Advocacy
for
Vendors
is
a
vendors
advocacy
service
for
property
sellers
throughout
Metropolitan
Melbourne.
A
vendors
advocate
is
an
independent
and
licensed
real
estate
professional
who
assists
vendors
or
sellers
of
real
estate
in
the
entire
sale
process,
in
conjunction
with
a
selling
agent
approved
by
the
vendor.
Using
a
vendors
advocate
is
becoming
more
and
more
common
these
days
amongst smart sellers.
Advocacy
for
Vendors
strives
to
achieve
the
best
price
at
the
best
terms
in
the
desired timeframe
for the vendor. Its key services usually include:
(1)
selection
of
the
right
selling
agent
(from
the
vendor’s
choices
or
the
open market) after a rigorous screening and short-listing process;
(2)
vetting
the
agency
agreement
(authority
to
sell)
to
ensure
it
is
fair
to
the vendor and not skewed towards the selling agent;
(3)
advising
on
the
accuracy
and
suitability
of
the
estimated
selling
price
/
price range
proposed by the selling agent;
(4)
assist
the
vendor
in
all
negotiations
related
to
the
property
for
sale,
particularly the marketing strategy;
(5)
assist
the
vendor
to
monitor
the
sales
process
undertaken
by
the
selling
agent;
(6)
advise
the
vendor
on
the
attractiveness
/
suitability
of
any
or
all
offers
submitted by potential buyers to the selling agent; and
(7)
oversee
and
ensure
completion
of
all
contractual
aspects
of
the
sale
through to successful completion.
advocate
(pronounced ad-vuh-kit)
- a person who speaks....in support or defence of another person, cause, etc.
- a person who pleads for or on behalf of another
Your Competitive EDGE when using Advocacy for Vendors
<ENTER>
Extract of Article in:
by Ben Power - July 26, 2014
Vendor advocates keep real estate agents accountable
SELLING your house can be daunting. There are dozens of possible
agents to choose from. Who do you trust? And should you go to
auction? Will you waste your money on expensive marketing
campaigns?
Faced with this task, more sellers are hiring vendor advocates,
advisers who hold their hand through the entire sale process, from
choosing an agent to picking the best photos of the house. Vendor
advocates mean real estate agents “are kept accountable by a third
party”...
Real estate agents have had Australia’s property market to
themselves. They got the listing, and then handled all the marketing
and negotiations between the vendor and buyer. But in recent years
we have been shifting slowly to a US model, particularly with the
growing popularity of buyers’ agents, advisers who represent the
interest of the purchaser.
.....continue
© 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Copyright © 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Advocacy for Vendors
Stress Relief when Selling Your Property
www.advocateforvendors.com.au
advocate
(pronounced ad-vuh-kit)
- a person who speaks....in support or defence of another person, cause, etc.
- a person who pleads for or on behalf of another
Advocacy
for
Vendors
is
a
vendors
advocacy
service
for
property
sellers
throughout Metropolitan Melbourne.
A
vendors
advocate
is
an
independent
and
licensed
real
estate
professional
who
assists
vendors
or
sellers
of
real
estate
in
the
entire
sale
process,
in
conjunction
with
a
selling
agent
approved
by
the
vendor.
Using
a
vendors
advocate
is
becoming
more
and
more
common
these
days
amongst smart sellers.
Advocacy
for
Vendors
strives
to
achieve
the
best
price
at
the
best
terms
in
the
desired
timeframe
for the vendor. Key services usually include:
(1)
selection
of
the
right
selling
agent
(from
the
vendor’s
choices
or
the
open market) after a rigorous screening and short-listing process;
(2)
vetting
the
agency
agreement
(authority
to
sell)
to
ensure
it
is
fair
to
the vendor and not skewed towards the selling agent;
(3)
advising
on
the
accuracy
and
suitability
of
the
estimated
selling
price
/ price range
proposed by the selling agent;
(4)
assist
the
vendor
in
all
negotiations
related
to
the
property
for
sale,
particularly the marketing strategy;
(5)
assist
the
vendor
to
monitor
the
sales
process
undertaken
by
the
selling agent;
(6)
advise
the
vendor
on
the
attractiveness
/
suitability
of
any
or
all
offers
submitted by potential buyers to the selling agent; and
(7)
oversee
and
ensure
completion
of
all
contractual
aspects
of
the
sale
through to successful completion.
Your Competitive EDGE when using Advocacy for Vendors
<ENTER>
© 2016, 2017 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Advocacy
for
Vendors
is
a
vendors
advocacy
ser-
vice
for
property
sellers
throughout
Metropolitan
Melbourne.
A
vendors
advocate
is
an
independent
and
licensed
real
estate
professional
who
assists
vendors
or
sellers
of
real
estate
in
the
entire
sale
process
in
conjunction
with
a
selling
agent
approved
by
the
vendor.
Using
a
vendors
advocate
is
becoming
more
and
more
common
these days amongst smart sellers.
Advocacy
for
Vendors
strives
to
achieve
the
best
price
at
the
best
terms
in
the
desired
timeframe
for the vendor. Its key services usually include:
(1)
selection
of
the
right
selling
agent
(from
the
vendor’s
choices
or
the
open
market)
after
a
rigorous screening and short-listing process;
(2)
vetting
the
agency
agreement
(authority
to
sell)
to
ensure
it
is
fair
to
the
vendor
and
not
skewed towards the selling agent;
(3)
advising
on
the
accuracy
and
suitability
of
the
estimated
selling
price
/
price
range
proposed
by
the selling agent;
(4)
assist
the
vendor
in
all
negotiations
related
to
the
property
for
sale,
particularly
the
marketing
strategy;
(5)
assist
the
vendor
to
monitor
the
sales
process
undertaken by the selling agent;
(6)
advise
the
vendor
on
the
attractiveness
/
suitability
of
any
or
all
offers
submitted
by
potential buyers to the selling agent; and
(7)
oversee
and
ensure
completion
of
all
contractual
aspects
of
the
sale
through
to
successful completion.
Your Competitive EDGE when using Advocacy for Vendors
<ENTER>
Extract of Article in:
by Ben Power - July 26, 2014
You
have
finally
made
the
decision
to
sell
your
property.
But
now,
the
BIG
question – ”when is the best time to sell?”
Deciding
the
right
time
to
sell
a
property
is
an
important
decision
to
maximise
your
selling
price.
Sell
at
the
right
time
and
you
get
a
great
price
for
your
property.
Sell
at
the
wrong
time
and
you
end
up
getting
a
low
price
or
your
property
may
remain
unsold
in
the
market
for
a
long time.
Is Spring the best time to sell?
Many
real
estate
agents
will
tell
you
that
spring
is
the
best
time
to
sell
your
property.
This
is
generally
true
as
the
property
market
overall
tends
to
be
more active in spring.
While
it
is
true
that
when
the
weather
warms
up
after
the
cold
winter
months
people
tend
to
go
out
more
to
look
at
homes.
There
is
therefore
a
bigger
pool
of
potential
buyers
for
your
home.
Due
to
the
perceived
notion
that
spring
is
the
best
time
to
sell
your
property,
numerous
other
vendors
usually
have
the
same
idea
and
so
the
market
can
be
oversupplied
with
homes
for
sale.
This
situation
can
swing
the
market
in
the
buyers
favour
because they have so many choices to choose from.
Autumn can be an even better time to sell?
The
autumn
months
of
March,
April
and
May
are
another
season
that
is
a
good time for you to sell your property.
Gardens
are
maintained
more
easily
in
autumn
as
grass
do
not
grow
as
rapidly
than
in
springtime
and
therefore
needs
less
cutting.
The
colour
of
autumn
leaves
also
adds
to
the
attractiveness
of
gardens
in
general.
Another
added
benefit
is
that
people
have
just
been
on
holidays
and
had
time
to
ponder
over
a
possible
purchase.
Autumn
does
not
have
the
preconceived
notion
of
the
“Spring
selling
season” and hence is the best time to sell your property.
December and January are not considered good months to sell, unless….
With
most
people
in
a
pre-holiday
mindset
or
on
holidays
in
the
months
of
December
and
January,
there
is
a
smaller
pool
of
potential
buyers.
Therefore,
these
months
are
not
considered
the
best
time
to
sell
your
property.
However,
if
your
property
is
in
a
tourist
resort
or
holiday
town
which
benefits
from
an
influx
of
tourists
or
visitors
during
these
holiday
months,
a
‘For Sale’ sign could catch the attention of some of these tourists or visitors.
It depends on your local market conditions
Realistically,
the
best
month
to
sell
your
property
depends
more
on
your
local
market
conditions
than
on
the
month
or
season
of
the
year.
When
demand
is
high
(i.e.
many
buyers
looking
to
buy)
and
supply
is
low
(i.e.
not
many
properties
for
sale)
in
your
local
area,
it
is
a
great
time
to
sell
whether
it
is
April,
winter
or
even
December.
On
the
other
hand,
if
there
are
many
properties
on
the
market
(i.e.
high
supply)
and
not
that
much
demand,
it
is
going
to
be
a
buyers’
market
and
it
would
be
more
difficult
to
sell
your
property
particularly
at
your
asking
price.
That
could
occur
in
Spring
or
Autumn,
the
supposedly
best
times
to
sell
your
property.
Financial considerations
Besides
the
right
timing
as
in
the
right
month(s)
to
sell,
the
right
timing
in
terms of financial considerations is also important.
Financial goals achieved
If
you
have
set
financial
goals
for
a
property,
been
constantly
assessing
its
value
and
rental
returns
and
reckon
that
this
real
estate
vehicle
has
fulfilled
its purpose, then it may be the right time to sell.
A better Return on Investment elsewhere
Another
way
to
assess
whether
or
not
it
is
time
to
sell
your
investment
property
and
move
your
funds
to
another
investment
that
could
give
you
a
better return.
If
you
only
look
at
your
ROI
based
on
your
initial
purchase
price
of
the
property
which
many
investors
do,
then
the
usually
high
ROI
due
to
inflation-driven
rental
increases
could
be
misleading.
The
more
accurate
approach
is
to
look
at
the
ROI
if
you
were
to
invest
the
equity
you
have
on
the property compared to the rental income you are getting.
The market is at or near its peak
Given
that
it
is
very
difficult
to
tell
when
the
market
is
at
or
near
its
peak,
the
best
you
can
do
is
to
analyse
property
cycles
and
read
property
market
commentaries
by
your
favourite
property
guru.
You
then
have
to
make
an
educated
decision
based
on
such
information and your gut feel.
But
you
must
have
heard
this
line
or
an
equivalent
version
before:
“when
taxi
drivers
or
the
fishmonger
in
the
wet
market
advise
you
to
invest
in
property,
you
will
know that the market is at or near its peak”!
Reducing debt?
If
you
own
several
investment
properties
that
are
all
still
with
a
mortgage,
it
makes
good
financial
sense
to
sell
off
one
and
use
the
sale
proceeds
to
pay
off the remaining loan amounts for the others.
This
leaves
you
with
one
less
property
but
all
completely
mortgage
free.
You
then
get
to
collect
the
rental
income
from
these
and
achieve
financial
freedom.
When is the Best Time to Sell Your Property?
More Articles
© 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Copyright © 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Advocacy for Vendors
Stress Relief when Selling Your Property
www.advocateforvendors.com.au
When is the Best Time to Sell Your Property?
Y
ou
have
finally
made
the
decision
to
sell
your
property.
But
now,
the
BIG
question
–
”when
is
the
best
time
to
sell?”
Deciding
the
right
time
to
sell
a
property
is
an
important
decision
to
maximise
your
selling
price.
Sell
at
the
right
time
and
you
get
a
great
price
for
your
property.
Sell
at
the
wrong
time
and
you
end
up
getting
a
low
price
or
your
property
may
remain
unsold
in
the
market
for
a
long
time.
Is Spring the best time to sell?
Many
real
estate
agents
will
tell
you
that
spring
is
the
best
time
to
sell
your
property.
This
is
generally
true
as
the
property market overall tends to be more active in spring.
While
it
is
true
that
when
the
weather
warms
up
after
the
cold
winter
months
people
tend
to
go
out
more
to
look
at
homes.
There
is
therefore
a
bigger
pool
of
potential
buyers
for
your
home.
Due
to
the
perceived
notion
that
spring
is
the
best
time
to
sell
your
property,
numerous
other
vendors
usually
have
the
same
idea
and
so
the
market
can
be
oversupplied
with
homes
for
sale.
This
situation
can
swing
the
market
in
the
buyers
favour
because
they
have
so
many
choices
to
choose from.
Autumn can be an even better time to sell?
The
autumn
months
of
March,
April
and
May
are
another
season that is a good time for you to sell your property.
Gardens
are
maintained
more
easily
in
autumn
as
grass
do
not
grow
as
rapidly
than
in
springtime
and
therefore
needs
less
cutting.
The
colour
of
autumn
leaves
also
adds
to
the
attractiveness
of
gardens
in
general.
Another
added
benefit
is
that
people
have
just
been
on
holidays
and had time to ponder over a possible purchase.
Autumn
does
not
have
the
preconceived
notion
of
the
“Spring
selling
season”
and
hence
is
the
best
time
to
sell
your property.
December
and
January
are
not
considered
good
months
to sell, unless….
With
most
people
in
a
pre-holiday
mindset
or
on
holidays
in
the
months
of
December
and
January,
there
is
a
smaller
pool
of
potential
buyers.
Therefore,
these
months
are not considered the best time to sell your property.
However,
if
your
property
is
in
a
tourist
resort
or
holiday
town
which
benefits
from
an
influx
of
tourists
or
visitors
during
these
holiday
months,
a
‘For
Sale’
sign
could
catch
the attention of some of these tourists or visitors.
It depends on your local market conditions
Realistically,
the
best
month
to
sell
your
property
depends
more
on
your
local
market
conditions
than
on
the
month
or
season
of
the
year.
When
demand
is
high
(i.e.
many
buyers
looking
to
buy)
and
supply
is
low
(i.e.
not
many
properties
for
sale)
in
your
local
area,
it
is
a
great
time
to
sell
whether
it
is
April,
winter
or
even
December.
On
the
other
hand,
if
there
are
many
properties
on
the
market
(i.e.
high
supply)
and
not
that
much
demand,
it
is
going
to
be
a
buyers’
market
and
it
would
be
more
difficult
to
sell
your
property
particularly
at
your
asking
price.
That
could
occur
in
Spring
or
Autumn,
the
supposedly
best
times
to
sell your property.
Financial considerations
Besides
the
right
timing
as
in
the
right
month(s)
to
sell,
the
right
timing
in
terms
of
financial
considerations
is
also
important.
Financial goals achieved
If
you
have
set
financial
goals
for
a
property,
been
constantly
assessing
its
value
and
rental
returns
and
reckon
that
this
real
estate
vehicle
has
fulfilled
its
purpose, then it may be the right time to sell.
A better Return on Investment elsewhere
Another
way
to
assess
whether
or
not
it
is
time
to
sell
your
investment
property
and
move
your
funds
to
another investment that could give you a better return.
If
you
only
look
at
your
ROI
based
on
your
initial
purchase
price
of
the
property
which
many
investors
do,
then
the
usually
high
ROI
due
to
inflation-driven
rental
increases
could
be
misleading.
The
more
accurate
approach
is
to
look
at
the
ROI
if
you
were
to
invest
the
equity
you
have
on
the
property
compared
to
the
rental
income
you
are
getting.
The market is at or near its peak
Given
that
it
is
very
difficult
to
tell
when
the
market
is
at
or
near
its
peak,
the
best
you
can
do
is
to
analyse
property
cycles
and
read
property
market
commentaries
by
your
favourite
property
guru.
You
then
have
to
make
an
educated
decision
based
on
such
information
and
your
gut feel.
But
you
must
have
heard
this
line
or
an
equivalent
version
before:
“when
taxi
drivers
or
the
fishmonger
in
the
wet
market
advise
you
to
invest
in
property,
you
will
know
that the market is at or near its peak”!
Reducing debt?
If
you
own
several
investment
properties
that
are
all
still
with
a
mortgage,
it
makes
good
financial
sense
to
sell
off
one
and
use
the
sale
proceeds
to
pay
off
the
remaining
loan amounts for the others.
This
leaves
you
with
one
less
property
but
all
completely
mortgage
free.
You
then
get
to
collect
the
rental
income
from these and achieve financial freedom.
© 2016, 2017 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
When is the Best Time to Sell Your Property?
More Articles
You
have
finally
made
the
decision
to
sell
your
property.
But
now,
the
BIG
question
–
”when
is
the
best
time
to
sell?”
Deciding
the
right
time
to
sell
a
property
is
an
important
decision
to
maximise
your
selling
price.
Sell
at
the
right
time
and
you
get
a
great
price
for
your
property.
Sell
at
the
wrong
time
and
you
end
up
getting
a
low
price
or
your
property may remain unsold in the market for a long time.
Is Spring the best time to sell?
Many
real
estate
agents
will
tell
you
that
spring
is
the
best
time
to
sell
your
property.
This
is
generally
true
as
the
property market overall tends to be more active in spring.
While
it
is
true
that
when
the
weather
warms
up
after
the
cold
winter
months
people
tend
to
go
out
more
to
look
at
homes.
There
is
therefore
a
bigger
pool
of
potential
buyers
for
your
home.
Due
to
the
perceived
notion
that
spring
is
the
best
time
to
sell
your
property,
numerous
other
vendors
usually
have
the
same
idea
and
so
the
market
can
be
oversupplied
with
homes
for
sale.
This
situation
can
swing
the
market
in
the
buyers
favour
because they have so many choices to choose from.
Autumn can be an even better time to sell?
The
autumn
months
of
March,
April
and
May
are
another
season that is a good time for you to sell your property.
Gardens
are
maintained
more
easily
in
autumn
as
grass
do
not
grow
as
rapidly
than
in
springtime
and
therefore
needs
less
cutting.
The
colour
of
autumn
leaves
also
adds
to
the
attractiveness
of
gardens
in
general.
Another
added
benefit
is
that
people
have
just
been
on
holidays
and
had
time to ponder over a possible purchase.
Autumn
does
not
have
the
preconceived
notion
of
the
“Spring
selling
season”
and
hence
is
the
best
time
to
sell
your property.
December
and
January
are
not
considered
good
months
to sell, unless….
With
most
people
in
a
pre-holiday
mindset
or
on
holidays
in
the
months
of
December
and
January,
there
is
a
smaller
pool
of
potential
buyers.
Therefore,
these
months
are
not
considered the best time to sell your property.
However,
if
your
property
is
in
a
tourist
resort
or
holiday
town
which
benefits
from
an
influx
of
tourists
or
visitors
during
these
holiday
months,
a
‘For
Sale’
sign
could
catch
the attention of some of these tourists or visitors.
It depends on your local market conditions
Realistically,
the
best
month
to
sell
your
property
depends
more
on
your
local
market
conditions
than
on
the
month
or
season
of
the
year.
When
demand
is
high
(i.e.
many
buyers
looking
to
buy)
and
supply
is
low
(i.e.
not
many
properties
for
sale)
in
your
local
area,
it
is
a
great
time
to
sell
whether
it
is
April,
winter
or
even
December.
On
the
other
hand,
if
there
are
many
properties
on
the
market
(i.e.
high
supply)
and
not
that
much
demand,
it
is
going
to
be
a
buyers’
market
and
it
would
be
more
difficult
to
sell
your
property
particularly
at
your
asking
price.
That
could
occur
in
Spring
or
Autumn,
the
supposedly
best
times
to
sell
your
property.
Financial considerations
Besides
the
right
timing
as
in
the
right
month(s)
to
sell,
the
right
timing
in
terms
of
financial
considerations
is
also
important.
Financial goals achieved
If
you
have
set
financial
goals
for
a
property,
been
constantly
assessing
its
value
and
rental
returns
and
reckon
that
this
real
estate
vehicle
has
fulfilled
its
purpose,
then
it
may be the right time to sell.
A better Return on Investment elsewhere
Another
way
to
assess
whether
or
not
it
is
time
to
sell
your
investment
property
and
move
your
funds
to
another
investment that could give you a better return.
If
you
only
look
at
your
ROI
based
on
your
initial
purchase
price
of
the
property
which
many
investors
do,
then
the
usually
high
ROI
due
to
inflation-driven
rental
increases
could
be
misleading.
The
more
accurate
approach
is
to
look
at
the
ROI
if
you
were
to
invest
the
equity
you
have
on
the
property compared to the rental income you are getting.
The market is at or near its peak
Given
that
it
is
very
difficult
to
tell
when
the
market
is
at
or
near
its
peak,
the
best
you
can
do
is
to
analyse
property
cycles
and
read
property
market
commentaries
by
your
favourite
property
guru.
You
then
have
to
make
an
educated
decision
based
on
such
information
and
your
gut
feel.
But
you
must
have
heard
this
line
or
an
equivalent
version
before:
“when
taxi
drivers
or
the
fishmonger
in
the
wet
market
advise
you
to
invest
in
property,
you
will
know
that
the
market is at or near its peak”!
Reducing debt?
If
you
own
several
investment
properties
that
are
all
still
with
a
mortgage,
it
makes
good
financial
sense
to
sell
off
one
and
use
the
sale
proceeds
to
pay
off
the
remaining
loan amounts for the others.
This
leaves
you
with
one
less
property
but
all
completely
mortgage
free.
You
then
get
to
collect
the
rental
income
from these and achieve financial freedom.
© 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Competitive EDGE using Advocacy for Vendors
One
of
the
most
critical
questions
when
selling
your
property
is
how
much
to set your
asking price
(for a private sale) or
reserve price
(for an auction).
Typically,
a
vendors
advocate
will
come
up
with
an
estimated
selling
price
or
price
range
in
about
the
same
way
as
any
other
sellers
agent
preparing
a
free
appriasal
of
a
property
(the
ones
offered
by
agents
on
flyers
you
find
in
your letter box).
Given
that
the
valuation
of
real
estate
is
the
forte
of
a
professional
property
valuer,
as
a
seller,
you
will
have
another
layer
of
comfort
if
your
vendors
advocate
is
also
a
valuer.
Afterall,
valuers
r
e
p
o
r
t
s
are
used
by
the
courts,
tax
office,
government,
banks, etc. and not a real estate agent’s appraisal.
This is where Advocacy for Vendors shines.
Joseph,
the
vendors
advocate
is
a
Professional
Valuer
and
Member
of
the
Australian
Property
Institute
(the
peak
body
for
property
professionals
throughout
Australia)
besides
being
a
Licensed
Estate
Agent.
Joseph
also
has
a
civil
engineering
degree
and
over
20
years
sales,
marketing
and
business
development
background of building and engineering products.
With
this
background,
to
your
advantage
as
the
vendor
Joseph
brings
to
the
table
his
well
horned
selling
and
negotiation
skills
,
as
well
as
his
in
depth
knowledge
of
buildings,
material
properties,
water
damage
issues,
structural
integrity,
foundation
defects,
etc.
Combine
this
with
his
marketing
acumen
and
his
motto
of
“putting
himself
in
the
client’s
shoes”
,
and
you’ll
be
getting
a
friend
and
a
property
specialist
instead
of
doing
it
alone
when
selling your most valuable asset.
Copyright © 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Stress Relief when Selling Your Property
Advocacy for Vendors
www.advocateforvendors.com.au
Competitive Edge using Advocate for Vendors
One
of
the
most
critical
questions
when
selling
your
property
is
how
much
to set your
asking price
(for a private sale) or
reserve price
(for an auction).
Typically,
a
vendors
advocate
will
come
up
with
an
estimated
selling
price
or
price
range
in
about
the
same
way
as
any
other
sellers
agent
preparing
a
free
appriasal
of
a
property
(the
ones
offered
by
agents
on
flyers
you
find
in
your letter box ).
Given
that
the
valuation
of
real
estate
is
the
forte
of
a
professional
property
valuer,
as
a
seller,
you
will
have
another
layer
of
comfort
if
your
vendors
advocate
is
also
a
valuer.
Afterall,
valuers
reports
are
used
by
the
courts,
tax
office,
government,
banks,
etc.
and
not
a
real
estate
agent’s
appraisal.
This is where Advocacy for Vendors shines.
Joseph,
the
vendors
advocate
is
a
Professional
Valuer
and
Member
of
the
Australian
Property
Institute
(the
peak
body
for
property
professionals
throughout
Australia)
besides
being
a
Licensed
Estate
Agent.
Joseph
also
has
a
civil
engineering
degree
and
over
20
years
sales,
marketing
and
business
development
background
of
building
and
engineering products.
With
this
background,
to
your
advantage
as
the
vendor
Joseph
brings
to
the
table
his
well
horned
selling
and
negotiation
skills
,
as
well
as
in
depth
knowledge
of
buildings,
material
properties,
water
damage
issues,
structural
integrity,
foundation
defects,
etc.
Combine
this
with
his
marketing
acumen
and
his
motto
of
“do
unto
others
as
you
would
others
do
unto
you”
,
and
you
get
more
than
just
a
vendors
advocate
on
your
side.
You’ll
be
getting
a
friend
and
a
property
specialist
instead
of
doing
it
alone
when
selling your most valuable asset.
© 2016, 2017 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
One
of
the
most
critical
questions
when
selling
your
property
is
how
much
to
set
your
asking
price
(for
a
private sale) or
reserve price
(for an auction).
Typically,
a
vendors
advocate
will
come
up
with
an
estimated
selling
price
or
price
range
in
about
the
same
way
as
any
other
sellers
agent
preparing
a
free
appriasal
of
a
property
(the
ones
offered
by
agents on flyers you find in your letter box ).
Given
that
the
valuation
of
real
estate
is
the
forte
of
a
professional
property
valuer,
as
a
seller,
you
will
have
another
layer
of
comfort
if
your
vendors
advocate
is
also
a
valuer.
Afterall,
valuers
reports
are
used
by
the
courts,
tax
office,
government,
banks, etc. and not a real estate agent’s appraisal.
This is where Advocacy for Vendors shines.
Joseph,
the
vendors
advocate
is
a
Professional
Valuer
and
Member
of
the
Australian
Property
Institute
(the
peak
body
for
property
professionals
throughout
Australia)
besides
being
a
Licensed
Estate
Agent.
Joseph
also
has
a
civil
engineering
degree
and
over
20
years
sales,
marketing
and
business
development
background
of
building
and
engineering products.
With
this
background,
to
your
advantage
as
the
vendor
Joseph
brings
to
the
table
his
well
horned
selling
and
negotiation
skills
,
as
well
as
in
depth
knowledge
of
buildings,
material
properties,
water
damage
issues,
structural
integrity,
foundation
defects,
etc.
Combine
this
with
his
marketing
acumen
and
his
motto
of
“do
unto
others
as
you
would
others
do
unto
you”
,
and
you
get
more
than
just
a
vendors
advocate
on
your
side.
You’ll
be
getting
a
friend
and
a
property
specialist
instead
of
doing
it
alone
when
selling
your
most
valuable
asset.
Competitive EDGE using Advocate for Vendors
© 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
More Articles
If Not a Vendors Advocate, How Else to Sell Your Property?
Other common ways you could sell your property include:
(1) Using the services of a Real Estate Agent
(2) Selling it yourself a.k.a. “For Sale By Owner”
(3) Asking a Friend or Relative to sell it for you
What are the Advantages and Disadvantages of each approach?
(1) Real Estate Agent
The
main
disadvantage
when
you
use
an
agent
is
that
you
have
to
pay
fees
including
sales
commission
which
is
about
2%
to
3%
(excluding
GST)
of
the
sale
price.
If
you
sell
using
an
agent,
you
will
spend
thousands
of
dollars
in
fees.
The main
advantages
of using an agent include:
– Benefiting from their market knowledge, selling skills and experience.
– Accessing their client database that includes qualified buyers.
–
Being
able
to
list
your
property
on
multiple
advertising
websites
and
papers
and
at
a
better
price,
and
thereby
increase
the
exposure
of
your
property.
–
An
agent
knows
the
latest
rules
and
regulations.
Will
ensure
that
the
process
is
conducted
legally
and
ethically.
Can
help
you
with
the
paperwork,
which is plenty and includes forms, reports and disclosures.
–
Reducing
risk.
When
you
sell
property
using
a
real
estate
agent,
much
of
the
risk
is
transferred
from
the
seller
to
the
agent.
So
in
the
event
that
something
goes
wrong
with
the
sale,
you
can
look
to
your
agent
for
guidance and even hold them liable if they acted improperly.
(2) Selling It Yourself a.k.a. “For Sale By Owner”
The main
advantages
include:
– Savings in real estate agent’s fees.
–
Knowledge
of
all
the
plus
points
of
your
property
and
also
the
amenities
of your area.
– Control of the sales process especially inspection time and days.
–
Direct
negotiations
with
potential
buyers
and
can
make
immediate
decisions.
The main
disadvantages
include:
– Owner’s bias that could affect your selling price expectations.
– Your privacy and security as the owner is compromised.
–
The
possibility
of
making
a
costly
wrong
decision
on
impulse
when
negotiating with a shrewd buyer.
–
Unfamiliar
with
the
property
sale
process,
legal
compliance
issues
and
paperwork involved.
–
Have
to
worry
about
professional
photography,
staging
(property
presentation), internet and print advertisements and signboards.
(3) Asking a Friend or Relative to Sell It for You
The main advantages include:
– Savings in real estate agent’s fees.
The main disadvantages include:
–
Your
friend
or
relative
could
have
only
limited
knowledge
of
your
property
and neighbourhood attributes.
–
Your
friend
or
relative
could
have
little
or
no
property
market
knowledge
and / or property selling skills.
–
Your
friend
or
relative
could
be
unfamiliar
with
the
property
sale
process,
legal compliance issues and paperwork involved.
–
Your
friend
or
relative
would
have
to
organise
professional
photography,
staging
(property
presentation),
internet
and
print
advertisements
and
signboards.
Copyright © 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Stress Relief when Selling Your Property
Advocacy for Vendors
www.advocateforvendors.com.au
If Not a Vendors Advocate, How Else to Sell Your Property?
Other common ways you could sell your property include:
(1) Using the services of a Real Estate Agent
(2) Selling it yourself a.k.a. “For Sale By Owner”
(3) Asking a Friend or Relative to sell it for you
What are the Advantages and Disadvantages of each approach?
(1) Real Estate Agent
The
main
disadvantage
when
you
use
an
agent
is
that
you
have
to
pay
fees
including
sales
commission
which
is
about
2%
to
3%
(excluding
GST)
of
the
sale
price.
If
you
sell
using
an
agent,
you
will
spend
thousands of dollars in fees.
The main
advantages
of using an agent include:
– Benefiting from their market knowledge, selling skills and experience.
– Accessing their client database that includes qualified buyers.
–
Being
able
to
list
your
property
on
multiple
advertising
websites
and
papers
and
at
a
better
price,
and
thereby
increase
the
exposure
of
your
property.
–
An
agent
knows
the
latest
rules
and
regulations.
Will
ensure
that
the
process
is
conducted
legally
and
ethically.
Can
help
you
with
the
paperwork, which is plenty and includes forms, reports and disclosures.
–
Reducing
risk.
When
you
sell
property
using
a
real
estate
agent,
much
of
the
risk
is
transferred
from
the
seller
to
the
agent.
So
in
the
event
that
something
goes
wrong
with
the
sale,
you
can
look
to
your
agent
for guidance and even hold them liable if they acted improperly.
(2) Selling It Yourself a.k.a. “For Sale By Owner”
The main
advantages
include:
– Savings in real estate agent’s fees.
–
Knowledge
of
all
the
plus
points
of
your
property
and
also
the
amenities of your area.
– Control of the sales process especially inspection time and days.
–
Direct
negotiations
with
potential
buyers
and
can
make
immediate
decisions.
The main
disadvantages
include:
– Owner’s bias that could affect your selling price expectations.
– Your privacy and security as the owner is compromised.
–
The
possibility
of
making
a
costly
wrong
decision
on
impulse
when
negotiating with a shrewd buyer.
–
Unfamiliar
with
the
property
sale
process,
legal
compliance
issues
and paperwork involved.
–
Have
to
worry
about
professional
photography,
staging
(property
presentation), internet and print advertisements and signboards.
(3) Asking a Friend or Relative to Sell It for You
The main advantages include:
– Savings in real estate agent’s fees.
The main disadvantages include:
–
Your
friend
or
relative
could
have
only
limited
knowledge
of
your
property and neighbourhood attributes.
–
Your
friend
or
relative
could
have
little
or
no
property
market
knowledge and / or property selling skills.
–
Your
friend
or
relative
could
be
unfamiliar
with
the
property
sale
process, legal compliance issues and paperwork involved.
–
Your
friend
or
relative
would
have
to
organise
professional
photography,
staging
(property
presentation),
internet
and
print
advertisements and signboards.
More Articles
© 2016, 2017 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
More Articles
If Not a Vendors Advocate, How Else to Sell Your Property?
Other common ways you could sell your property include:
(1) Using the services of a Real Estate Agent
(2) Selling it yourself a.k.a. “For Sale By Owner”
(3) Asking a Friend or Relative to sell it for you
What are the Advantages and Disadvantages of each approach?
(1) Real Estate Agent
The
main
disadvantage
when
you
use
an
agent
is
that
you
have
to
pay
fees
including
sales
commission
which
is
about
2%
to
3%
(excluding
GST)
of
the
sale
price.
If
you
sell
using
an
agent,
you
will
spend thousands of dollars in fees.
The main
advantages
of using an agent include:
–
Benefiting
from
their
market
knowledge,
selling
skills
and
experience.
– Accessing their client database that includes qualified buyers.
–
Being
able
to
list
your
property
on
multiple
advertising
websites
and
papers
and
at
a
better
price,
and
thereby
increase
the
exposure
of your property.
–
An
agent
knows
the
latest
rules
and
regulations.
Will
ensure
that
the
process
is
conducted
legally
and
ethically.
Can
help
you
with
the
paperwork,
which
is
plenty
and
includes
forms,
reports
and
disclosures.
–
Reducing
risk.
When
you
sell
property
using
a
real
estate
agent,
much
of
the
risk
is
transferred
from
the
seller
to
the
agent.
So
in
the
event
that
something
goes
wrong
with
the
sale,
you
can
look
to
your
agent
for
guidance
and
even
hold
them
liable
if
they
acted
improperly.
(2) Selling It Yourself a.k.a. “For Sale By Owner”
The main
advantages
include:
– Savings in real estate agent’s fees.
–
Knowledge
of
all
the
plus
points
of
your
property
and
also
the
amenities of your area.
– Control of the sales process especially inspection time and days.
–
Direct
negotiations
with
potential
buyers
and
can
make
immediate decisions.
The main
disadvantages
include:
– Owner’s bias that could affect your selling price expectations.
– Your privacy and security as the owner is compromised.
–
The
possibility
of
making
a
costly
wrong
decision
on
impulse
when
negotiating with a shrewd buyer.
–
Unfamiliar
with
the
property
sale
process,
legal
compliance
issues
and paperwork involved.
–
Have
to
worry
about
professional
photography,
staging
(property
presentation), internet and print advertisements and signboards.
(3) Asking a Friend or Relative to Sell It for You
The main advantages include:
– Savings in real estate agent’s fees.
The main disadvantages include:
–
Your
friend
or
relative
could
have
only
limited
knowledge
of
your
property and neighbourhood attributes.
–
Your
friend
or
relative
could
have
little
or
no
property
market
knowledge and / or property selling skills.
–
Your
friend
or
relative
could
be
unfamiliar
with
the
property
sale
process, legal compliance issues and paperwork involved.
–
Your
friend
or
relative
would
have
to
organise
professional
photography,
staging
(property
presentation),
internet
and
print
advertisements and signboards.
© 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Frequently Asked Questions
Frequently Asked Questions
1. How much should I sell my property for?
Answer:
To determine the selling price of your property, you have a number of choices. You can get a free appraisal offered by most real estate agents, get a computer generated valuation (sometimes also called an AVM) from a number of property websites for free or for a small fee (usually less than $50), or you could get an independent valuation by a certified practising valuer whose fee could range from approximately $500 for a “normal” suburban dwelling to more than a thousand dollars for a mansion in Toorak.2.
Should
I
appoint
the
Selling
Agent
who
gives
me
the
highest
appraisal for my property?
Answer:
Your choice of Selling Agent should never be based on the one who gives you the highest appraisal. Have several agents appraise your property. Ask them to justify their price. Better still, get an independent valuation by a certified practising valuer and use that as a basis to assess the agents’ appraisals.3.
What
will
it
cost
to
utilize
the
services
of
Advocacy
for
Vendors
when
selling my property?
Answer:
It’s WIN-WIN-WIN for all parties. You , the vendor get a friend and a property specialist guiding you throughtout the process instead of doing it alone when selling your most valuable asset. The selling agent gets a property to sell and earns a commission. And Advocacy for Vendors gets a share of the selling agent’s commission. All good, as long as the commission you pay is not topped up by the selling agent to cover Advocacy for Vendors’ share of the commission. In short, it will cost you the vendor nothing.4.
Should
I
test
the
market
by
advertising
my
property
at
a
higher
price
than I am expecting?
Answer:
This is not recommended as your property will receive the most interest from potential purchasers in the first 30 days of marketing. Potential purchasers may not consider your property if they believe it to be out of their price range. By the time you decide to lower your selling price to your expected price, say three or more months after it had not sold, genuine purchasers could be sceptical about your stale property.5. How much will it cost in Agent's fees to sell my property?
Answer:
Although 2% to 3% (+ GST) of the sale price is common in Victoria (for established residential properties), there is no set commission; the amount is negotiable between the vendor and the agent, and can be set at whatever amount both parties agree on. The commission can be paid as either a fixed fee or percentage of the sale price, and must be recorded on the authority to sell. If it is recorded as a percentage, it must also be shown as a dollar figure. Some of the factors that can influence the rate of commission can include the value of the property, the degree of difficulty of the task, the expectations of the vendor and the level of service they require. The commission is there to provide the agent with a reward for doing their job successfully, or an incentive for excellent performance. The commission is only payable when a sale is negotiated at a figure that is acceptable to you as the vendor.6. Will I have to pay for the marketing and advertising expenses?
Answer:
In addition to the agent’s commission, there will be costs associated with marketing a property. Even if the property fails to sell, as the vendor you will have to cover marketing costs if you authorised it. Make sure that there are no hidden charges. You can ask the agent to provide a written schedule outlining marketing and other outgoings to clarify what you are paying for. All such expenses are negotiable and must be recorded in the authority to sell.7. What are my GST obligations when buying a property?
Answer:
Generally, GST only applies to buying new homes. It does not generally apply to esta- blished homes unless the seller is registered for GST. Furthermore, if you buy, sell, lease or rent commercial premises (such as shops, factories and offices), you may be liable to pay GST and entitled to claim GST credits for related purchases. Do not sign the contract without checking whether GST applies. If you are uncertain, seek professional advice. If GST applies to a sale, it must be clearly specified in the con- tract whether the price is inclusive or exclusive of GST, how it will be calculated and who will pay it.8.
I
am
not
an
Australian
citizen
or
permanent
resident,
can
I
buy
property in Melbourne?
Answer:
You cannot buy an established residential dwelling in Australia, either directly in your name or through a trust relationship or company structure. Penalties apply for breaching this rule. You can buy other types of Australian residential property, such as new dwellings, vacant land and property that is to be redeveloped, but you must first get approval from the Foreign Investment Review Board. If you are a temporary resident you can buy an established dwelling if you use it as your residence in Australia and get approval from the Foreign Investment Review Board.9. What are the pros and cons of buying off the plan?
Answer:
Some of the more common pros and cons include: Pros : • The idea of paying today’s price for something that may be completed in two or three years time attracts some people, especially in a rising market. • You only pay stamp duty on the land when buying house and land packages. • You can have more input into the design and some say in what the final product looks like. Cons : • There is no guarantee what you are going to get. Fine print in contracts often allows developers to make changes. • In some cases, there is no firm completion date. • Delays in completion affecting expected timing in moving in can cause great inconvenience for those buyers on rental agreements. • For higher density developments such as apartment towers, the valuation of your unit may fall if there is an oversupply of units for sale by investors at the time of completion. • Some developers offer real estate agents high commissions which might artificially inflate your purchase price. • Exit clauses in your contract that are to the developer’s advantage.
Copyright © 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Frequently Asked Questions
1. How much should I sell my property for?
Answer:
To determine the selling price of your property, you have a number of choices. You can get a free appraisal offered by most real estate agents, get a computer generated valuation (sometimes also called an AVM) from a number of property websites for free or for a small fee (usually less than $50), or you could get an independent valuation by a certified practising valuer whose fee could range from approximately $500 for a “normal” suburban dwelling to more than a thousand dollars for a mansion in Toorak.
2.
Should
I
appoint
the
Selling
Agent
who
gives
me
the
highest appraisal for my property?
Answer:
Your choice of Selling Agent should never be based on the one who gives you the highest appraisal. Have several agents appraise your property. Ask them to justify their price. Better still, get an independent valuation by a certified practising valuer and use that as a basis to assess the agents’ appraisals.3.
What
will
it
cost
to
utilize
the
services
of
Advocacy
for
Vendors when selling my property?
Answer:
It’s WIN-WIN-WIN for all parties. You , the vendor get a friend and a property specialist guiding you throughtout the process instead of doing it alone when selling your most valuable asset. The selling agent gets a property to sell and earns a commission. And Advocacy for Vendors gets a share of the selling agent’s commission. All good, as long as the commission you pay is not topped up by the selling agent to cover Advocacy for Vendors’ share of the commission. In short, it will cost you the vendor nothing.4.
Should
I
test
the
market
by
advertising
my
property
at
a
higher price than I am expecting?
Answer:
This is not recommended as your property will receive the most interest from potential purchasers in the first 30 days of marketing. Potential purchasers may not consider your property if they believe it to be out of their price range. By the time you decide to lower your selling price to your expected price, say three or more months after it had not sold, genuine purchasers could be sceptical about your stale property.5.
How
much
will
it
cost
in
Agent's
fees
to
sell
my
property?
Answer:
Although 2% to 3% (+ GST) of the sale price is common in Victoria (for established residential properties), there is no set commission; the amount is negotiable between the vendor and the agent, and can be set at whatever amount both parties agree on. The commission can be paid as either a fixed fee or percentage of the sale price, and must be recorded on the authority to sell. If it is recorded as a percentage, it must also be shown as a dollar figure. Some of the factors that can influence the rate of commission can include the value of the property, the degree of difficulty of the task, the expectations of the vendor and the level of service they require. The commission is there to provide the agent with a reward for doing their job successfully, or an incentive for excellent performance. The commission is only payable when a sale is negotiated at a figure that is acceptable to you as the vendor.6.
Will
I
have
to
pay
for
the
marketing
and
advertising
expenses?
Answer:
In addition to the agent’s commission, there will be costs associated with marketing a property. Even if the property fails to sell, as the vendor you will have to cover marketing costs if you authorised it. Make sure that there are no hidden charges. You can ask the agent to provide a written schedule outlining marketing and other outgoings to clarify what you are paying for. All such expenses are negotiable and must be recorded in the authority to sell.7. What are my GST obligations when buying a property?
Answer:
Generally, GST only applies to buying new homes. It does not generally apply to esta- blished homes unless the seller is registered for GST. Furthermore, if you buy, sell, lease or rent commercial premises (such as shops, factories and offices), you may be liable to pay GST and entitled to claim GST credits for related purchases. Do not sign the contract without checking whether GST applies. If you are uncertain, seek professional advice. If GST applies to a sale, it must be clearly specified in the con- tract whether the price is inclusive or exclusive of GST, how it will be calculated and who will pay it.8.
I
am
not
an
Australian
citizen
or
permanent
resident,
can I buy property in Melbourne?
Answer:
You cannot buy an established residential dwelling in Australia, either directly in your name or through a trust relationship or company structure. Penalties apply for breach-ing this rule. You can buy other types of Australian residential property, such as new dwellings, vacant land and property that is to be redeveloped, but you must first get approval from the Foreign Investment Review Board. If you are a temporary resident you can buy an established dwelling if you use it as your residence in Australia and get approval from the Foreign Investment Review Board.9. What are the pros and cons of buying off the plan?
Answer:
Some of the more common pros and cons include: Pros : • The idea of paying today’s price for something that may be completed in two or three years time attracts some people, especially in a rising market. • You only pay stamp duty on the land when buying house and land packages. • You can have more input into the design and some say in what the final product looks like. Cons : • There is no guarantee what you are going to get. Fine print in contracts often allows developers to make changes. • In some cases, there is no firm completion date. • Delays in completion affecting expected timing in moving in can cause great inconvenience for those buyers on rental agreements. • For higher density developments such as apartment towers, the valuation of your unit may fall if there is an oversupply of units for sale by investors at the time of completion. • Some developers offer real estate agents high commissions which might artificially inflate your purchase price. • Exit clauses in your contract that are to the developer’s advantage.
Stress Relief when Selling Your Property
Advocacy for Vendors
www.advocateforvendors.com.au
Frequently Asked Questions
© 2016, 2017 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Glossary
Appreciation
An increase in the value of a property over time.Asking price
The lowest price a seller is prepared to accept for their property.Assignment
The transfer of property from one person to another.Bank valuation
A bank’s estimate of a property’s value. This is often more conservative than the actual market value.Bridging Finance
A short-term loan used to allow a buyer to purchase a new property before selling an existing one or if the proceeds of a recently sold property have not been cleared.Capital Gain
The increase in the value of property.Capital improvement
An addition that is built as a permanent improvement to add value to the property.Caveat
A notification on the title declaring a party other than the owner (that is, a third party) may have an interest in the property.Certificate of Occupancy
A Certificate of Occupancy certifies that a home can be lived in. It is a requirement of most local government or shire councils that an occupancy certificate be issued prior to the purchaser of a home taking occupation.CGT
Capital Gains Tax in real estate terms is a tax levied on profit from the sale of an investment property (not the family home a.k.a. the PPOR or principal place of residence).Cooling Off Period
Refers to the time during which a buyer can terminate the contract. It was introduced to allow buyers to quickly make an offer and secure the property before seeking legal advice, financial approval or undertaking a professional property inspection. In Victoria, the cooling off period is three clear business days and begins from the date the purchaser signs the contract.Counter offer
A new offer, made after a previous offer has been rejected by the owner.Covenant
A building covenant is a restrictive covenant which is a provision in the title limiting the use of the property and prohibiting certain uses.Depreciation
A reduction in the value of an asset (such as a building) over time due to usage and wear and tear.Disbursements
Costs incurred by a real estate agent (e.g. for photography and advertising costs) that can be passed on to the client (that is, the property owner).Equity
The property owner’s share of a property’s value after deducting the amount owed to the bank.Exclusive authority
An agreement signed by a vendor to appoint an agent to be solely responsible for the sale of a property during a specified period. If another agent sells the property during that time, the exclusive agent is entitled to any commission.Exchange of contracts
The `exchange of contracts' refers to the process wherein the purchaser and vendor enter a binding agreement by each signing a copy of the agreement and then exchanging those copies with each other.Fixtures & Fittings
There is no legal definition of what constitutes fixtures and what constitutes fittings, however, it is generally considered that ‘fixtures’ are items that are secured or bolted to the walls or floor and ‘fittings’ are free standing items. Examples of common fixtures include: light fixtures; ducted heating systems; split system air-conditioners; built-in-robes; toilet suites, vanity basin units, towel rail and toilet roll holder; wall oven, cooktop and rangehood in kitchen; and fixed carpets. Examples of fittings include: wall paintings; wall hung mirrors; curtains and rails; freestanding stove and refridgerator; TV antennas and satellite dish; and movable carpets.Gazumping
Occurs when a seller accepts a higher offer after agreeing to a sale with someone else before exchanging contracts.Gearing
Borrowing funds to invest.Guarantor
A party who agrees to repay a loan using their own assets in case the borrower defaults.Investment property
A property that generates income and not owner occupied.Market value
The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.Nominee
A person who acts or represents another in a limited sense.Open listing
A property in which multiple real estate agents are employed to sell. Commission is paid to the agent who finds the buyer.Passed in
It is when the highest bid at an auction fails to meet the reserve price (that is, the selling price the seller has set).Power of Attorney
The person who has the capacity or authority of another party to act on their behalf.Private sale
The sale of a property by the owner without utilising the services of an estate agent.Private treaty sale
The sale of a property by the owner utilising the services of an estate agent.Requisitions on title
The requests made from a buyer for additional information about the title of the property from the seller.Reserve price
The price at which the owner of a property is prepared to sell at auction.Sellers market
When demand for property outstrips supply and as a result prices move upwards.Settlement date
The date when the new owner assumes possession of the property after finalising payment.Special conditions
Conditions specified by the purchaser that must be met before the contract can become legally binding that is, the contract can be made subject to the purchaser getting finance.Stamp duty
The State Government tax on the purchase price payable at time of settlement by the purchaser.Strata title
A title used for units and townhouses. It gives the owner ownership of a defined part of the building including air space as well as membership to the owners' corporation.Title search
A check on the official record of who owns a piece of land and also includes information about mortgages, covenants, caveats and easements. Victoria's land titles are held in the state's online land titles register, managed by the Registrar of Titles using the Torrens system.Transfer
Document registered at the Land Titles Office recording entries of change of ownership. Trustee Legal term referring to the holder of property on behalf of another.Unencumbered
A property free from covenants or any other restriction.Valuation
The estimated value of a property prepared by a certified practising valuer.Vendor Statement
Also known as the Section 32 Statement, this is a legal statement that the vendor is legally bound to provide the purchaser before the sale of a property. It tells potential buyers certain things they should know about the property before signing a contract to purchase. It is prepared by the vendor’s solicitor or conveyancer.Yield
This is a measurement of future income on an investment. For real estate, it is the percentage calculated by its annual rental income divided by its cost or market value. .
© 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Glossary
Appreciation
An increase in the value of a property over time.Asking price
The lowest price a seller is prepared to accept for their property.Assignment
The transfer of property from one person to another.Bank valuation
A bank’s estimate of a property’s value. This is often more conservative than the actual market value.Bridging Finance
A short-term loan used to allow a buyer to purchase a new property before selling an existing one or if the proceeds of a recently sold property have not been cleared.Capital Gain
The increase in the value of property.Capital improvement
An addition that is built as a permanent improvement to add value to the property.Caveat
A notification on the title declaring a party other than the owner (that is, a third party) may have an interest in the property.Certificate of Occupancy
A Certificate of Occupancy certifies that a home can be lived in. It is a requirement of most local government or shire councils that an occupancy certificate be issued prior to the purchaser of a home taking occupation.CGT
Capital Gains Tax in real estate terms is a tax levied on profit from the sale of an investment property (not the family home a.k.a. the PPOR or principal place of residence).Cooling Off Period
Refers to the time during which a buyer can terminate the contract. It was introduced to allow buyers to quickly make an offer and secure the property before seeking legal advice, financial approval or undertaking a professional property inspection. In Victoria, the cooling off period is three clear business days and begins from the date the purchaser signs the contract.Counter offer
A new offer, made after a previous offer has been rejected by the owner.Covenant
A building covenant is a restrictive covenant which is a provision in the title limiting the use of the property and prohibiting certain uses.Depreciation
A reduction in the value of an asset (such as a building) over time due to usage and wear and tear.Disbursements
Costs incurred by a real estate agent (e.g. for photography and advertising costs) that can be passed on to the client (that is, the property owner).Equity
The property owner’s share of a property’s value after deducting the amount owed to the bank.Exclusive authority
An agreement signed by a vendor to appoint an agent to be solely responsible for the sale of a property during a specified period. If another agent sells the property during that time, the exclusive agent is entitled to any commission.Exchange of contracts
The `exchange of contracts' refers to the process wherein the purchaser and vendor enter a binding agreement by each signing a copy of the agreement and then exchanging those copies with each other.Fixtures & Fittings
There is no legal definition of what constitutes fixtures and what constitutes fittings, however, it is generally considered that ‘fixtures’ are items that are secured or bolted to the walls or floor and ‘fittings’ are free standing items. Examples of common fixtures include: light fixtures; ducted heating systems; split system air-conditioners; built-in- robes; toilet suites, vanity basin units, towel rail and toilet roll holder; wall oven, cooktop and rangehood in kitchen; and fixed carpets. Examples of fittings include: wall paintings; wall hung mirrors; curtains and rails; freestanding stove and refridgerator; TV antennas and satellite dish; and movable carpets.Gazumping
Occurs when a seller accepts a higher offer after agreeing to a sale with someone else before exchanging contracts.Gearing
Borrowing funds to invest.Guarantor
A party who agrees to repay a loan using their own assets in case the borrower defaults.Investment property
A property that generates income and not owner occupied.Market value
The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.Nominee
A person who acts or represents another in a limited sense.Open listing
A property in which multiple real estate agents are employed to sell. Commission is paid to the agent who finds the buyer.Passed in
It is when the highest bid at an auction fails to meet the reserve price (that is, the selling price the seller has set).Power of Attorney
The person who has the capacity or authority of another party to act on their behalf.Private sale
The sale of a property by the owner without utilising the services of an estate agent.Private treaty sale
The sale of a property by the owner utilising the services of an estate agent.Requisitions on title
The requests made from a buyer for additional information about the title of the property from the seller.Reserve price
The price at which the owner of a property is prepared to sell at auction.Sellers market
When demand for property outstrips supply and as a result prices move upwards.Settlement date
The date when the new owner assumes possession of the property after finalising payment.Special conditions
Conditions specified by the purchaser that must be met before the contract can become legally binding that is, the contract can be made subject to the purchaser getting finance.Stamp duty
The State Government tax on the purchase price payable at time of settlement by the purchaser.Strata title
A title used for units and townhouses. It gives the owner ownership of a defined part of the building including air space as well as membership to the owners' corporation.Title search
A check on the official record of who owns a piece of land and also includes information about mortgages, covenants, caveats and easements. Victoria's land titles are held in the state's online land titles register, managed by the Registrar of Titles using the Torrens system.Transfer
Document registered at the Land Titles Office recording entries of change of ownership. Trustee Legal term referring to the holder of property on behalf of another.Unencumbered
A property free from covenants or any other restriction.Valuation
The estimated value of a property prepared by a certified practising valuer.Vendor Statement
Also known as the Section 32 Statement, this is a legal statement that the vendor is legally bound to provide the purchaser before the sale of a property. It tells potential buyers certain things they should know about the property before signing a contract to purchase. It is prepared by the vendor’s solicitor or conveyancer.Yield
This is a measurement of future income on an investment. For real estate, it is the percentage calculated by its annual rental income divided by its cost or market value. .
Glossary
Copyright © 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Glossary
Stress Relief when Selling Your Property
Advocacy for Vendors
www.advocateforvendors.com.au
Appreciation
An increase in the value of a property over time.Asking price
The lowest price a seller is prepared to accept for their property.Assignment
The transfer of property from one person to another.Bank valuation
A bank’s estimate of a property’s value. This is often more conservative than the actual market value.Bridging Finance
A short-term loan used to allow a buyer to purchase a new property before selling an existing one or if the proceeds of a recently sold property have not been cleared.Capital Gain
The increase in the value of property.Capital improvement
An addition that is built as a permanent improvement to add value to the property.Caveat
A notification on the title declaring a party other than the owner (that is, a third party) may have an interest in the property.Certificate of Occupancy
A Certificate of Occupancy certifies that a home can be lived in. It is a requirement of most local government or shire councils that an occupancy certificate be issued prior to the purchaser of a home taking occupation.CGT
Capital Gains Tax in real estate terms is a tax levied on profit from the sale of an investment property (not the family home a.k.a. the PPOR or principal place of residence).Cooling Off Period
Refers to the time during which a buyer can terminate the contract. It was introduced to allow buyers to quickly make an offer and secure the property before seeking legal advice, financial approval or undertaking a professional property inspection. In Victoria, the cooling off period is three clear business days and begins from the date the purchaser signs the contract.Counter offer
A new offer, made after a previous offer has been rejected by the owner.Covenant
A building covenant is a restrictive covenant which is a provision in the title limiting the use of the property and prohibiting certain uses.Depreciation
A reduction in the value of an asset (such as a building) over time due to usage and wear and tear.Disbursements
Costs incurred by a real estate agent (e.g. for photography and advertising costs) that can be passed on to the client (that is, the property owner).Equity
The property owner’s share of a property’s value after deducting the amount owed to the bank.Exclusive authority
An agreement signed by a vendor to appoint an agent to be solely responsible for the sale of a property during a specified period. If another agent sells the property during that time, the exclusive agent is entitled to any commission.Exchange of contracts
The `exchange of contracts' refers to the process wherein the purchaser and vendor enter a binding agreement by each signing a copy of the agreement and then exchanging those copies with each other.Fixtures & Fittings
There is no legal definition of what constitutes fixtures and what constitutes fittings, however, it is generally considered that ‘fixtures’ are items that are secured or bolted to the walls or floor and ‘fittings’ are free standing items. Examples of common fixtures include: light fixtures; ducted heating systems; split system air- conditioners; built-in-robes; toilet suites, vanity basin units, towel rail and toilet roll holder; wall oven, cooktop and rangehood in kitchen; and fixed carpets. Examples of fittings include: wall paintings; wall hung mirrors; curtains and rails; freestanding stove and refridgerator; TV antennas and satellite dish; and movable carpets.Gazumping
Occurs when a seller accepts a higher offer after agreeing to a sale with someone else before exchanging contracts.Gearing
Borrowing funds to invest.Guarantor
A party who agrees to repay a loan using their own assets in case the borrower defaults.Investment property
A property that generates income and not owner occupied.Market value
The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.Nominee
A person who acts or represents another in a limited sense.Open listing
A property in which multiple real estate agents are employed to sell. Commission is paid to the agent who finds the buyer.Passed in
It is when the highest bid at an auction fails to meet the reserve price (that is, the selling price the seller has set).Power of Attorney
The person who has the capacity or authority of another party to act on their behalf.Private sale
The sale of a property by the owner without utilising the services of an estate agent.Private treaty sale
The sale of a property by the owner utilising the services of an estate agent.Requisitions on title
The requests made from a buyer for additional information about the title of the property from the seller.Reserve price
The price at which the owner of a property is prepared to sell at auction.Sellers market
When demand for property outstrips supply and as a result prices move upwards.Settlement date
The date when the new owner assumes possession of the property after finalising payment.Special conditions
Conditions specified by the purchaser that must be met before the contract can become legally binding that is, the contract can be made subject to the purchaser getting finance.Stamp duty
The State Government tax on the purchase price payable at time of settlement by the purchaser.Strata title
A title used for units and townhouses. It gives the owner ownership of a defined part of the building including air space as well as membership to the owners' corporation.Title search
A check on the official record of who owns a piece of land and also includes information about mortgages, covenants, caveats and easements. Victoria's land titles are held in the state's online land titles register, managed by the Registrar of Titles using the Torrens system.Transfer
Document registered at the Land Titles Office recording entries of change of ownership. Trustee Legal term referring to the holder of property on behalf of another.Unencumbered
A property free from covenants or any other restriction.Valuation
The estimated value of a property prepared by a certified practising valuer.Vendor Statement
Also known as the Section 32 Statement, this is a legal statement that the vendor is legally bound to provide the purchaser before the sale of a property. It tells potential buyers certain things they should know about the property before signing a contract to purchase. It is prepared by the vendor’s solicitor or conveyancer.Yield
This is a measurement of future income on an investment. For real estate, it is the percentage calculated by its annual rental income divided by its cost or market value. .
© 2016, 2017 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
1. How much should I sell my property for?
Answer:
To determine the selling price of your property, you have a number of choices. You can get a free appraisal offered by most real estate agents, get a computer generated valuation (sometimes also called an AVM) from a number of property websites for free or for a small fee (usually less than $50), or you could get an independent valuation by a certified practising valuer whose fee could range from approximately $500 for a “normal” suburban dwelling to more than a thousand dollars for a mansion in Toorak.
4.
Should
I
test
the
market
by
advertising
my
property at a higher price than I am expecting?
Answer:
This is not recommended as your property will receive the most interest from potential purchasers in the first 30 days of market- ing. Potential purchasers may not consider your property if they believe it to be out of their price range. By the time you decide to lower your selling price to your expected price, say three or more months after it had not sold, genuine purchasers could be scepti-cal about your stale property.6.
Will
I
have
to
pay
for
the
marketing
and
advertising expenses?
Answer:
In addition to the agent’s commission, there will be costs associated with marketing a property. Even if the property fails to sell, as the vendor you will have to cover marketing costs if you autho-rised it. Make sure that there are no hidden charges. You can ask the agent to provide a written schedule outlining marketing and other outgoings to clarify what you are paying for. All such expen-ses are negotiable and must be recorded in the authority to sell.7.
What
are
my
GST
obligations
when
buying
a
property?
Answer:
Generally, GST only applies to buying new homes. It does not generally apply to established homes unless the seller is registered for GST. Furthermore, if you buy, sell, lease or rent commercial premises such as shops, facories and offices), you may be liable to pay GST and entitled to claim GST credits for related purchases. Do not sign the contract without checking whether GST applies. If you are uncertain, seek professional advice. If GST applies to a sale, it must be clearly specified in the contract whether the price is inclusive or exclusive of GST, how it will be calculated and who will pay it.8.
I
am
not
an
Australian
citizen
or
permanent
resident, can I buy property in Melbourne?
Answer:
You cannot buy an established residential dwelling in Australia, either directly in your name or through a trust relationship or company structure. Penalties apply for breaching this rule. You can buy other types of Australian residential property, such as new dwellings, vacant land and property that is to be redeveloped, but you must first get approval from the Foreign Investment Review Board. If you are a temporary resident you can buy an established dwell- ing. if you use it as your residence in Australia and get approval from the Foreign Investment Review Board.9.
What
are
the
pros
and
cons
of
buying
off
the
plan?
Answer:
Some of the more common pros and cons include: Pros: If you are a temporary resident you can buy an established dwell- ing. if you use it as your residence in Australia and get approval from the Foreign Investment Review Board. • The idea of paying today’s price for something that may be completed in two or three years time attracts some people, especially in a rising market. • You only pay stamp duty on the land when buying house and land packages. • You can have more input into the design and some say in what the final product looks like. Cons: • There is no guarantee what you are going to get. Fine print in contracts often allows developers to make changes. • In some cases, there is no firm completion date. • Delays in completion affecting expected timing in moving in can cause great inconvenience for those buyers on rental agreements. • For higher density developments such as apartment towers, the valuation of your unit may fall if there is an oversupply of units for sale by investors at the time of completion. • Some developers offer real estate agents high commissions which might artificially inflate your purchase price. • Exit clauses in your contract that are to the developer’s advantage.
Frequently Asked Questions
2. Should I appoint the Selling Agent who gives me
the highest appraisal for my property?
Answer:
Your choice of Selling Agent should never be based on the one who gives you the highest appraisal. Have two agents appraise your property. Ask them to justify their price. Better still, get an independent valuation by a professional valuer and use that as a basis to assess the agents. appraisals.
5.
How
much
will
it
cost
in
Agent’s
fees
to
sell
my
property?
Answer:
Although 2% to 3% (+GST) of the sale price is common in Victoria for established residential properties, there is no set commission; the amount is negotiable between the vendor and the agent, and can be set at whatever amount both parties agree on. The commission can be paid as either a fixed fee or percentage of the sale price, and must be recorded on the authority to sell. If it is recorded as a percentage, it must also be shown as a dollar figure. Some of the factors that can influence the rate of commission can include the value of the property, the degree of difficulty of the task, the expectations of the vendor and the level of service they require. The commission is there to provide the agent with a reward for doing their job successfully, or an incentive for excellent performance. The commission is only payable when a sale is negotiated at a figure that is acceptable to you as a vendor.
3.
What
will
it
cost
to
utilize
the
services
of
Advocacy
for Vendors when selling my property?
Answer:
It’s WIN-WIN-WIN for all parties. You, the vendor get a freind and a property specialist guiding you throughout the process instead of doing it alone when selling your most valuable asset. The selling agent gets a property to sell and earns a commission. And Advocacy for Vendors gets a share of the selling agent’s commission. All good, as long as the commission you pay is not topped up by the selling agent to cover Advocacy for Vendors’ share of the commission. In short, it will cost you the vendor nothing.
© 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
“Why do it alone when you can have a friendly property
specialist on your side?”
Contact Us
Joseph K S Lee
Landline: 03 8692 0089 Mobile: 0422 647779 info@advocateforvendors.com.au 5A Hartnett Close, Mulgrave, VIC 3170
To send a message, fill in form below and submit:
“Why do it alone when you can have a
friendly property specialist on your side?”
Copyright © 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
“Why do it alone when you can have a
friendly property specialist on your side?”
Contact Us
Joseph K S Lee
Landline: 03 8692 0089 Mobile: 0422 647779 info@advocateforvendors.com.au 5A Harnett Close, Mulgrave, VIC 3170
To send a message, fill in form below and submit:
Stress Relief when Selling Your Property
Advocacy for Vendors
www.advocateforvendors.com.au
© 2016, 2017 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
Contact Us
Joseph K S Lee
Landline: 03 8692 0089 Mobile: 0422 647779 info@advocateforvendors.com.au 5A Hartnett Close, Mulgrave, VIC 3170
“Why do it alone when you can have a
friendly property specialist on your side?
© 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
“Why do it alone when you can have a friendly property
specialist on your side?”
Another middle man is emerging: advisers, often former real estate
agents but also buyers’ agents themselves, who represent people
selling their homes. It has become particularly popular in Melbourne
.,,,vendor advocates appeal to interstate or overseas owners who can’t
be physically present during the sales process. “They need someone on
the ground who they can rely on...It’s also of interest to someone who
doesn’t know the market or which agent to choose.
A vendor advocate is usually involved in all aspects of the sale. They
will visit the property, give the seller an appraisal, including where the
property sits in the market and a price range. They may also comment
on positive and negative aspects of the property and where it might
fall down in the eyes of buyers, and then give the seller advice on what
to fix up.
...the vendor advocate’s independent assessment of the property gives
the seller something concrete to compare with what real estate agents
will tell them. If the seller decides to go ahead with the vendor
advocate, the advocate then gets real estate agents to assess the
property and provide a market appraisal and marketing plan.
...the personal style of the vendor and who would be a good agent for
them...then goes to the market place and invites a few agents in....It’s
like a tender.....They know they’re not a shoo-in. They know they have
to work for it.
Choosing an agent is one of the most challenging decisions for a seller.
There’s a multitude of agents out there to choose from...There are
better agents for certain properties; they have better selling skills and
are able to talk to buyers and know when the property is pushing the
emotional buttons of the buyer and how to do that.
...vendor advocates alleviate the stress of the selling process. A lot of
them don’t like dealing with selling agents; they aren’t sure which
ones are ethical and which ones aren’t.
The vendor advocate also advises on the best form of marketing,
including whether to go to auction. ...attends photo shoots and helps
choose the best photos for marketing. After open home inspections,
the agent reports back to the vendor and provides a sales report
including information on the genuinely interested buyers. If the
property is being auctioned, the vendor advocate also attends. Vendors
really love that because they don’t feel pressured just by the agent.
There are three ways...compensated. The first is a straight fee. Another
method is for the vendor advocate to charge the seller a fee, then
negotiate with the real estate agent for the seller to pay a smaller
commission to that agent. But the most popular way of paying a
vendor advocate is for them to receive a cut...of the real estate agent’s
commission.
...vendor advocates are adopting techniques to keep agents on their
toes. ...one is “planting a seed’’: sending someone the vendor advocate
knows through the property and asking that person to report back to
the advocate on how well the agent followed them up.
...engaged by the client and trusted by the client...the vendor needs to
be placing some sort of trust in the vendor advocate....trust is key.
...vendor advocates say they have earned their commission: the agent
wouldn’t have the listing if it wasn’t for them. ...the commission split
is no different from a real estate agency dividing up a commission
within the company.
...some agents do refuse the commission structure...it’s a case of “have
that or have nothing. It’s better to have a slice of the pie than no slice
of the pie at all...
...choosing an agent can be challenging....People just value the advice,
and someone to lean on and a hand to hold who isn’t the real estate
agent.
...at the end of the day seller has the final say on the agent...majority of
the time the vendor will say “it doesn’t really worry me, pick the best
one.”
Extract of Article in:
by Ben Power - July 26, 2014
.....continued
Vendor advocates keep real estate agents accountable
Copyright © 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
“Why do it alone when you can have a
friendly property specialist on your side?”
Stress Relief when Selling Your Property
Advocacy for Vendors
www.advocateforvendors.com.au
Extract of Article in:
by Ben Power - July 26, 2014
Vendor advocates keep real estate agents
accountable
SELLING your house can be daunting. There are dozens of
possible agents to choose from. Who do you trust? And
should you go to auction? Will you waste your money on
expensive marketing campaigns?
Faced with this task, more sellers are hiring vendor
advocates, advisers who hold their hand through the entire
sale process, from choosing an agent to picking the best
photos of the house. Vendor advocates mean real estate
agents “are kept accountable by a third party”...
Real estate agents have had Australia’s property market to
themselves. They got the listing, and then handled all the
marketing and negotiations between the vendor and buyer.
But in recent years we have been shifting slowly to a US
model, particularly with the growing popularity of buyers’
agents, advisers who represent the interest of the purchaser.
.....continue
© 2016, 2017 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
“Why do it alone when you can have a
friendly property specialist on your side?
Extract of Article in:
by Ben Power - July 26, 2014
Vendor advocates keep real estate agents
accountable
SELLING your house can be daunting. There are dozens of
possible agents to choose from. Who do you trust? And
should you go to auction? Will you waste your money on
expensive marketing campaigns?
Faced with this task, more sellers are hiring vendor
advocates, advisers who hold their hand through the entire
sale process, from choosing an agent to picking the best
photos of the house. Vendor advocates mean real estate
agents “are kept accountable by a third party”...
Real estate agents have had Australia’s property market to
themselves. They got the listing, and then handled all the
marketing and negotiations between the vendor and buyer.
But in recent years we have been shifting slowly to a US
model, particularly with the growing popularity of buyers’
agents, advisers who represent the interest of the purchaser.
.....continue
© 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
“Why do it alone when you can have a friendly property
specialist on your side?”
Another middle man is emerging: advisers, often former real estate
agents but also buyers’ agents themselves, who represent people
selling their homes. It has become particularly popular in Melbourne
.,,,vendor advocates appeal to interstate or overseas owners who can’t
be physically present during the sales process. “They need someone on
the ground who they can rely on...It’s also of interest to someone who
doesn’t know the market or which agent to choose.
A vendor advocate is usually involved in all aspects of the sale. They
will visit the property, give the seller an appraisal, including where the
property sits in the market and a price range. They may also comment
on positive and negative aspects of the property and where it might
fall down in the eyes of buyers, and then give the seller advice on what
to fix up.
...the vendor advocate’s independent assessment of the property gives
the seller something concrete to compare with what real estate agents
will tell them. If the seller decides to go ahead with the vendor
advocate, the advocate then gets real estate agents to assess the
property and provide a market appraisal and marketing plan.
...the personal style of the vendor and who would be a good agent for
them...then goes to the market place and invites a few agents in....It’s
like a tender.....They know they’re not a shoo-in. They know they have
to work for it.
Choosing an agent is one of the most challenging decisions for a seller.
There’s a multitude of agents out there to choose from...There are
better agents for certain properties; they have better selling skills and
are able to talk to buyers and know when the property is pushing the
emotional buttons of the buyer and how to do that.
...vendor advocates alleviate the stress of the selling process. A lot of
them don’t like dealing with selling agents; they aren’t sure which
ones are ethical and which ones aren’t.
The vendor advocate also advises on the best form of marketing,
including whether to go to auction. ...attends photo shoots and helps
choose the best photos for marketing. After open home inspections,
the agent reports back to the vendor and provides a sales report
including information on the genuinely interested buyers. If the
property is being auctioned, the vendor advocate also attends. Vendors
really love that because they don’t feel pressured just by the agent.
There are three ways...compensated. The first is a straight fee. Another
method is for the vendor advocate to charge the seller a fee, then
negotiate with the real estate agent for the seller to pay a smaller
commission to that agent. But the most popular way of paying a
vendor advocate is for them to receive a cut...of the real estate agent’s
commission.
...endor advocates are adopting techniques to keep agents on their toes.
...one is “planting a seed’’: sending someone the vendor advocate
knows through the property and asking that person to report back to
the advocate on how well the agent followed them up.
...engaged by the client and trusted by the client...the vendor needs to
be placing some sort of trust in the vendor advocate....trust is key.
...vendor advocates say they have earned their commission: the agent
wouldn’t have the listing if it wasn’t for them. ...the commission split
is no different from a real estate agency dividing up a commission
within the company.
...some agents do refuse the commission structure...it’s a case of “have
that or have nothing. It’s better to have a slice of the pie than no slice
of the pie at all...
...choosing an agent can be challenging....People just value the advice,
and someone to lean on and a hand to hold who isn’t the real estate
agent.
...at the end of the day seller has the final say on the agent...majority of
the time the vendor will say “it doesn’t really worry me, pick the best
one.”
Extract of Article in:
by Ben Power - July 26, 2014
.....continued
Vendor advocates keep real estate agents accountable
Copyright © 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
“Why do it alone when you can have a
friendly property specialist on your side?”
Stress Relief when Selling Your Property
Advocacy for Vendors
www.advocateforvendors.com.au
.....continued
Extract of Article in:
by Ben Power - July 26, 2014
Another middle man is emerging: advisers, often former real
estate agents but also buyers’ agents themselves, who represent
people selling their homes. It has become particularly popular
in Melbourne
.,,,vendor advocates appeal to interstate or overseas owners
who can’t be physically present during the sales process. “They
need someone on the ground who they can rely on...It’s also of
interest to someone who doesn’t know the market or which
agent to choose.
A vendor advocate is usually involved in all aspects of the sale.
They will visit the property, give the seller an appraisal,
including where the property sits in the market and a price
range. They may also comment on positive and negative
aspects of the property and where it might fall down in the eyes
of buyers, and then give the seller advice on what to fix up.
...the vendor advocate’s independent assessment of the property
gives the seller something concrete to compare with what real
estate agents will tell them. If the seller decides to go ahead
with the vendor advocate, the advocate then gets real estate
agents to assess the property and provide a market appraisal
and marketing plan.
...the personal style of the vendor and who would be a good
agent for them...then goes to the market place and invites a few
agents in....It’s like a tender.....They know they’re not a shoo-in.
They know they have to work for it.
Choosing an agent is one of the most challenging decisions for
a seller. There’s a multitude of agents out there to choose
from...There are better agents for certain properties; they have
better selling skills and are able to talk to buyers and know
when the property is pushing the emotional buttons of the
buyer and how to do that.
...vendor advocates alleviate the stress of the selling process. A
lot of them don’t like dealing with selling agents; they aren’t
sure which ones are ethical and which ones aren’t.
The vendor advocate also advises on the best form of
marketing, including whether to go to auction. ...attends photo
shoots and helps choose the best photos for marketing. After
open home inspections, the agent reports back to the vendor
and provides a sales report including information on the
genuinely interested buyers. If the property is being auctioned,
the vendor advocate also attends. Vendors really love that
because they don’t feel pressured just by the agent.
There are three ways...compensated. The first is a straight fee.
Another method is for the vendor advocate to charge the seller
a fee, then negotiate with the real estate agent for the seller to
pay a smaller commission to that agent. But the most popular
way of paying a vendor advocate is for them to receive a
cut...of the real estate agent’s commission.
...endor advocates are adopting techniques to keep agents on
their toes. ...one is “planting a seed’’: sending someone the
vendor advocate knows through the property and asking that
person to report back to the advocate on how well the agent
followed them up.
...engaged by the client and trusted by the client...the vendor
needs to be placing some sort of trust in the vendor
advocate....trust is key.
...vendor advocates say they have earned their commission: the
agent wouldn’t have the listing if it wasn’t for them. ...the
commission split is no different from a real estate agency
dividing up a commission within the company.
...some agents do refuse the commission structure...it’s a case
of “have that or have nothing. It’s better to have a slice of the
pie than no slice of the pie at all...
...choosing an agent can be challenging....People just value the
advice, and someone to lean on and a hand to hold who isn’t
the real estate agent.
...at the end of the day seller has the final say on the
agent...majority of the time the vendor will say “it doesn’t
really worry me, pick the best one.”
© 2016, 2017 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
“Why do it alone when you can have a
friendly property specialist on your side?
Extract of Article in:
by Ben Power - July 26, 2014
Another middle man is emerging: advisers, often former real
estate agents but also buyers’ agents themselves, who
represent people selling their homes. It has become
particularly popular in Melbourne
.,,,vendor advocates appeal to interstate or overseas owners
who can’t be physically present during the sales process.
“They need someone on the ground who they can rely
on...It’s also of interest to someone who doesn’t know the
market or which agent to choose.
A vendor advocate is usually involved in all aspects of the
sale. They will visit the property, give the seller an appraisal,
including where the property sits in the market and a price
range. They may also comment on positive and negative
aspects of the property and where it might fall down in the
eyes of buyers, and then give the seller advice on what to fix
up.
...the vendor advocate’s independent assessment of the
property gives the seller something concrete to compare
with what real estate agents will tell them. If the seller
decides to go ahead with the vendor advocate, the advocate
then gets real estate agents to assess the property and
provide a market appraisal and marketing plan.
...the personal style of the vendor and who would be a good
agent for them...then goes to the market place and invites a
few agents in....It’s like a tender.....They know they’re not a
shoo-in. They know they have to work for it.
Choosing an agent is one of the most challenging decisions
for a seller. There’s a multitude of agents out there to choose
from...There are better agents for certain properties; they
have better selling skills and are able to talk to buyers and
know when the property is pushing the emotional buttons of
the buyer and how to do that.
...vendor advocates alleviate the stress of the selling process.
A lot of them don’t like dealing with selling agents; they
aren’t sure which ones are ethical and which ones aren’t.
The vendor advocate also advises on the best form of
marketing, including whether to go to auction. ...attends
photo shoots and helps choose the best photos for
marketing. After open home inspections, the agent reports
back to the vendor and provides a sales report including
information on the genuinely interested buyers. If the
property is being auctioned, the vendor advocate also
attends. Vendors really love that because they don’t feel
pressured just by the agent.
There are three ways...compensated. The first is a straight
fee. Another method is for the vendor advocate to charge the
seller a fee, then negotiate with the real estate agent for the
seller to pay a smaller commission to that agent. But the
most popular way of paying a vendor advocate is for them to
receive a cut...of the real estate agent’s commission.
...endor advocates are adopting techniques to keep agents on
their toes. ...one is “planting a seed’’: sending someone the
vendor advocate knows through the property and asking that
person to report back to the advocate on how well the agent
followed them up.
...engaged by the client and trusted by the client...the vendor
needs to be placing some sort of trust in the vendor
advocate....trust is key.
...vendor advocates say they have earned their commission:
the agent wouldn’t have the listing if it wasn’t for them.
...the commission split is no different from a real estate
agency dividing up a commission within the company.
...some agents do refuse the commission structure...it’s a
case of “have that or have nothing. It’s better to have a slice
of the pie than no slice of the pie at all...
...choosing an agent can be challenging....People just value
the advice, and someone to lean on and a hand to hold who
isn’t the real estate agent.
...at the end of the day seller has the final say on the
agent...majority of the time the vendor will say “it doesn’t
really worry me, pick the best one.”
.....continued
© 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
YES! I want to Squeeze every extra Dollar
of Value from my Property
YES! I want to Squeeze every extra Dollar
of Value from my Property
Stress Relief when Selling Your Property
Advocacy for Vendors
www.advocateforvendors.com.au
Copyright © 2016-2021 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
© 2016, 2017 Joseph K S Lee t/as Advocacy for Vendors. All rights reserved.
YES! I want to Squeeze every
extra Dollar of Value from my
Property