Both buyer's and seller's agents have the same aim in mind and that is to obtain their clients the greatest bargain and conclude the sale as quickly as possible. However, their roles differ during the procedure. It may appear that there are a lot of specialists involved when it comes to selling your home. At every point of the transaction, both the buyer and the seller will be represented, and it may be difficult to keep track of the parties and who they work for. The buyer's and seller's real estate agents are two professionals whose roles must be distinguished. Let's know more about Buyer’s Agents And Seller’s Agents.
The most fundamental distinction between buyer's agents and seller's agents is that they represent opposing parties. The buyer's agent is in charge of making sure the buyer gets the best bargain possible, while the seller's representative is in charge of making sure the seller gets the best deal possible. The seller's agent (also known as the listing agent) might sometimes represent the buyer as well, but this is uncommon (and illegal in some states). If you've asked the seller's agent to represent you as the buyer, make sure you receive a clear contract that spells out each party's responsibilities.The seller's agent usually has a fiduciary responsibility to the seller (meaning they are expected to represent the seller's financial interests), and if that is the case, they can't also represent your financial interests because they may conflict.
Having said that, because the abilities required to be a buyer's or seller's agent are comparable, agents frequently represent both parties in various transactions. Some people will specialize because they love working on one side of the transaction. However, if your seller's agent has previously represented buyers and vice versa, don't be worried.
Responsibilities of a Seller's Agent in a Typical Situation:
Give the seller an initial house consultation during which they will do a thorough walk-through and make recommendations on how to clean, organize, stage, and upgrade the home to increase its value.Provide contractor referrals to the seller for the requested upgrades.If the seller does not want to engage a professional stager, you can assist them in staging the property.
For marketing purposes, hire a professional photographer to take images of the property. Professional signs should be placed on the premises.Assist the seller in accurately pricing the home so that it sells for the highest price in the shortest amount of time. Create marketing materials and a professional website that includes a virtual tour and, in certain cases, a video tour.Open the residence to the public and give private tours.
Ascertain if the purchasers have been pre-approved for a loan. Tours of home inspections and appraisals are recommended. Negotiate with the buyer's agent on inspection issues. Assist in resolving any title concerns that may arise. Assist the title officer, seller, and buyer in organizing communication so that there are no surprises at the closing table. Before concluding, tie up any loose ends.
Responsibilities of a Buyer's Agent in a Typical Situation:
Assist buyers in locating excellent mortgage financing sources and obtaining pre-approval.To offer buyers a sense of the market, map active, under contract, and recently sold properties that suit their criteria. The goal is to show purchasers where these homes are located and how quickly they sell so they don't be caught off guard when making an offer. Schedule home tours and accompany purchasers to these appointments.Assist buyers in determining the home's resale value. Assist purchasers in determining a home's pricing and value before making an offer. Explain the typical offer form and offer suggestions on whether or not they should inquire.
Recommend reputable house inspectors and propose extra inspections if you think it's required. Additional tests that a buyer's agent may recommend include radon testing, lead paint testing, mould testing, and even a video scope of the sewer. These tests aren't included in a standard home inspection, but obtaining them ahead of time could spare you from unpleasant and costly discoveries afterwards. Attend the inspection and assessment tour and aid in analyzing the findings and resolving inspection difficulties. Assist in the interpretation of important documents such as the HOA agreement, title commitments, and so on. Assist the lender, title officer, seller, and buyer in arranging communication so that there are no surprises at the closing table.