A smarter way to sell real estate

  • How it works illustration 1
  • How it works illustration 2
  • How it works illustration 3
  • How it works illustration 1
    Announce a property sale
    Let real estate professionals know you have a property to sell. Agents come to you with their proposals.
  • How it works illustration 2
    Appoint an agent
    Agents compete for your work. You connect with the ones best suited to the property and find a good deal.
  • How it works illustration 3
    Sell
    Your agent commences marketing. Keep track of where your sale is up to and communicate in one place on Vendorable.

Learn more about how Vendorable can help you with your property sale.

How it works

Sellers

Sellers put a real estate sale opportunity out for competitive tender.

Sellers place their properties with Vendorable as jobs for real estate agents to bid on.

  • As a seller, you will be able to see and compare a range of proposals from real estate agents. Agents who have started using Vendorable will already have information about their previous jobs. This assists you in deciding which agent to use.
  • You can connect with the agents you think will be best suited to your property before making any decision.
  • In accepting a bid, you and your agent are able to enter into an agency agreement electronically through our terms of service.
  • You can track your agent's progress and communicate with each other in one place on every aspect of the sale.
  • After completion of a sale, you can rate your agent's performance and leave a review. This helps you and other sellers decide if your agent should be appointed for another job.

Agents

Agents bid for the opportunity to sell a property.

Agents who want to connect directly with active sellers find jobs on Vendorable.

  • As an agent, you will see what other agents are offering in the marketplace and are able to adjust your offering so that you are more competitive.
  • When you make a bid for a job your identity is not disclosed to other bidders - just the seller.
  • Sellers are empowered to choose their best agent, not the cheapest. So qualitative factors about agent's pitches to prospective clients are important.
  • Once you are appointed to sell a property you can easily update the seller on your marketing activities and the progress of the sale of the property. This means your client has detailed information for their records and assists with your compliance obligations. You can keep abreast of all of your sales and keep clients happy. They're just a click away from an update.

Pricing

For sellers it costs nothing. Our service fee is 5% (plus tax) of agent's commission on successfully completed transactions.

Sellers may use Vendorable to acquire and manage the services of real estate agents right now at no cost. Agents sign up, build their profile, view opportunities and start bidding for them for free. Once an agent wins a job and then sells the property, we charge the agent 5% (plus tax) of their commission. This is payable on completion of the sale.

Compliance

Real estate services is a regulated market.

We guide agents with their compliance obligations to sellers and for themselves. We keep up to date with legislative changes in real estate regulation so that our platform continues to work for you.

Agency agreement rules

The agreement between seller and agent is transacted electronically.

Our agency agreement rules are contained in our terms of service but here are the key points for sellers:

  • the agreement comes into effect once you've clicked the button to appoint the agent
  • everything the agent said in their proposal to you forms part of the agreement
  • the type of agency is that specified by the agent
  • the default position is that the agreement has no duration and the parties can end it at any time without penalty - you can choose to accept an amendment to this from the agent
  • you have to reimburse the agent for costs additional to their service (like advertising and auctioneer fees) once the agent asks for them but only after the agent has reasonably accounted for them (e.g. with the third-party's invoice)
  • usually, the buyer's deposit to purchase the property will be held in a trust or escrow account and the agent's commission is paid out of this
  • the commission as quoted in the agent's proposal includes any and all consumption taxes (e.g. GST or VAT)
  • the commission is payable once the sale of the property has been completed
  • you must not seek to avoid paying the commission through rescinding the contract for the sale of your property and then selling the property again to the same or a related purchaser
  • the default position is that the agent must seek your consent to a "dual agency" - that is where an agent associated with your agent is acting for an actual or prospective buyer of your property

Types of agency

Vendorable supports three types of agency relationship and two commission structures.

Exclusive Agency

An exclusive agency means that if the seller's property is sold while the agreement is in force, the agent is entitled to commission. Even if the seller or another person was responsible for introducing the buyer, the agent is entitled to commission. If the agreement ends without a sale, and then the property is sold to a buyer introduced to the property by the agent while the agreement was in force, then the agent is entitled to commission too. Agents prefer exclusive agencies since it gives them comfort they will definitely be rewarded for their work marketing the property for sale.

Sole Agency

A sole agency means that if the seller's property is sold while the agreement is in force, the agent is entitled to commission, unless the seller is responsible for selling the property. If the seller introduces the buyer to the property, then the agent is not entitled to commission. If the agreement ends without a sale, and then the property is sold to a buyer introduced to the property by the agent (not the seller), while the agreement was in force, then the agent is entitled to commission. A seller might have special reasons for wanting a sole agency over an exclusive agency. For example, the seller already has some interested buyers but an agent could deliver a better deal.

Open Agency

An open agency means that if the agent sells the property, then they are entitled to commission. But if someone else sells the property (like the seller or another agent), then they are not entitled to receive commission. If a property is of a high value or could take some time to find the right buyer, the seller might want to appoint any number of agents under an open agency. In this case, the seller will only pay one commission to the agent who successfully sells the property.

Fixed Commission

When an agent works on a fixed commission, the seller pays the agent the amount previously agreed once the property sale has been completed. This amount does not change, and is irrespective of the price the agent obtains for the property.

Percentage Commission

When an agent works on a percentage commission, the agent is entitled to calculate their remuneration by reference to the price obatined for the property. The seller pays the agent a percentage of the sale price of the property.