When it comes to real estate transactions, clients oftentimes don’t understand the roles of buying and selling real estate agents. Many people ask, “Why use a realtor to buy a new home?” or “Why use a realtor to sell a new home?” Understanding the difference between buyer agents and seller agents can help you make informed decisions when buying or selling property.
The Role of Buyer Agents
Buyer agents are licensed real estate professionals representing buyers in real estate transactions. They guide clients through every step of the home purchasing process. As a result, they do everything from finding suitable properties and negotiating prices to handling paperwork and closing deals.
Why Use a Realtor to Buy a New Home?
There are several reasons why prospective homeowners should use a buyer agent when purchasing property:
1. Expert Guidance:
Buying agents have extensive knowledge about local markets. This is invaluable when finding properties to match your preferences and budget. Local real estate professionals who know the differences between different towns, neighborhoods and other factor will give you an advantage in highly competitive markets. This is especially true in the South Shore real estate market.
2. Negotiation Skills:
A good buyer agent negotiates effectively with sellers or their representatives on your behalf. Potentially this can save you thousands of dollars.
3. Access to Listings:
Buyer agents have access to multiple listing services (MLS), which contain detailed information about most properties for sale in a given area. In addition, they have an inside track to off-listing properties.
By handling tasks such as scheduling viewings and dealing with paperwork, buyer agents can save you considerable time and effort. This makes for a smoother buying process.
5. Legal Protection:
Buyer agents are legally obligated to act in their clients’ best interests at all times. In other words, agents protect clients throughout the process.
The Role of Seller Agents
Seller agents represent sellers in real estate transactions. They help their clients prepare their properties for sale, market them effectively, negotiate with potential buyers, handle paperwork, and close deals.
Why Use a Realtor to Sell a New Home?
Here are some reasons why homeowners should consider using a seller agent when selling property:
1. Pricing Expertise:
Seller agents can help you set a competitive price for your property based on their knowledge of local market conditions. As a result, the best possible outcome is achieved.
2. Marketing Skills:
A good seller agent can create compelling listings for your property, arrange professional photography, and use various marketing channels to attract potential buyers.
3. Negotiation Skills:
Like buyer agents, seller agents negotiate effectively on your behalf. In most instances, clients using a real estate agent to sell their home get the best possible price.
By handling tasks such as arranging viewings and dealing with paperwork, seller agents can save you considerable time and effort.
5. Legal Protection:
In many jurisdictions, seller agents are legally obliged to act in their clients’ best interests at all times.
Dual Agency: When The Buying and Selling Agent is the Same Person
Sometimes, the buying and selling agent is the same professional. Specifically, the same agent represents both the buyer and the seller. This is known as dual agency. Dual agency can hope to simplify communication and potentially speed up transactions, but it also presents potential conflicts of interest because the agent has a duty to both parties.
As a result, it’s typically not the best course of action. If you’re considering a dual agency agreement, understand the potential risks and benefits fully. Also, ensure that the agent is transparent about their role and responsibilities and that they have your informed consent.
Choosing the Right Agent
Whether you’re buying or selling property, choosing buying and selling agents is crucial. Basically, top agents have extensive local market knowledge, strong negotiation skills, excellent customer service skills, and a solid track record of successful transactions.
When choosing between buying and selling agents, ask questions about their experience, approach to negotiation, marketing strategies (for sellers), or access to listings (for buyers). A good real estate relationship is built on trust. Therefore, choose an agent who listens to your needs, communicates effectively, and acts in your best interests at all times.