A listing agent lists the home for sale while the selling agent sells the home to the buyer. Although counterintuitive, the buyer’s agent is sometimes referred to as the selling agent after a home sale has been finalized. The terminology is understandably confusing to people who don’t work in real estate and those who infrequently deal with realtors.
A listing agent is hired by a home seller to list their property for sale, market it, assist with negotiations between the seller and the buyer and facilitate the closing process. They have two goals: sell the home quickly for the best possible price.
Listing agents have a fiduciary duty to represent a seller’s interests, meaning they have a professional and legal obligation to be honest with you, adhere to your wishes and pursue the course of action that will be best for you.
The “selling agent”, despite the name, represents the buyer in a real estate transaction. They’re hired by buyers to identify and bring them to properties that will appeal to them. Within the industry, they’re referred to as a “selling agent” after a sale because they are the one who sold the home to the buyer.
The role is not entirely dissimilar from a car salesperson. Instead of showing buyers cars on a lot, a selling agent shows homes to prospective buyers to facilitate the sale.
Although it may appear murky, there shouldn’t be a conflict of interest in the buyer’s agent relationship with homebuyers. Like listing agents, they have a fiduciary duty to their clients. A good buyer’s agent will know the community and the types of homes the buyer will prefer based on their lifestyle, desired amenities and budget. They will show the buyer homes that will appeal to them within their price range and explain the properties’ attributes and features.
Selling agents have a duty to be honest with clients and respect their decision-making process. This can potentially be a difficult role depending on the disposition of the buyers, how discerning they are and the clarity of their desires.
A listing agent assists the seller with a host of preparatory and marketing tasks as well as explaining and helping them prepare disclosure documents if any are needed. A listing agent should also help home sellers with negotiations and closing to facilitate a smooth process that maximizes the sale price while minimizing complications or delays.
Reputable listing agents should have a deep understanding of the market and current housing prices in the area so they can make informed recommendations regarding the asking price for the property. They should also provide staging and home improvement advice or hire professional stagers to ensure the house looks as good as possible when a buyer’s agent brings potential buyers to the property.
The listing agent must be skilled at identifying qualified buyers and marketing effectively to them. Once prospective buyers know about the property, it’s typically the listing agent’s job to coordinate open houses and be there to advocate for the house’s value and positive attributes when prospective buyers arrive.
Lastly, they should help the home seller with the transaction process, from coordinating with title companies, appraisers and inspectors, to ensuring the seller fills out and signs all the necessary closing documents and gets paid.
Buyer’s agents should understand their client’s desires and needs, then identify homes in the area that will suit them. Homebuyers might also ask their agent for advice regarding financing and loan providers.
The buyer’s agent should also coordinate with homeowners or listing agents to schedule viewings or inform their clients of upcoming open houses they may want to attend.
Buyer’s agents may also need to provide appraisal support for the buyer’s lender, arrange a final walkthrough before closing, and assist the buyer with completing all the closing paperwork.
The commission is typically taken out of the proceeds of the home sale. The exact percentage varies depending on a variety of factors, but six percent is typical. The commission is usually split equally between the listing agent and the selling agent, but this may vary depending on the situation.
Both agents play an important role in facilitating the sale. The listing agent is vital for marketing the property and ensuring it and the listing is appealing to buyers, while the buyer’s agent ensures qualified buyers actually see the listing and know about its positive attributes and features.
Both homebuyers and home sellers should be discerning in their choice of real estate professionals, but the choice is especially important for home sellers. Your listing agent may significantly influence the speed of your home sale and the quality of the offers you receive.
The listing agents at 72SOLD utilize proven strategies to get clients great offers in just eight days. We even have third-party studies showing our sale prices are 7.8 percent higher than the median price for other homes sold within an MLS.
Read and listen to some of our past clients to learn what it’s like working with 72SOLD, then fill out the form on our site to get our price for your home.
7333 E. Doubletree Ranch Rd.
Suite 100
Scottsdale, AZ 85258
844-990-7272
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