You might have heard of buyer's agents, selling agents, seller's agent, listing agents, and so on. There are a lot of real estate titles out there, and this can be confusing and this confusion can cost you proper representation and money. So what's the difference among these agents? Let's find out.
What is a Buyer's Agent?
True to their name, buyer's agents assist home buyers every step of the way; they can also save tons of time and money on the road to home ownership. Buyer's agents are legally bound to help buyers, whereas listing agents—the agent representing the home listing—have a fiduciary duty to the home seller. That's why it's in your best interest as a buyer to contact a buyer's agent, and not the listing agent, when you want to see or purchase a home. The buyer's agent is there to represent you, your rights, and your interests.
What Are the Benefits of Using a Buyer's Agent?
Finding the right property. After determining what clients are looking for and what they can afford, the buyer's agent will schedule appointments to tour homes that fit the bill. The buyer's agent can also explain the ins and outs of various properties and neighborhoods to help buyers decide which home is right for them by explaining the pros and cons of various options.This is where the buyer's agent's knowledge of the local real estate market can save you time.
Negotiating the offer. The buyer's agent will advise clients on an appropriate price to offer and will present any and all offers to the seller's agent. The buyer's agent will negotiate on your behalf and write up the contracts for you. This is where the agent's experience in negotiating deals can save you money and help avoid pitfalls like a fixer-upper that's more trouble than it's worth.
Recommending other professionals. A buyer's agent will also be able to refer you to reliable mortgage brokers, real estate attorneys, home inspectors, movers, and more. This can also help expedite each step of the process and move buyers to a successful sale all the faster. This is where the buyer's agent can save yo both time and money.
Help in overcoming setbacks. If the home inspector's report or appraisal brings new issues to light, a buyer's agent can advise buyers on how to proceed, and then act as a buffer between the buyers and the sellers (or their agent). If negotiations become heated or hostile, it's extremely helpful to have an experienced professional keeping calm and offering productive solutions. This is where the buyer's agent's expertise can save you frustration.
Should a buyer enlist the services of a Seller's Agent?
No. I would not advise that course of action. Just remember that the seller's agent represents the seller. These agents work for the seller. It's their job to properly market the property and to get it sold. Seller's agents do not represent the best interests of the buyer.
Are a Seller's Agent and a Listing Agent the Same Thing?
Yes. A listing agent does what the name implies—lists a property for sale. Neither seller's agent nor listing agent represent the buyer. They always represent the seller.
Should a buyer enlist the services of a Selling agent?
Yes. A selling agent is the buyer's agent. Confusing nomenclature for sure, but the "ing" puts these agents on the other side of the fence from the seller's agent. They bring buyers to the table. Technically, this agent is called the buyer's agent before a contract is signed, and thereafter is designated as the selling agent.
In the end, when you get ready to sell a house, the agent you hire is the seller's agent. When you get ready to buy a house, the agent you engage is now the buyer's agent. If you purchase a home, your buyer's agent becomes the selling agent, too.
When you need help navigating the local Emerald Isle, NC real estate market, go to my website, www.EIHomesforSale.com and request my free Guide to Living Where You Vacation or text/call 919-308-2292.
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