Vendor advocacy is a vital service where, as a buyer’s agent, I represent the vendor’s interests to ensure the best possible outcome. This involves identifying the ideal target market, analysing the strengths, weaknesses, opportunities, and threats (SWOT) of the property, making recommendations to enhance its appeal, and most importantly, conducting a thorough assessment of potential selling agents.
Key Elements of Vendor Advocacy
1. Selling Agent Assessment: Not all selling agents are created equal. The range of skills and services they offer can vary significantly. To identify the best agents, I conduct detailed interviews, use multiple questionnaires, and engage in role-playing exercises. This rigorous process ensures that only the top candidates rise to the top. I combine this with background research, property data analytics, and a comprehensive decision matrix that evaluates gut feel ratings, interview responses, marketing capabilities, social media reach, and more. Strong weightings are attached to my gut feel ratings. As a Level 1 DISC practitioner (human behaviour profiles) with past experience as a profiling analyst and detective, I have an intuitive insight into people. Coupled with my strategic insight into real estate workflows, processes, and the use of current technology, I ensure the selection of top candidates.
2. Recommendation Process: After thoroughly vetting potential agents, I provide the vendor with a fully rated list of top candidates. My recommendations are based on a detailed decision matrix, ensuring that the vendor has confidence in their final selection. This process ensures that the best agent, on balance, is appointed to the job.
3. Maximizing Sales Price: The goal is to give the chosen agent every opportunity to achieve the highest possible sales price. There are agents to buy through and agents to sell through. I find the best to agent sell through as a vendor – “fit for purpose”. Using this service allows third-party testing of the agent’s information and feedback, home value assistance and guidance, and someone who professionally works with the agent to spur higher performance from them (accountability) to derive ultimately a high price for the vendor. It works. This involves negotiating commissions with performance-based bonuses that reward agents for exceeding certain price thresholds. This alignment of incentives ensures that agents are motivated to go beyond the standard closing practices to maximize the vendor’s position.
4. Comprehensive Analysis: The assessment starts from the initial agent calls and their response times. It involves meeting the agent’s team and evaluating their support mechanisms. Good agents have solid support staff, which is integral to a successful campaign. The analysis delves into the quality of media and listing presentation skills, marketing strategies, and the effectiveness of their auction or sale day procedures. It also includes assessing their videos, past performances, and overall professionalism.
5. Professionalism and Strategy: Evaluating an agent’s professionalism involves looking at their appearance, language, attitude, strategy, pricing ability, negotiation skills, and buyer interaction. It’s about understanding their process, ensuring it is strong and repeatable, and confirming their commitment to going the extra mile. Communication with the vendor or advocate, frequency of updates, and the manner of communication are also critical factors.
6. Setting the Fair Value Range: Before the price decision time, I prepare a Selling Fair Value range, indicating a fair market price and a range around it. This transparency allows the vendor to set a realistic reserve price for auction day, providing a clear benchmark for auctioneers and agents to aim for.
Expertise and Unique Process
With extensive experience across various real estate roles, including prestige sales, off-the-plan projects, commercial and industrial properties, corporate and distressed sales, and property data analytics, I bring a unique perspective to vendor advocacy. My background as an active auctioneer and my MBA allows me to professionally assess and understand market dynamics to deliver the best vendor outcomes. Having run multiple businesses and coaching sessions, I possess excellent strategic insight into real estate workflows, processes, and the use of current technology. My multiple qualifications and extensive life experience provide a winning edge for my clients.
This unique process and service offer vendors a comprehensive, financially beneficial experience that leaves nothing to chance. It eliminates doubts about having the right agent or achieving the right price.
Contact for Consultation
If you want to understand how this consultancy can benefit you as a vendor and address your specific circumstances, please get in touch. This service is not just for the time-poor but for any vendor who wants to maximize their outcome and leave nothing to chance.
Some agents may find this approach intimidating, but many appreciate the opportunity to highlight their strengths in a competitive market. My impartial, thorough review of selected candidates, combined with the right stylists, ensures phenomenal returns on investment for owners and significant stress relief. You won’t have any doubts.
For expert vendor advocacy services, contact Gary at [email protected]
