“Seller's Agent vs. Buyer's Agent, what's the difference?”
The Seller Agent
Usually a seller’s agent (also known as a listing agent) is an employee of a local real estate firm like Keller Williams Asheville.
Simply put… a seller’s agent is the real estate professional who you hire to “list” your property for sale in the real estate firm’s MLS (or multiple listing services).
A major part of a selling agent’s job is to work with a property owner to set a suitable sale (or asking) price for a house based on current trends in the marketplace.
Of course, the most visible part of their work is when they setup the appropriate marketing channels to promote a house in order to sell it.
A seller’s agent can build awareness by using traditional marketing methods: like print advertising in magazines and newspapers as well as hosting open houses, website listings or online ads.
So it is always the seller’s agent’s name and contact information on the “for sale” signs in front of a house.
Naturally, every listing agent works hard to sell their company’s listed properties, especially those that they have under their personal contracts.
This is because a selling agent only gets paid if your home is sold.
If a seller’s agent fails to find a suitable buyer for their client’s property within a certain timeframe, the homeowner cancel the contract and pull the property from the firm’s MLS listings and go hire another someone else.
The Buyer Agent
Until the 1990s both house hunters and homeowners used the same real estate professional during the entire sales process – the seller’s agent.
State regulations - then and now - required that the listing agent treat both parties, fairly and honestly.
Yet the seller’s agent is also required by NC law to represent the best interests of the property seller over that of the house buyer.
So as you might imagine, having one real estate professional to represent both the buyer and the seller – who have opposing viewpoints and different financial motivations – can easily become very difficult to manage.
So began the rise of the Buyer Agent
The Buyer agent is basically the real estate professional who is hired by a potential home buyer to help them find the a property that is best suited to their needs, family size and budget.
The buyer’s agent is also the one who represents the buyer in negotiations with the seller’s agent in order to get the best sale price for their client.
A buyer’s agent is bound by a legal contract to represent the best interests of the home buyer exclusively.
A buyer's agent can help a home buyer view properties, evaluate area neighborhoods in terms of safety and lifestyle as well possible investment opportunities.
And buyer agents can also offer their expert advice on real estate related services such as property inspections and mortgage lending companies.
As you can see there is a good bit of difference between a seller’s agent and buyer’s agent.
If you have any more questions about the duties of a selling agent or a buyer agent, then we invite contact our expert real estate listing specialist, Skye Streppa, at 828.210.1684 or by email TeamStreppa@gmail.com.