Listing Agent vs Buyer's Agent
In the past, just real estate sellers had the right to be represented by agents in a real estate transaction while the buyers had no representatives during the period of the property search and purchase. In recent days, there has been the introduction of real estate buyer’s agent so buyers can highly benefit from having a professional representative known as a buyer’s agent-instead of fully relying on the service of a traditional seller’s agent who works directly for sellers.
For everyone who’s about to engage in a real estate transaction, there’s every chance you’ll be using either a listing agent or a buyer’s agent. You might find it confusing to differentiate between these two agents with their similarities but they do have different duties to perform. Their only similarity I can say is the fact they both take part in your home purchase and they both have commissions to earn after a successful sale.
Read further if you would like to know more differences between a listing agent and a buyer’s agent so you don’t get confused the next time you come in contact with one of them.
Listing Agent: The listing agent is often referred to as the seller’s agent. The listing agent or seller’s agent is hired by the seller, so he/she works with the seller and represent their interest in the sale. A seller would contact a listing agent and notify them of the home they wish to sell. The seller does this with a written contract to the listing agent. The listing agent now has to set up a meeting with the seller, the agent has to evaluate the property and carry out a comparative market analysis on the property to provide certain information about the sales condition to the seller. The listing agent uses the result from the comparative market analysis to come to an approximate price range for the property. Both the listing agent and the seller now have to come to a conclusion in terms of how much should be the asking price of the home.
The agent now has to provide a legal contract that gives grounds to his/her representing the seller. When this is done, the listing agent has to start marketing the property on every possible listing site. Listing agents are generally very good at marketing strategies and have the responsibility of getting a home sold in the shortest period while making the most for the seller. Listing agents are 100% loyal to sellers and would do whatever it takes to achieve a seller’s goals.
Buyer’s Agent: The buyer’s agent, often referred to as the selling agent has a role to play in every home purchase. If you happen to be in need to purchase a new home in your local market, buyer’s agent can always be of help. All you need to do is talk to a buyer’s agent about representing you in this process. What a buyer’s agent require from you is you telling them exactly what you require from and what you can afford and in what neighborhood. Providing all these information will get your buyer’s agent busy trying their best to find just what meets your needs. When you finally see a property that suits your taste, the buyer’s agent will schedule a showing for you. Buyer’s agent would get in contact with the listing agent to know more about the property. If you truly show interest towards the property, the buyer’s agent will take your offer to the listing agent for more negotiations. The buyer’s agent has the job of creating the best deal possible for the home. If your deal is accepted, the buyer’s agent has to stand by the buyer’s side throughout the purchase process. They will represent you in the closing process so you don’t get cheated by the other side.