Selling your property can be a stressful and challenging process, but with the right support it can also be a rewarding one.

Here’s a brief guide to understanding and leveraging Vendor Advocacy services in Melbourne:

What is a vendor advocate?

A vendor advocate is a skilled professional dedicated to streamlining and optimising the property selling experience.

Serving as a strategic advisor, the vendor advocate guides sellers through every facet of the real estate transaction. 

This encompasses tasks such as deciding the best time to put the property for sale, understanding market value, assessing and selecting agents, negotiating fees, marketing strategy, and safeguarding the seller’s objectives throughout the sales process. 

By leveraging their expertise, vendor advocates empower sellers to make informed decisions and achieve the most favourable selling outcome.

Why should you consider using  vendors advocate?

Expert Market Knowledge:

A vendor advocate brings in-depth knowledge of the real estate market, ensuring your property is positioned competitively for a successful sale.

This knowledge can help you make better decisions around timing the sale of your property, and working out a fair market price to sell the property. 

The real estate agent may have conflicting interests and opinions on the sale of the property.

Whereas the vendor advocate acts as a third party, helping you make independent and informed decisions. 

Strategic Pricing:

Leveraging their expertise, a vendor advocate can help you determine the true value of the property. 

Effective Negotiation Skills:

With skilled negotiation tactics, a vendor advocate will work with the real estate agent to help negotiate the best possible price and terms on your behalf.

Time-Efficient Process:

A vendor advocate streamlines the selling process, saving your time and ensuring a smooth and efficient transaction from listing to closing.

They’ll help you save time by selecting the right agent, co-ordinate with other third parties and ensure the whole sale process goes through smoothly.

Marketing Expertise:

Utilizing their marketing know-how, a vendor advocate employs effective strategies to showcase your property, attracting potential buyers and enhancing its market visibility.

They can make recommendations on how to improve the overall appeal of the property, helping you maximise your property’s value in the market.

Stress Reduction:

By handling the complexities of the selling process, a vendor advocate alleviates stress, allowing you to focus on other aspects of your life during the sale.

Maximizing Returns:

Ultimately, a vendor advocate works towards maximizing your returns by optimizing the sale process and securing favorable terms for you.

Cost savings:

Most vendor-advocacy services come at no additional cost to you. Their commission is usually shared with the real estate agent. 

A step-by-step guide to using a vendor advocate in Melbourne:

1. Assess your needs

Before embarking on the selling journey, clearly define your goals and expectations. 

Consider your ideal sale price, time-frame, and any unique features of your property that can be highlighted.

2. Research Vendor-Advocacy providers

Take the time to research and select a reputable vendor advocate. Look for a team with local expertise and expert market knowledge.

It’s a good idea to speak to about 3 vendor advocates to see who the best fit is for you.

3. Initial consultation

When you meet with your vendor advocate, you should discuss your time-frames and goals and what your most desired outcome is.

Your vendor advocate will advise you on current market conditions and help you decide on the right time to sell your property.

4. Market appraisal

Your vendor advocate will inspect your property and provide you with an accurate market appraisal of the property to help inform you of its true market value.

They’ll make any recommendations as to any property renovations, repairs or general maintenance to maximise the appeal of your property. 

A good vendor advocate will help you determine the most cost-effective and value extracting solutions for your property.

5. Agent selection

Your vendor advocate will help you select a real estate agent who aligns with your goals and has a strong track record in your local market.

They’ll interview a short-list of agents to determine the best fit to help sell your property.

Once an agent is decided they’ll negotiate the agent’s commission on your behalf.

6. Marketing Strategy and Presentation

After an agent is selected, it’s time to select the most appropriate marketing strategy to help sell the property based on your goals.

This could be through an auction, private sale, expression of interest or off-market sale process. 

Your vendor advocate will liaise with the agent and other third parties, including tradespeople and property stylists. 

They’ll also liaise with your conveyancer to help prepare the contract of sale and section 32.

7. Campaign management

Your vendor advocate will communicate with the agent on a week by week basis to track the campaign of the property. 

They’ll help manage the agent and provide you with detailed buyer feedback.

Your vendor advocate will also guide you through any negotiations with the property and help you set a reserve price for your property.

8. Post-care support

Your vendor advocate should also help ensure contracts are signed correctly. They’ll liase with your conveyancer to ensure the settlement process goes through smoothly.

They’ll also be there for you to answer any questions post-sale.

By enlisting the services of a Vendor Advocate, you empower yourself with a dedicated partner focused on achieving the best outcomes for your property sale. With their expertise, you can navigate the Melbourne real estate market with confidence and ease.

How much do vendor advocates cost?

The cost of vendor advocacy services in Melbourne can vary depending on several factors. 

Factors that can influence the cost of vendor advocacy services include the property’s value, the complexity of the sale, the level of service provided, and the specific terms negotiated with the vendor advocate.

The fees for these services are often calculated as a percentage of the property’s sale price or a fixed fee.

In Melbourne, vendor advocacy fees can range from around 1.5% to 2.5% of the property’s sale price, but this can vary. Some vendor advocates may also charge a flat fee for their services. It’s essential to clarify the fee structure and services included before engaging a vendor advocate.

This fee is not in addition to the selling agent’s commission, rather the commission is shared with the real estate agent – often in a 50:50 split.

For example:

Property Sale Price: $1,000,000
Total Commission (2%) including GST: $20,000
Agent commission portion: $10,000 (50%)
Vendor advocate commission portion: $10,000 (50%)

We’d recommended contacting different vendor advocacy firms, discussing your specific requirements, and obtaining quotes based on your situation. Keep in mind that fees and services can vary between different providers.

Property Skills Vendor Advisory Services

If you’d like to learn more about how we can help you with the sale of your next property, click the link below to view our services page.

From there you can book a free chat with us to learn more about the process and to see if we’re the best fit for you.

Property Skills Vendor Advocacy Services

Property Skills also provides buyers with assistance as well

If you’re looking to purchase your next property in Melbourne having a buyer’s advocate on your side can make for a smooth and rewarding journey.

Find out more about our advocacy services below:

Property Skills Buyers Advocacy Services