When you set out to buy a home for the first time, you can make a lot of mistakes. First-time home buyers have no idea about how things work out. The biggest thing to remember is that a buyer’s agent and seller’s agent are separate entities. When the matter gets serious, that is when the buyer needs to approach the seller’s agent. The only issue is that it brings about a conflict of interest. This is where a Listing Agent comes in handy.
The listing agent
The listing agent is the one who works for the seller and makes sure that the client’s interests are well represented. The seller hires the agent to make sure that the sale of the home is marketed and the home is sold. The agent also has to ensure that the seller gets the highest amount of money. This means that there should not be any money left on the table.
The buyer’s agent
The buyer’s agent is the one who takes all the stress away from them. This means that they will stick around as long as it takes so that the buyer gets the house. The agent also deals with the offers and negotiations with the seller. In cases like that it could mean that the buyer might take time and the buyer’s agent will have to be patient.
Property Manager MA: The dual agent
There have been cases where a buyer chooses only to work with the listing agent. However this is listed as a conflict of interest. Therefore some states do not allow this to happen. A dual agent represents both sides of the transaction and that can be quite tricky. You never know who he/she is more loyal to. A dual agent is only accepted if both parties agree to it in writing.
Payment for Agent
This is where the seller pays the real estate agent’s commission when the deal closes. The two agents then split the commission equally. If there is a dual agent, then he/she is in luck as the entire commission is his/hers.
However only experienced people should stick with a dual agent. So if you are not experienced you should go for the buyer’s agent. Not only will it not cost you anything but you will end up getting a lot of advice and support.
So if you plan everything properly you will be all set.
We hope you liked our post “Property Manager MA: Do you need a Listing Agent?”.