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10 reasons to use a VENDOR’S ADVOCATE
BUY SELL MANAGE
A Synergy vendor’s advocate offers objective advice to make the selling process easier for you – helping you develop the best strategy to achieve the best possible price for your property. 1. Vendor advocacy comes at no additional cost to sellers Lots of people think using a vendor advocacy service involves a fee like buyer advocacy, but the service comes at no additional cost to the client – the vendor advocate fee is taken out of the agent’s normal commission and is negotiated between Synergy and the selected agent.
2. Save time and stress Unless you have the time and energy to bury yourself in research for months, it can be incredibly stressful trying to read the market conditions and implement a strategy to get the best price for your property... let alone researching and managing the real estate agent.
7. Benefit from hands-on campaign management Vendor advocates bring experience and insight to campaign management and can often anticipate obstacles and find remedies before it’s too late. A good vendor advocate can read between the lines and recognise issues in advance if the campaign isn’t going well – advising the agent and client accordingly of any changes in strategy that may need to be implemented throughout the campaign.
8. Independent advice on presentation Vendor advocates will tell you exactly what needs to be done to broaden the appeal of your property whereas many agents are reluctant to give their true opinion for fear of offending the owner and losing a client.
3. Get current market expertise on your side
9. Support on auction day
Most people will sell four or perhaps five properties in their lifetime, but every time you sell the market is different. Using a vendor advocate means you benefit from professional, up-to-the minute market knowledge and first-hand experience of current market conditions.
Auction day can be nerve wracking and daunting but a vendor advocate will supervise the auctioneer, give recommendations on the reserve, structure vendor bids and be involved in any negotiations.
4. Find the right agent within the right real estate agency Vendor advocates interview potential agents, establish sales objectives, oversee the entire sales campaign and act as the day-to-day contact between agent and vendor. They also make sure your account is handled by the most motivated and suitable agent for your property within the agency.
5. Get better value from your advertising investment A vendor advocate will provide advice on the most effective advertising for your property which may not be the one-sizefits-all model that often benefits the agent’s own profile.
6. Receive independent and accurate advice on pricing A vendor advocate will extensively research comparable sales and market value in your area to provide independent advice on pricing, which sets the foundation for a solid sales campaign.
10. Achieve your optimal sale price When it comes to the bottom line, vendor advocacy can help to achieve an optimal sale price. Over a twelve month period, Synergy’s vendor advocacy service has achieved sales prices that are, on average, 12-15% higher than comparable sales.
Read about some of our clients’ experiences Commercial icon sold above reserve in Glenferrie Rd The sale of the iconic commercial site, formerly a family-run petrol station, at 569 Glenferrie Rd, Hawthorn required a comprehensive campaign strategy complete with vendor due diligence, environmental surveys, a sworn valuation and extensive media coverage.
Architectural award winner sold for record price in East St Kilda This stunning, award-winning property was home to architects Rosa and George of Coy and Yiontis architects who took inspiration for their design from classic American architecture of the 1950s. We recognised immediately that this stylish three-bedroom home was a unique property that required a strong marketing campaign to highlight its timeless features. We organised with the local agents to run feature articles in all media which was enormously successful – the first open for inspection attracted more than 30 groups, a rarity for a Sunday! Interest remained strong throughout the campaign and we achieved an impressive record price for the property type.
Throughout the campaign we worked collaboratively with the vendor, his solicitor, his accountant, the real estate agent and environmental scientists to make sure we had all our bases covered. The 1,310sqm property was zoned Residential 1 and it was the first time it had been on the market in 50 years. As a prime development site we knew we’d be dealing with some of Melbourne’s savviest buyers each of whom wanted to negotiate on their own terms. After some tough negotiations we achieved a great result with a sale above reserve and within our target price zone.
Lightning-fast sales success in Caulfield One of our existing property management clients recently asked us to help sell his investment property. After viewing the property with local agents, we recommended that the property be sold through private sale rather than at auction. The tenant was happy to assist, keeping the property clean and tidy throughout the inspection period. The campaign was a huge success – we received an offer for the property within a week of the sales campaign starting, after only two open for inspections! The offer was well over the asking price, but to ensure that we covered all bases we asked the agent to contact all interested parties before the owner accepted the offer. The agent asked all interested parties to submit their ‘best offer,’ which resulted in the owner achieving a sales price that was well above the initial asking price. Settlement was negotiated and the new owner decided that they would keep the existing tenant in the property and asked Synergy to continue to manage the property.
If you or someone you know is thinking of selling, call us for advice: (03) 9827 3355
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Suite 206, 9-11 Claremont Street, South Yarra Victoria 3141 P +61 3 9827 3355 F +61 3 9827 6155 enquiries@synergybsm.com.au synergybsm.com.au
BUY SELL MANAGE