaluate the realtor’s marketing strategy.
- They will keep an eye on the real estate agent and keep them honest.
- They can remain in contact with you about the process.
- They are employed by you for your personal services.
How Much Do They Cost?
The coolest part about vendor advocates is that you don’t have to pay for them.
This is because the real estate agent gives the vendor’s advocate a percentage of their commission in return for doing most of the leg work. Real estate agents are largely happy to do this, as they make realtors’ jobs easier, making their jobs much easier overall.
Regardless, because it’s free for the seller, you get a great deal.
So Why Do You Need a Real Estate Agent?
This is because both a real estate agent and a vendor’s agent do different jobs. A vendor’s advocate is often someone who is a licensed estate agent, but they still need you to work with selling agents to handle the actual sale.
So, the vendor’s advocate prepares the sale, and the real estate agent finalises the deal. This makes the process far more streamlined and results in more overall sales for both parties. Overall, it’s a win for everyone, as you have two people working for you, and both on your side.
Ensure They Are Well Qualified
Before you look into signing contracts with any real estate professional, and this includes vendor advocates, you should make sure they are well-qualified and have all the right experience.
Licensed real estate agents with prior selling experience make for the best vendor advocates as they already know the world they exist in and know how real estate agents work and know what buyers want too.
On top of this, it’s important to check for testimonials, references and past work before you make a decision.
Some FAQs About Vendor Advocates
How often do vendor advocates update clients?
Anytime you need an answer to a question, you can contact your vendor’s advocate. This can be daily, or weekly, depending on what you need. But their overall goal is to help you feel safe and secure in your decisions, so ask away!
Does a vendor’s advocate help value the home?
If you want, they can. They will request the real estate agent to present comparable sales to verify their pricing and can even get third-party opinions if required.
Are there only certain real estate agents vendors advocates work with?
Some do work with certain agents for certain areas, but they should be willing to choose the best agents for their personal needs.
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