Vendors Advocacy: The Essentials

01 Dec 2021

Vendors Advocacy is a term that not many people are familiar with. But, over the last decade it has become more common as buyers choose to want to take the stress out of purchasing a property.

 

What is Vendors Advocacy?

Vendors Advocacy, is a service traditionally carried out by a Buyers Agent or Buyers Advocate to assist their client with tasks like the divesting of a property, being the middleman between the Selling Agent and the Client to help navigate the property market, the marketing strategy, the price and even negotiations.

Selling a property can be a stressful process, especially when you aren’t selling property every day. You may have questions that go unanswered, or questions you didn’t know to ask until the property has sold. This is where Vendor Advocacy kicks in.

 

Being 100% independent from selling agents, Buyers Agents are in the market day in and day out, inspecting and purchasing property, so we know what selling agents to buy through and what selling agents you would want to sell through.

 

What are the essentials?

 

The essentials of Vendor Advocacy start before you even think about appointing a selling agent to represent yourself and your property. 

Let’s take a quick look below:

  1. You should have your Vendor Advocate ready and in your corner – They will be able to personally inspect the property and give you recommendations on what buyers look for. They can also advise on any maintenance items that should be attended to, or that may be picked up through a building and pest inspection.
  2. After the personal inspection – Your Vendor Advocate will be able to give you a valuation of the property and what it would likely sell for in the open market. Remember – as Buyers Agents, we are pricing property daily, so it will be a fair market appraisal rather than a selling agent potentially “Buying the Listing”.
  3. Shortlist and interview – As Buyers Agents, we work with Selling Agents on a daily basis, therefore we know the agents that are good at marketing, communication and negotiation.
  4. Marketing – Once a Selling Agent is appointed, they will be able to talk you through (with our guidance) on the best marketing strategy for your property: whether it be Private Treaty, Auction, Level of listing on realestate.com.au, Photo Packages, Staging Furniture and the list goes on.
  5. Negotiation – Once your property is live, the enquiry will start to flow, open homes will commence and then come the offers and negotiations. We will be in your corner, giving you independent, unbiased advice. Remember we are not driven by commission, so we will not pressure you into accepting the first offer that comes in. It is not always about price: terms and timeframes may also play a factor into the reason you are selling, so it is good to look at the offer in full, and not just the number.
  6. Solicitors & Financiers – You should have your solicitor ready to go along with any financial institutions you will need to keep informed along the way. We recommend informing them prior to listing your property. Once you accept a contract of sale, send this to your solicitor and financial institution to find out what more needs to be done in order to progress through to settlement.
  7. Settlement – Once the buyers conditions have been met (pretty standard terms are Building & Pest Inspections and Finance Approval Clauses) the property will go unconditional, the next step is to await settlement.

 

Do you need a vendor Advocate to help you through the property purchasing process? Contact the friendly and professional team at Hot Property, the leading Buyers Agents in Brisbane to find out more!


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