![]() ![]() That conflict can lead to a messy negotiation, and at least one unhappy party to the transaction. Ethically, however, they should be trying to get the full price on behalf of the seller – while at the same time, they should be trying to get the lowest possible price for the buyer. That’s known as dual agency, and it can be tricky.įor instance, the agent may know that the seller will accept an offer that’s $20,000 lower than the asking price. It’s possible, in most states, for an agent (or their employer, the broker) to represent both the buyer and seller. Even though the seller pays the buying agent’s commission, the buying agent has no responsibility to represent the seller’s interests at any time – and sellers should not expect any “favors” from the buying agent just because they’re footing the bill. Each realtor normally receives between 2½-3½% of the sale price, although those percentages can be negotiated at the start of a client-agent relationship.īy long-standing tradition, the seller is responsible for paying both realtors, and that can lead to misunderstandings. ![]() Once a home has been sold, both the buyer’s agent and seller’s agent are paid their commissions from the proceeds. Don’t ask us why we don’t understand it either. And for some reason, the buyer’s agent is referred to as the “selling agent” in some areas, once a purchase contract is signed. The seller’s agent is often called the “listing agent,” because they list the property for sale with the MLS. The descriptions of agents can vary from location to location. While we’re dealing in facts, here are several more. And even if your decision will mean that a sale falls through (and costs them their commission), it’s their duty to represent you throughout the process. Even if they disagree with your decisions, it’s their responsibility to represent you. Your agent should always be responsive to what you want, not to what the “other side” wants.But you should only trust – and confide in – the agent who’s representing you, not the one on the other team. They have a responsibility to disclose all pertinent facts about the home and the transaction to the other side. The realtors on both sides of a transaction may be terrific and accommodating people.That means two things for buyers and sellers. (In fact, in most states the agents have a legal responsibility to use their best efforts to represent their clients.) But the primary goal of the buyer’s agent is to get the possible deal for the buyer, and the primary goal of the seller’s agent is to get the best possible deal for the seller. Sure, they each want the home to be sold. Here it is: they work for “different teams.” The Most Important Fact about Buyer’s and Seller’s Agents Their responsibilities, however, are quite different. The qualifications a realtor needs to be a buyer’s agent and a seller’s agent are exactly the same. If they called themselves a “buyer’s agent,” for example, they might scare away potential clients looking for an agent to help them sell their homes. There’s a good reason why realtors don’t advertise as buyer’s agents or seller’s agents: virtually all of them are ready and willing to represent either side of a transaction, and most usually work with different buyers and sellers simultaneously. There’s essentially no difference between an agent and a realtor.) (About half of American agents call themselves “realtors,” which simply means that they belong to the National Association of Realtors and subscribe to that organization’s code of ethics. When you’re searching for a real estate agent, you won’t find anyone advertising themselves as a “buyer’s agent” or a “seller’s agent.” They’re simply “real estate agents.” ![]()
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