When the property market starts falling — as it is doing now — smart home vendors enlist the services of a vendor advocate. That person is not from or related to the vendor‘s real estate agency but is an independent adviser…
…Buyers are also getting into the vendor game with some of them engaging buyer advocates to help them negotiate lower prices with real estate agents.
Vendor advocates and buyer advocates are scathing of each other. JPP Buyer Advocates director lan James worries that vendor advocates appoint the real estate agents who pay the most commission and that vendor advocates are unregulated and need not hold a real estate agents licence, although buyer advocates are licensed.
But Reid retaliates with the same accusation of bias, saying buyer advocates pay high prices for properties because they receive a percentage of the purchase price.
James responds that the best buyer advocates work on a fixed fee or a commission that increases when the purchase price decreases.
Each side claims growing demand for their services. Both are designed to keep the real estate sector — notorious for bending rules — more honest.
