Government
Vendorable helps government departments and agencies dispose of assets with greater transparency and control.
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Case study
Legal risk management
Legal practitioners use Vendorable to help clients in times of need.
Vendorable helps legal professionals support the operational side of real estate matters without taking on unnecessary administrative burden or additional risk.
Help clients and avoid risk
Increasingly, legal professionals and practices are finding that clients want them to engage more deeply in the operational elements of a transaction, including the appointment of real estate service professionals.
Vendorable allows legal practitioners to assist with the administrative elements of files without taking on unbillable, unprofitable work and without increasing risk.
Vendorable has been used in matters spanning family law, deceased estates, powers of attorney, and commercial litigation.
Contentious deceased estate example
In this matter there were several complicating factors:
- The executors were located interstate from the legal practitioner handling the estate.
- The property to be sold was in a different city from both the clients and the practice.
- The executors were settling a claim against the estate by a party who had not been provided for in the will.
- The claimant was in the same city as the asset.
- The principal asset of the estate was the parcel of real property.
- The property was in an area unfamiliar to both the lawyer and the executor clients, including on value expectations and agent choice.
- Time was critical because the matter had already been ongoing for some time and the executor needed to avoid further court action.
- There were multiple beneficiaries of the sale proceeds to whom the executor was accountable and had reporting obligations.
Outcome
The lawyer and executors went from having no local market information to being fully informed once agents in the local area submitted proposals.
The selected agent had an appraisal range about $50,000 above the other submissions, while reducing the initial commission by 0.3% to align with the market rate.
The tender process took only a week, and once the decision was made the electronic agency agreement took seconds to execute.
The legal practitioner was able to invite the executor into the platform to review the full process and make the necessary decision.
The executors, working with the lawyer, used Vendorable's reports to keep the claimant and other beneficiaries informed of progress while retaining control of the process.
The property sold within the servicing agent's appraisal range, which was higher than the other agents' ranges, and exceeded original expectations.
Total time on file was just 68 days from tender through to marketing and exchange of contracts.
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