Saturday, May 28

Selling Agent vs. Listing Agent: What Are the Differences?

The United States has about 2 million licensed real estate agents. If you’re preparing to buy or sell a house, chances are you’ll work with one of these real estate agents. Depending on whether you’re buying or selling, you will deal with a selling agent or a listing agent.

While both types of agents are significant players and experts in the real estate industry, their roles differ. Do you want to learn more about selling agent vs. listing agent basics?

Read on to learn how the two agents differ and how to find the best realtor for your next big home sale or purchase.

What Is a Listing Agent?

This agent is also known as a seller’s agent and is the professional you’ll work with if you plan to sell your home. They have the title seller’s agent because they work with you as the property seller in real estate. Listing agents are experts in the selling process and will help you get your home ready to list, price it correctly, market it effectively, and negotiate with buyers.

What Is the Role of a Listing Agent?

If you’re a home seller working with a buyer’s agent, they will help you in various ways. The agent will do the following for you:

Advice You About the Local Housing Market

Unlike you, a listing agent is familiar with the local real estate market. The market is their office, and they understand what’s trending.

Due to the agent’s up-to-date information, they’ll give you information to help you compare the prices of other properties similar to yours. This information will help you make an informed decision about the sale of your home going forward.

Setting a Price for Your Property

A listing agent will help you set an accurate price for your home. The agent will ensure that your price is not too high, which may cause your house to stay on the market for too long.

They’ll ensure that your property’s cost is not too low, such that you end up selling it for less than its worth. A good selling agent will determine the right listing price for your home by analyzing recent sales of similar properties in your area.

Preparing, Staging, and Advertising Your Home

A listing agent will help you determine what you need to do to make your home appeal to buyers. This may include making repairs, painting, or decluttering.

Research shows that staging your home can increase its value by between 5% and 15% and help it sell faster. A seller’s agent will help you stage your property for showings by arranging furniture and decor to make it pleasing and inviting. Finally, the agent will advertise your home both online and in print.

Listing Your Property on the Multiple Listing Service (MLS)

Real estate agents across the U.S. have established the MLS to compile data about real estate listings across the country. Since the database connects listing agents and selling agents, it’s a powerful tool if you’re looking to list your home.

A listing agent will put your home in the database, allowing you to find a potential buyer faster.

Negotiating Offers and Closing on Your Behalf

A seller’s agent will go through the back and forth processes involved in making a property offer. They will handle negotiations for closing dates, contingencies, and legal obligations.

A seller’s agent understands all the regulations governing the sale of residential property in your state. Therefore, they will help you navigate essential tax procedures and legal obligations. They will ensure that you don’t miss anything that could result in a lawsuit or a tax audit after closing.

What Is a Selling Agent?

A selling agent is also known as a buyer’s agent. They are licensed professionals who work on behalf of the buyer in a real estate transaction. The agent’s job is to represent their client’s best interests when hunting for a house, negotiating terms, and overseeing the entire process until closing.

In most cases, a buyer’s agent will only be referred to as a selling agent after signing a sales contract.

What Is the Role of a Selling Agent?

If you’re planning to buy a new home, a selling agent will make the process more seamless in various ways. The agents will help you in the following areas:

Locating a Home That Fits Your Needs and Budget

Selling agents know about vast properties listed for sale in the MLS and other areas. If you’re hunting for a home on your own, you may never come across some of these properties.

A buyer’s agent will give you a list of homes that suit your needs and budget. They’ll make your house hunting journey easier by narrowing down the list to only what would interest you.

Negotiating the Best Price and Terms for You

A selling agent will be your legal representative when buying a new home. They will negotiate offers and counter-offers with the property seller on your behalf.

Due to their experience and professionalism, they’ll remain neutral and ensure you buy your next home at the right price.

Facilitating the Closing Process

Buying a new home is a daunting task involving a lot of legal documentation, disclosures, and paperwork. A selling agent is experienced in all the processes and understands them inside out.

When you work with them, the closing process will be smooth as they’ll handle everything that comes with buying a new home. As a result, you’ll avoid legal and tax surprises once you settle into your new home.

Coordinating Inspections and Appraisals

A selling agent will evaluate the home you’re interested in and tell you whether it’s priced accurately based on its condition.

They will also work with other professionals, such as home appraisers and inspectors, to ensure you get value for your money. For example, the agent will negotiate for repairs to guarantee you don’t overspend on them once you move in.

Helping You Find Financing

Selling agents can help you with mortgage pre-approval and pre-qualification so that you’re sure of getting funds to buy your new home. The agents can also advise you about a reliable lender before they start hunting for a house for you. Helping you find finances will make sure that everything moves fast when you get to the point of making an offer.

How Can You Find the Best Listing or Selling Agent?

Whether you’re interested in a selling agent or a listing agent, you must focus on finding the realtor who will meet your real estate needs. To find such an agent, you should follow the following steps:

Surf the Web for the Best Agent

Start by doing online research to get an idea of some of the best real estate agents in the market. You should check the agent’s website and social media platforms. Here, you can get online reviews of the selling or buying agent.

While doing the online search, check with the regulator to see whether an agent has a license. The research will also tell you whether an agent or a firm is experienced based on the number of years they’ve been in the market. A firm such as Royal LePage has been serving clients passionately for decades and would be a good choice.

Interview the Agent

Ask the agent or their firm about their experience, approach to real estate, and how they would help you find the right property.

A selling agent guide would recommend asking the agent how they would handle your offer if there was a bidding war. If you’re a seller, ask the agent what they’ll do to guarantee that your property fetches a reasonable price.

Consider a Hyperlocalist

Whether you’re trying to buy or sell a home, look for an agent who is experienced in the local real estate market. These agents will understand the crucial market data and interpret it for you.

They’ll tell you how the market is likely to change, allowing you to determine whether to buy a property in a given area or walk away. The best agents will teach you to interpret real estate market data independently.

Ask For Referrals

You can ask those around you to recommend an agent they have worked with and had the best experience with. Prioritize an agent who is always available for you.

The best agent will also have the right tools or technology to make it easy to find options for buying or ensure that most prospects see your property. You can get information about an agent from real estate referral networks such as Zillow.

Participate in Open Houses

One way of choosing the right agent is to meet them in person. If you’re not too busy, you can attend one of their open houses in your neighborhood.

While there, assess whether they’re welcoming. Consider whether the agents appear to be knowledgeable about the real estate market. You can tell this depending on how well they respond to relevant questions.

Navigate the Selling Agent vs. Listing Agent Dilemma

The main difference between selling agents and listing agents is that the latter represents the property sellers, whereas the former represents the buyers. Selling agents are also responsible for negotiating the best deal for their clients, whereas listing agents work to get the best price for the sellers.

In most cases, it’s a good idea to have a selling agent and a listing agent working together on a real estate transaction to get the best results for everyone involved.

We hope you loved our selling agent vs. listing agent. Check out our website for other helpful articles.