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When a buyer stumbles upon a home they might be interested in, they also stumble upon an agent when they call the one listed on the “for sale” sign. In some cases that buyer ends up using the same listing agent for their purchase. Little do they know that there is a clear distinction between the skills set of each real estate transaction’s side. While there are double agents that are equipped to handle both sides of the fence, many Realtors deal primarily with either buying or selling transactions.
What is the difference between the two and how can you protect your interests so that you end up getting the best terms and the most optimal outcome? Here is some information to help discern the two plus some tips to follow when looking for the perfect agent for you.
Though Realtors go through the same licensing process regardless of whether they opt for a dual-transaction role or choose only one side, there are some distinct differences in the handling of each type of transaction.
Buyer’s Real Estate Agent
In most cases, the process of buying a home is a pleasant one. There is usually no negative stigma attached as there might be for someone selling against their wishes in case of job loss, relocation or financial struggle. Buyers are in the process of seeking a new home, they enjoy looking at potential properties and their active involvement keeps things interesting. Working with their agent, they strive to find a home that meets or exceeds all their expectations and see far ahead into the future with the prospective properties as they consider the years of enjoyment the new home will bring to their lives. The primary role of a Realtor for buyers is to assist in locating the perfect home and to negotiate the best price possible on the home.
TIP: Depending on whether the agent is associated with a brokerage with added incentives to sell an in-house property, you may or may not get enough visibility of outside properties. When hiring an agent, be sure to make clear that you expect to see a wide range and variety of homes, including but not limited to the ones listed by the same brokerage.
Seller’s Real Estate Agent
Unlike the buying process, a seller’s agent must assist homeowners with finding solutions and getting their home sold. This can often begin with a walk-through of the home that ends up in suggestions given to the homeowners about how to improve the property and prepare it for sale. Sellers usually do not have the same level of enjoyment as buyers do unless there is a situation of buying up into a better home. Even then the process the selling can be quite harrowing considering the number of prospective buyers that will visit the property. Compounding the stress is when fewer than expected buyers appear interested in the home. Another aspect of a seller agent’s dealing with clients that differs from a buying agent is the difficult process of helping sellers stay realistic when pricing their home – often leading to disappointment and frustration.
TIP: When signing a contract with your Realtor, it is important to clearly express that you would like to see each offer that comes through. Some less than scrupulous agents might hold back low offers to avoid lower commissions.
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When hiring an agent that is right for you it is important to interview at least three agents. Request a list of references with clients from the last three transactions as opposed to the agent’s standard list of references. Prior to your meeting, assemble a list of important questions such as “how much time do you devote to your real estate career?” “How accessible are you?” and “what is your marketing strategy?”
When you do find the right one – things should “click”. They should have energy and enthusiasm. They should be assertive but also willing to listen intently to your needs. Your agent should be ready and available and reasonably accessible for your convenience. And at the end of the day, they should work for you to help you achieve the best possible outcome.
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