Buyers Agent vs Sellers Agent: What You Need to Know
You might have heard of buyer's agents, seller's agents, listing agents, and so on. There are a lot of real estate titles out there, which can be confusing. So what's the difference among these agents? Let's find out. Here's what you need to know. If you need help navigating the local Emerald Isle, NC real estate market, Sun-Surf Realty can help. Contact one of our agents today!
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 homeownership. Buyer's agents are also called Selling Agents, but we'll talk more about this later.
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 get an agent who 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 agent will schedule appointments to tour homes that fit the bill. The 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.
- Negotiating the offer. The buyer's agent will advise clients on an appropriate price to offer and present it to the seller's agent. They can negotiate on your behalf and write up the contracts for you. This is where the agent's experience in negotiating deals can save money and help avoid pitfalls like a fixer-upper that's more trouble than it's worth.
- Recommending other professionals. A buyer's agent should 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.
- 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.
What is a Seller's Agent?
Just remember that the seller's agent represents the seller. Don't confuse this with the selling agent—who represents the buyer— and is also known as a buyer's agent.
Much of the confusion between these terms stems from the endings "er" and "ing." There are seller's agents, and there are selling agents, and no, they're not the same. They don't represent the same parties, although they do sound a great deal alike and they're easily confused.
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. These agents work for the seller, and is sometimes also referred to as the seller's agent. It's their job to properly market the property and to get it sold.
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. In this respect, he also gets a property sold. Technically, this agent is called the buyer's agent before a contract is signed, and thereafter is designated as the selling agent.
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Knowledge is power! Interested in learning more about how real estate agents can work for you? Read this!