Buyers Agent Vs Listing Agent
When you think of a Real Estate Agent what do you immediately think of?
Like most people, your first thought would be something along the lines of a person who sells homes. However, the role of a Real Estate Agent can be so much more and there is a broad range of careers that stem from Real Estate.
Did you know that there is a Real Estate Agent that works solely to purchase property?
In this article, I will explain the difference between a Listing Agent (Selling Agent) and a Buyers Agent.
What is a Listing Agent?
A listing agent is a Licenced Real Estate Professional who helps people SELL their properties. They work solely for the Seller (Vendor) to market the property, negotiate with the buyer and get the best price for the property. They are paid a commission from the Seller (Vendor) which is a percentage of the sale price.
Some of the tasks of a Listing Agent may be:
- Assessing property and analysing key features
- Valuing the property in the current market
- Advising seller on how to improve the property for saleability
- Marketing property – arranging professional photos, advertising, listing property on real estate platforms
- Arranging property open homes/inspections, coordinating viewings
- Communicating between buyers and sellers
- Drafting offers and agreements
- Drawing up contract of sale
- Oversee the complete selling process
- Being present at settlement to hand over keys
What is a Buyers Agent?
A Buying Agent is a Licenced Real Estate Professional who help people PURCHASE property. They work solely for the Buyer researching and inspecting suitable properties, negotiate with the selling agent, ensure best purchase price to achieve the best possible outcome for the buyer. They are paid a commission from the Buyer which can be fixed price for services rendered or a percentage of the purchase price.
Some of the tasks of a Buyers Agent may be:
- Undertaking thorough consultation with the buyer to obtain the purchasing specifications and requirements
- Researching suitable properties
- Contacting listing agents for on market, pre-market and off-market properties
- Shortlist and inspect suitable properties
- Compile list of suitable properties to buyer
- Arrange for property viewing with buyers
- Negotiate purchase price and contract terms and conditions
- Attend Building and Pest Inspections and Pre-Settlement Inspections
- Perform Due Diligence and analysis
- Oversee the complete buying process
It is important for both a listing agent and buyers agent to have an in depth knowledge of the properties and market data in the area they are working. They are both involved in negotiations, ensuring the legalities are adhered to and documenting the sale or purchase. Both are required to work in the best interests of their respective clients.
