Vendors confused about which agent to select are turning to comparison websites to find well-regarded agents. But there is already a service which does this and much more for the vendor at no extra charge: Vendor Advocacy.
Choosing a service in a crowded market place is one of the biggest frustrations for customers. Comparison websites that compare and rank businesses or services have become the first stop for consumers to help find the best option for their needs. These websites filter the available options based on data entered by the user, making it easier to decide which business or product to select. They’re widely used across many industries, including insurance, finance, and hospitality.
It’s no different in the real estate industry. One of the hardest decisions vendors (home owners selling the property) need to make is choosing a Selling Agent. Out of the dozens of agents in any local area, who will get the best result? Who will best represent the vendor’s interests? How can the vendor negotiate the most favourable commission and fees for them?
As a result, Real Estate comparison websites that rank estate agents have become more prevalent in the market place. The sites compare a selection of local agents for prospective vendors, producing a shortlist of the highest ranked agents in that area. But that’s where the service stops.
There is actually a service that does much more for the vendor: Vendor Advocacy.
A Vendor Advocate is an independent advisor who guides the vendor throughout the sale, coordinates all elements of the campaign, and acts as a liaison between the vendor and the Selling Agent.
One of the biggest responsibilities of a Vendor Advocate is to organise and oversee appraisals of the property from a selection of Selling Agents within the area. The vendor will then make the final decision on which agent is selected based on the Advocate’s recommendation.
Comparison websites provide a guide for the vendor, but an algorithm cannot drill down to the level of detail required to find a quality Selling Agent. A Vendor Advocate can. They can fully assess the Selling Agents appraisal, taking into account the proposed fees, quoting ranges, their track record of achieving the highest result for the client, as well as using their years of experience to inform their recommendation.
They also make the phone calls to the unsuccessful agents, saving the Vendor from doing it themselves.
As a result, Vendor Advocates are becoming more and more popular because they do everything for the vendor, not just helping to find a Selling Agent. In fact, the service has become so popular that active NPB Vendor Advocate clients has actually increased 600% in the last financial year.
So how does the Vendor Advocate service compare to the comparison sites?
We break it down:
|Vendor Advocacy||Comparison Websites|
|Deals directly with the Selling Agent throughout the whole sales process so vendors don’t have to||Yes||No|
|Oversees the shortlisted Real Estate Agents property Appraisal process||Yes||No|
|Negotiates the agents commission and marketing fees||Yes||No|
|Advises on the best method of sale – Private Sale, Auction, etc||Yes||No|
|Personalised advice on advertising and marketing||Yes||No|
|Acts as the central point for all sales campaign information, such as client offers, etc||Yes||No|
|Attends and provides support to the seller on auction day||Yes||No|
|FREE of charge to the Vendor||Yes||Yes|
|Discloses commission share with Selling Agent||Yes||Yes|
As you can see, Vendor Advocacy offers a complete service, guiding, advising, and supporting vendors throughout the entire sales campaign, going well beyond just agent selection.
A comparison website may provide a guide to the most reputable agents in the area based on statistics, but the vendor still needs to take the time to assess the shortlisted candidates. The vendor will physically have to speak to agents, organize the agents to appraise the property, and compare their proposals before making a final decision. A Vendor Advocate does all of this for the vendor, saving them a huge amount of time, taking the stress out of the process, and avoiding any mistakes.
The two services do share similarities in terms of fees. Both are free to the vendor and earn a fee by sharing a percentage of the commission of the sale with the selling agent. However, Vendor Advocacy does far more for the vendor, working as an independent agent who acts exclusively for the seller of the property.
Why wouldn’t you select a service that does everything you need at no extra cost?