Listing agent vs. selling agent: What’s the difference?

Whether you’re entering the real estate market as a buyer or seller, having a knowledgeable real estate agent by your side can make a significant difference in the process. Understanding the roles of listing and selling agents is crucial in making informed decisions. In this blog post, we’ll delve into the distinct responsibilities of each and highlight the advantages of having their expertise on your side.

Listing Agents: Representing Sellers

A listing agent, also known as a seller’s agent, takes on the role of representing the seller in a real estate transaction. Their primary responsibilities include:

1. Setting the Right Price: Utilizing their expertise and in-depth knowledge of the local housing market, listing agents determine a competitive price for the property based on current market trends and comparable sales.
2. Marketing the Property: They actively promote the listing by enhancing the property’s appeal through staging and professional photography. Additionally, they organize showings and hold open houses to attract potential buyers.
3. Evaluating Potential Buyers: Listing agents screen potential buyers to ensure they are qualified and serious about making an offer.
4. Negotiating Offers: When an offer is received, the listing agent guides the seller through negotiations, handles the necessary paperwork, and oversees the closing process.
5. Commission: Listing agents typically earn a commission of about 2 to 3 percent of the final sale price for their services.

Selling Agents: Advocates for Buyers

A selling agent, also referred to as a buyer’s agent, represents the buyer’s interests in a real estate transaction. Their roles include:

1. Identifying Suitable Properties: Selling agents help buyers find homes that meet their specific criteria and preferences.
2. Arranging Showings: They contact listing agents to schedule property showings for their clients.
3. Presenting Offers: Once a suitable property is found, the selling agent assists in preparing and presenting offers to the seller on behalf of the buyer.
4. Guiding Through Closing: After an offer is accepted, the selling agent guides the buyer through the closing process, ensuring all necessary paperwork is completed.
5. Commission: Similar to listing agents, selling agents typically earn a commission of about 2 to 3 percent of the final sale price.

The Need for Professional Representation:

While online resources have transformed the way people search for homes, enlisting the help of a professional real estate agent offers several advantages. In fact, 86 percent of buyers and sellers choose to work with real estate agents, according to data from the National Association of Realtors. Additionally, agent-assisted listings tend to sell for nearly $100,000 more than homes sold directly by owners.

Dual Agency: A Consideration

In some cases, a single real estate agent may represent both the seller and the buyer, acting as a dual agent. While this can streamline the transaction, it can also present a potential conflict of interest and is illegal in several states.

Conclusion:

Buying or selling a home is a significant financial decision, and having the right agent by your side can help navigate the process smoothly. To find the perfect agent, seek recommendations, conduct online research, and explore neighborhoods of interest. Remember to interview multiple candidates to ensure a compatible fit. With the expertise of a listing or selling agent, you can confidently embark on your real estate journey.