We were recently interviewed by Smart Property Investment and very pleased to share the article they published below:
Vendor advocacy is an emerging trend in the selling of property – but how exactly can it help uncertain vendors?
According to Innovative Property Advocates’ Kathryn Fantov, a seller’s advocate works exclusively for the seller, providing “professional, independent support and unbiased advice” through the journey of selling property.
“The main difference is that unlike a real estate agent who deals with both buyer and seller during a negotiation, a seller’s advocate deals only with the seller so there is never a conflict of interest,” she explained.
Often described as a “buffer” or a “barrier” between the seller and the agent, Ms Fantov said the service works to protect potential sellers from any pressure tactics being applied by agents.
A seller’s advocate will help a potential seller through every aspect of offloading their property, from choosing a real estate agent, to assisting with the sales process, and according to Ms Fantov, bring “a whole new level of transparency to the process”.
She called seller’s advocacy “a growing service industry that provides property sellers with more confidence and control over the outcome” of their home sale.
As the concept grows in popularity, Ms Fantov said the service “is changing the way people sell”.
Acknowledging the sale of a house, home or unit as “an extremely stressful time” for many individuals, the advocate said “most people are not experienced in the sales process and rely solely on the advice of the real estate agent on how to get the best price”.
As a former real estate agent herself, she said she has seen many instances where the interests of the seller were not the main priority: “Being a real estate agent is extremely fast paced and often the opportunity to transact a quick sale is the real estate agent’s focus rather than working a bit harder and longer to achieve a few thousand, tens or hundreds of thousands dollars more.”
But these days, “sellers are increasingly looking at better ways to have more control over the process to achieve better financial outcomes, and seller’s advocacy is a way this can be achieved with no added cost”.
“Engaging a seller’s advocate does not cost the seller any extra as we are paid a small portion of the agent’s commission upon settlement,” Ms Fantov explained.
She believes seller’s advocacy will become more important in the future, especially for individuals looking to downsize, time-poor professionals, anyone who is dealing with a deceased estate where there are multiple parties involved, separating couples and “anyone who generally has lack of experience in dealing with, or a mistrust of, real estate agents”.
– Grace Ormsby, Smart Property Investment
Link to original article⏤click here.
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