Real estate agents provide value in a myriad of ways that are dependent upon which side they represent in the real estate transaction. A real estate agent can either act on behalf of the buyer or the seller. In some instances, the real estate agent may represent both the buyer and the seller. This blog post demystifies the role of a real estate agent and breaks down exactly what it is a real estate agent does for each side of the real estate transaction.
A Buyer’s Real Estate Agent
A buyer’s agent is an adviser in the home-buying process. From the very beginning, a real estate agent will provide a home buyer with a step-by-step guide to begin the home search. The buyer’s agent will book appointments to show the buyer homes that are for sale and that meet the buyer’s requirements. An agent educates buyers of the current market conditions and they also research specific neighborhoods and homes in depth to determine whether or not a home is priced appropriately.
In addition to knowing the ins-and-outs of the market, a buyer’s agent will help the buyer with the contract and negotiations. During this period, a real estate agent will counsel the buyer on how to handle home repairs and inspections as well. The real estate agent advises the buyer all the way through the home’s closing. Once the home is closed, the buyer’s real estate agent will split a portion of their commission with the seller’s real estate agent.
A Seller’s Real Estate Agent
A seller’s agent or a listing agent, will help a homeowner to sell their home for the highest possible price. Before placing the home on the market, the listing agent will research nearby properties to estimate the home’s value while also taking into consideration any improvements the homeowner has made. A listing agent may make suggestions to the homeowner that could improve the total time the home is on the market. A listing agent will market the home to attract potential buyers. If the agent is a licensed REALTOR, they will also place the home on the multiple listing services (MLS) which will attract a greater reach of potential home buyers.
Once buyers find the home, a listing agent will work to schedule times to show the home. If the buyer wants to make an offer on the home, he/she or his/her real estate agent will send the offer to the listing agent. The listing agent will work alongside the homeowner to negotiate the terms of the contract. A listing agent will continue to advise the homeowner until the closing. At closing, the listing agent will receive a commission from the sale of the home which the agent splits with the buyer’s agent. If there is no buyer’s agent, the real estate agent will receive the full commission.
If you are considering purchasing or selling a home, a real estate agent can greatly assist you with the process. If you have any additional questions, please don’t hesitate to give me a call!
Lisa Mollman | Century 21 Gold Castle REALTOR 