You’ve heard of buyers’ agents and buyer advocates, no doubt. A vendor advocate is someone who has a real estate agent’s licence and who guides sellers through the selling process and protects the sellers’ interests.

In this article, I’ll run through how vendor advocacy works and what you need to do to become a successful vendor advocate.

What does a vendor advocate do?

First and foremost, a vendor advocate helps sellers and protects their interests. To achieve this all-important goal, as a vendor advocate, you need to have a sound experience and knowledge of how the real estate sales process works. You need to choose the right agent, deliver unbiased advice, deal with emotions, and advise clients on making good decisions.

Key functions of a vendor advocate

  1. Choose the right agent

When choosing a sales agent for your client, you want to choose one who:

  has an excellent reputation for pricing properties fairly, and not inflating the price to secure a client’s business.

  can demonstrate excellent market knowledge.

  has a clear marketing strategy.

  can explain the value clients get from their services, not simply offer the lowest commission.

  has a good track record of selling properties and achieving above-market prices.

  has excellent negotiating skills.

Your role as a vendor advocate is to ensure that you find the best fit for your client and ensure that you protect their interests.

  1. Offer transparent and unbiased advice

As a vendor advocate, you can remove your clients from the selling process to the point where they don’t even need to deal with the real estate sales agent if they choose. Your primary role is to view the sale process dispassionately to ensure that the agent is delivering the best outcome for your clients.

  1. Deal with emotions

Real estate sales agents have a clear focus: to sell the property, which means they receive a commission. Many don’t have the skills or experience to deal with complicated emotions.

Sad to say, there are two key situations where the role of a vendor advocate is a godsend.

Divorce

Divorce is rarely ‘amicable’ despite the press releases; at least, not where money is involved. Your role as a vendor advocate is to offer impartial feedback and advice so both parties feel heard, and ensure the sale of the property will benefit both parties.

Deceased estates

An estate sale often involves several people, all of whom have a stake in the sale. In our experience, this can get complicated. Your role as vendor advocate is to balance the needs of the stakeholders. Also, for the sale of a deceased estate, it’s important that you help the seller prepare by ensuring that probate has been granted, and transfer of ownership has occurred. Your advice as a vendor advocate might also include choosing the method of sale (auction is a more transparent method and could avoid challenges later) and advising on the proposed marketing schedule 

  1. Offer market advice

As a vendor advocate, you should be easily able to gauge the temperature of the market and interpret the selling agent’s pricing recommendation. .

Learn more about a vendor advocacy career with Property Mavens

We are currently oversubscribed with sellers needing our help. Talk to us at Property Mavens about a career with us as a vendor advocate.