Hi Everyone,
I have been a long time reader of this forum, but finally felt it was time to join and share some of my limited knowledge and also grow what I do have by asking questions.
Does anyone have any experience with Sellers Agents? From what I can gather is they will deal exclusively with the Estate Agents for you, from selecting the most suitable Agent all the way through to negotiating the property sale and that they make their money by taking a percentage of the Agent's sales commission? Am I on the right track here?
Has anyone used one before? Or have one they would recommend?
Thanks in advance!
My House
Hi My House,
A Sellers Agent works (or should) for the Seller exclusively because the Seller pays the commission. I think that you may mean a Buyers Agent. That is they work exclusively for the Buyer, however in this situation, the Buyer pays their commission.
It is my belief that with Demand exceeding Supply and given that most agents won't conjunct on their listings, we are going to see an increase in Buyers using the services of a Buyers Agent. A good Buyers Agent with a thorough knowledge of current listings and up to date market knowledge will be able to assist a Buyer to secure a property much quicker than the Buyer trying to do all of the leg work for themselves. Given that this may mean that the Buyer is going to pay a little more for the purchase, this will not suit all Buyers and in particular, those who know everything and have time to burn.
Jon
Hi Jon,
Thanks for your reply. I was however referring to a Sellers Agent. I have a friend who is considering using one to sell his property and was wondering if anyone had any experience with them?
Thanks
My House
Hmmm, sorry for the missunderstanding, have never heard of a Sellers agent (apart from the one that I mentioned) but my immediate thoughts would be that it is just a clever way for an Agent to have an exclusive agency on your property and say that he is going to work with other agents in order to sell your property. As it stands today this is called a conjunctional sale and both agents share in the commission.
I can't see any other benefits to the Seller. I'm open to opinions though.
Jon
I'm with you Jon. All agents who are engaged by the vendor work for the vendor and are by definition 'sellers agents'. Any attempt to make out that this is something new is just clever marketing by someone who would otherwise be just another consultant.
Hi guys,
Thanks for your comments. I may have confused a bit with the termonolgy that I have used. I think they are meant to be called Vendor Advocates, but esentially they are the same thing.
I asked a real estate agent who I have had some dealings with about them, and this was his response "Vendor Advocates" act as a middle person negotiator. All feedback regarding price and comments made during the campaign are to directed to the advocate who will then pass that onto the owner. No direct contact is allowed with the owner unless the agent has spoken to and informed the advocate first.
In other words the agent does all the work and passes the information to the advocate who then just relays the information onto the owner and takes 40% of the commission from the agency at the end for all their hard work! I guess you've picked up on the fact I don't really think much of them !!!"Maybe they are something new. I am from Melbourne, so perhaps they are justing starting down here at the moment.My House
I'm not seeing the benefit for the vendor. I'm with Jon and SNM that this just sounds like any other RE agent, with a new marketing strategy. I don't get it.
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