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Listing Agent Vs Buyer Agent Who Works For You
It may seem perfectly logical to call the agent on the yard sign while driving around your dream neighborhood searching for your next house.
The sign might have a QR code or text code to allow you to quickly access more information—but beware. Your information goes directly to the listing agent and the listing agent works for the seller, not the buyer.
Sellers and agents have a written contractual agreement outlining their relationship. It’s called the Exclusive Listing Agreement. It outlines the role of the listing agent, how they will market the party, the commission and the terms of the listing.
The Listing Agent is the Seller’s Representative
That means the listing agent has a legal obligation to work on the seller’s behalf—to get the highest possible price and the best terms available for the seller, not the buyer.
The listing agent legally is obligated to share any information they learn about the buyer with the seller. If a potential buyer walks into an open house and strikes up a conversation with a personable listing agent, any information divulged there can be used against the buyer during eventual negotiations.
So telling a listing agent you are relocating within the next month for a new job at a high profile company with a great offer that increased your salary so now you can afford more house than before? That can hurt you later if it comes to a bid on the property.
Listing Agents Wear Many Hats
There are many facets to a listing agent’s job. They work closely with the seller and provide a bevy of services. Here is a sample of what most listing agents do for each seller client:
Create a marketing plan for the house
Have professional photos taken of the house
Advise the seller about the best ways to stage the house for sale
Generate Comparative Market Analysis reports to suggest the best selling price
Recommend contractors and vendors to help prepare the home for market
Evangelize the benefits of the house and neighborhood to potential buyers
Coordinate showings with buyer agents and unrepresented buyers
Host “Broker Opens” to get as many potential buyer agents into the house for feedback and to attract buyers
Make the house easily accessible for showings
Provide showing feedback
Communicate market activity to the seller with weekly updates/reports
Present and advise sellers of all offers
Negotiate the highest possible selling price
Coordinate the purchase process with inspectors, attorneys, appraisers, title company agents and others
Verify buyer eligibility to purchase
Make the home selling process as easy for the seller as possible
The listing agent is the homeowner’s biggest advocate.
By Chrystal Caruthers - www.realtor.com
Having the right real estate agent means having an agent who is committed to helping you buy or sell your home with the highest level of expertise in your local market. This means also to help you in ....