THE DIFFERENCE BETWEEN SELLER AND BUYER AGENT

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THE DIFFERENCE BETWEEN SELLER AND BUYER AGENT

The best real estate agent in California (buyers and seller’s agents) have similar goals: to get their clients to the simplest deal and to close the house sale. However, their responsibilities through the method are different.

When it involves selling your house, it might look like there are millions of professionals involved. All sides of the transaction (i.e. both the seller and buyer) will have representation at every stage and it could be difficult to keep the parties, and who they work for, straight. Two professionals whose functions are significant to differentiate are the buyer’s real estate agent and the seller’s agent.

THEY ADD THE INTEREST OF VARIOUS PARTIES

The most basic difference between the seller and buyer’s agents is that they represent opposing interests. The buyer’s agent is liable for ensuring the customer gets the cheapest deal possible and therefore the seller’s agent does the same for the vendor. Sometimes the seller’s agent (also referred to as the listing agent) also can represent the customer, but this is often rare (and illegal in some states).

If you have asked the seller’s agent to characterize you because the buyer, make sure you get an in-depth contract stating accurately what their responsibilities are to each party. Usually, the seller’s agent features a fiduciary responsibility to the seller (meaning they’re alleged to represent the seller’s financial interests) and if that’s the case, they can’t also represent your economic interests as they might be at odds.

All this being said, the talents/skills required to be a buyer or seller’s agent are similar so agents often represent both parties, just in several transactions. Some will find they enjoy performing on one side of the transaction and will thus specialize. But don’t be alarmed if your seller’s agent has represented buyers before and the other way around.

THEY HAVE SIMILAR GOALS BUT DIFFERENT RESPONSIBILITIES

The best real estate agent in California (buyer’s agent) wants to assist their clients buy the home for the best deal and therefore the seller’s agent wants to assist their clients to sell their home for the simplest deal. How they reach these goals is what sets their responsibilities separately.

TYPICAL SELLER’S AGENT RESPONSIBILITIES:

  • Give sellers an initial home consultation where they are doing a full walk-through and supply suggestions on the way to clean, declutter, stage, and update to make the house more valuable.
  • Provide sellers with referrals for contractors to perform suggested updates.
  • Help sellers stage the property if they decide to not hire a professional
  • Hire a professional photographer to require photos of the property for marketing purposes.
  • Place professional signage at the property.
  • Help seller price home correctly to make sure it sells for the very best value in a very short time.
  • Develop marketing materials and professional websites with a virtual tour using professional photographs and sometimes a video tour.
  • Host open houses and personal tours of the house.
  • Make sure buyers are pre-approved for a loan.
  • Attend the home appraisal and inspection tours.
  • Negotiate inspection problems with the buyer’s agent.
  • Help in solving any title issues.
  • Assist in coordinating communication between the title officer, seller, and buyer so that there are not any surprises at the closing table.
  • Finalize loose ends before closing.
  • Assist with the closing process by ensuring the seller has the right documents and understands what they say.
  • Ensure the right signatures are in the right places.
  • Earn between a 2.5% and 3.5% commission, counting on their agreement with the buyer’s agent (the seller usually pays a commission of fifty to 7%, which is then shared with the buyer’s agent).

TYPICAL BUYER’S AGENT RESPONSIBILITIES:

  • Help buyers locate good sources for mortgage loans and help them in getting pre-approved.
  • Map active, under contract, and recently sold properties that meet buyers’ criteria to offer them an understanding of the market. The thought is to point out buyers in which neighborhoods these properties are located and the fast way they sell so they’re not caught off-guard once they make a suggestion.
  • Make schedules to tour houses and drive buyers to these
  • Advise buyers on the resale potential of the house.
  • Help buyers analyze the worth and value of a home before making a suggestion.
  • Explain the quality offer and supply advice on whether or not they should ask for further contingencies.
  • Recommend trusted home inspectors and propose additional inspections if they feel these are necessary.

The best real estate agent in California recommends testing for radon, mold, lead paint, and even a video scope of the sewer. These aren’t included in the traditional home inspection, but ordering these tests could prevent nasty and expensive surprises later.

  • Attend inspection and appraisal tours and help in interpreting results and negotiating inspection issues.
  • Assist in reading necessary documents like title commitments, HOA agreements, etc.
  • Assist in coordinating communication between the lender, title officer, seller, and buyer so that there are not any surprises at the closing table.
  • Monitor loan commitment and ensure buyer doesn’t do anything (like make an outsized purchase) right before closing that could endanger their funding.
  • Help with the closing process by ensuring the customer has the right documents and understands what they say. Make sure the correct signatures are in the right places.
  • Earn between 2.5% to 3.5% commission, counting on their agreement with the seller’s agent. You may ask who pays agent commissions: the customer or seller? the vendor usually pays a commission of 5% to 7%. The fee is then riven with the buyer’s agent.

CONCLUSION

As you will see, the buyer and seller’s agents have different roles but similar goals. They both want the best deal for their client, they need the sale to close (otherwise they are not paid!), and that they both want their clients to feel good about their experience so that they will refer others to them. Educating yourself on their different roles can help you to interview prospective agents then decide who will offer you the best service. If you want to know the Best real estate agent in California then there is only one that is best for all who is none other than Izabella Lipetski. Izabella Lipetski is the best real estate agent in California with several awards and years of experience in the real estate market.

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