The property boom in Australia makes it a good time to sell. And finding the right real estate agent who will help you sell your property is, among other things, the job of a vendor’s advocate in Melbourne.
You may ask: do I need a Vendor’s Advocate? Having sold properties both with and without a real estate agent, and with a VA, we’d say you do. Anyone who is selling a property needs a vendor’s advocate.
It’s not an expensive hire. You don’t pay anything extra. The Vendor’s Advocate usually shares a fraction of the Real Estate Agent’s commission. And their roles and responsibilities expand to include a host of benefits for you.
A real estate agent will help you find the right buyers. They’ll place an ad online. They’ll show potential buyers through the property and they’ll negotiate a price. They have the fiduciary obligation to give you the best results possible.
But not all real estate agents are created equal. Some will be easier to work with than others. Some will have a larger portfolio of sellers to match with you. If there’s a specific neighbourhood you’re looking at, you’ll want to find an agent who is experienced with that neighbourhood. The task of finding the right pool of buyers to get you the best price is the job of the Vendor’s Advocate you retain.
Also, the process of selling your property begins long before you find a real estate agent and goes beyond the agent’s tasks. That’s where the Vendor’s Advocate comes in to make your life easier, guide you, and save you money.
Here’s a look at the responsibilities that come with the role of acting on behalf of the property seller, that is, you.
Getting Your Property Ready For The Market
The initial stages of selling a property come with getting your house ready to sell. This means decluttering and thoroughly cleaning the property. It means scrubbing bathroom and kitchen tiles, cleaning hardwood floors, steam cleaning drapes and carpets, getting rid of dust bunnies, repairing holes and cracks, painting interiors neutral shades, etc.
Preparation for the market can seem like a bothersome process, with many little things to take care of. A Vendor’s Advocate will ensure everything gets done. They’ll check off boxes on the list of things to be done, while you take care of other priorities.
Matching You With The Right Real Estate Agent
The next thing to do is to look for a real estate agent who knows buyers best suited for your property. We’ve already spoken about this at length. But one final mention to make on the subject is the matter of experience versus gut feel. More often, the right estate agent for you is someone who works for you and with you. In other words, someone who is real and relatable.
When you make your needs clear to the Vendor’s Advocate, they should be able to guide you in finding an agent you trust.
Guiding Selection Of The Type Of Sale
How do you want to sell your property? Do you want to auction it? Do you want a private listing? A choice between these options is usually made based on the intensity of demand. Auctions are great because there are deadlines, so the sale campaign is shorter. Vendors love auctions. But if demand is not enough to expect two or more serious bidders, a private listing may be a better option.
There’s also the option to hold an off-market sale. Instead of listing the property on multiple listings, you can test the waters by spreading the word through the broker’s network.
Your Vendor’s Advocate will guide you into making the right choice of type of sale, under the circumstances. They are committed to getting you the best possible results in this planning stage.
Coordinating The Legal Side
The sale of your property is regulated by state legislation. You must prepare a Contract of Sale as well as a Vendor’s Statement to hand out to interested buyers. There are specifics of drawing up these documents that the Vendor’s Advocate will handle for you.
They will know what Victoria regulations are in the process of selling property. For instance, if you’ve built the house yourself or hired a contractor for the job, there are specific legal requirements to consider.
They will guide you through all the details to be included in the Contract of Sale. These tend to include details about the price, address, and title of the property, fittings, fixtures, or chattels sold with the property. You’ll have to include any special conditions that you and the buyers agree with. Different states have different rules, so your Vendor’s Advocate will make sure your Contract of Sale and Vendor’s Statement follow Victoria’s regulations.
For instance, in Victoria, you’ll need to disclose details on zoning, council information, available utility connections, and water.
Arranging Property Staging
Property staging is the process of preparing a first impression that counts. You’ve already cleaned and decluttered your home. Now you want to present your home in the most effective way to potential buyers. Styling your home to maximise sale value by showcasing unique features etc., will help to sell it better. Your Vendor’s Advocate will help you through the process so you can stimulate a faster sale.
Planning Marketing Placement And Spend
The timing of market placement is crucial if you want to get the most value for your property. You have to come up with a strategy for when to sell. Is it a “hot” market where a low inventory and eager buyers are driving up prices? What are the pitfalls of selling in such a market?
Also, where and how should you advertise your home and how much should you spend on marketing? These are questions the Vendor’s Advocate will help you answer.
If you’ve received several offers, you’ll have to go through them in a short period. The Vendor’s Advocate will help you review the offers and advise you on the best offer for you. Offers aren’t what they appear at first sight. Sometimes, buyers aren’t able to rise to the offers they make. A good seller’s advocate will be able to get a feel for the buyer’s solidity and ability after speaking to the buyer’s agent.
Negotiating On Your Behalf
The Vendor’s Advocate will also negotiate on your behalf. They will work with you and the real estate agent and open dialogue with the buyer. They will extend your counteroffer if you aren’t happy with the initial offer. Negotiations can take a day or two. A Vendor’s Advocate will be on your side through the process.
Selling a property is something we do only a few times in our lives, unless we’re Real Estate Agents or Vendor’s Advocates, of course. We often don’t have the experience or time to manage all the administrative and financial aspects of the transaction. The process gets stressful when we don’t find an agent that suits us. It makes sense for you to hire a project manager who knows what to do.
Vendors Advocacy helps to keep the process of selling your property hassle-free and profitable for you. For your next property sale, try leaving it all to someone who will have your best interests in mind.