Buyers agent vs sellers agent- All things your need to know

Buyers agent vs sellers agent- All things your need to know

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Are you prepared to look for homes? Before you can get your hands on those house keys, you will need to brace yourself for a flurry of paperwork, stampedes of buyers competing for the same digs, and other obstacles because the real estate market is a jungle.

We won’t sugarcoat it: The process can be difficult and nerve-wracking, particularly for first-time buyers. But we’ll say this: Having a seasoned real estate professional on your team can be extremely beneficial.

You may be familiar with the terms buyer’s agents, selling agents, listing agents, and other similar terms. Since you are a buyer, let’s start by defining a buyer’s agent.

Buyer’s agents, as their name suggests, assist purchasers of real estate in navigating the real estate market. In addition, buyer’s agents can save you a significant amount of time and money as you search for and purchase your new home.

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Buyer’s Agent Vs Listing Agent- What You need to know

In contrast, a selling agent is paid by the vendor and works solely on their behalf to assist them in making the most money possible from the sale of their home. A buyer’s agent is hired by the buyer to make the process of purchasing a home as stress-free as possible.

In the end, they are both working towards the same goal, which is getting the deal done; however, they are doing so with entirely different goals in mind.

To avoid a potential conflict of interest, real estate agents are only allowed to represent either the buyer or the seller in a transaction. 

It is important to note that under Australian law, an agent cannot legally act for (or accept a commission from) both parties involved in the transaction.

When it comes to purchasing real estate, there are many advantages to working with a buyer’s agent rather than a Realtor.

According to Elliot Wilson, a Realtor® working for  Ray White Australia 

“A buyer’s agent will guide you through the home-buying transaction and be at your disposal for any questions or concerns.” 

Some of the things that a buyer’s agent is able to do are as follows:

Find the perfect piece of real estate. After establishing what the clients are looking for and what they are able to spend, the agent will set up appointments for the clients to view homes that meet their criteria. 

The real estate agent can also explain the ins and outs of various properties and neighbourhoods to help buyers decide which home is right for them. This is accomplished by explaining the benefits and drawbacks of the various available choices.

Talk out the offer with them. The buyer’s agent will confer with the seller’s agent to discuss an acceptable price to make an offer, after which the buyer’s agent will provide their clients with pricing advice. 

A real estate agent with   Amon Real Estate in Melbourne named  Eileen W says, 

“Then they will negotiate on your behalf and write up the contracts for you. Here is where the agent’s experience in negotiating deals can save you money and help you avoid pitfalls, such as purchasing a fixer-upper that will require more work than it will be worth in the end.

Can Provide Reliable referrals. A buyer’s agent should also be able to provide reliable referrals to other real estate professionals, including mortgage brokers, real estate attorneys, home inspectors, and movers, among others. This can also help to expedite each step of the process and move you closer to a successful real estate sale all the more quickly.

Assist in overcoming obstacles. A buyer’s agent can advise you on how to proceed with the transaction and then act as a buffer between you and the sellers or their broker if there are new issues that come to light in the home inspector’s report or the appraisal of the property. 

When negotiations turn contentious or hostile, it is extremely beneficial to have an experienced professional present who can maintain their composure and offer creative solutions.

Who is a buyer’s agent?

A buyer’s agent or buyer’s advocate is a real estate professional who is not affiliated with the seller and is licenced to represent only the interests of the buyer.

A home buyer will hire a buyer’s agent to assist them in navigating the home-buying process and to assist them in ensuring that they are purchasing a property in a fair and reasonable manner and condition, on the best terms, and for the best price that is achievable in the current market.

A knowledgeable buyer’s agent will be able to provide you with recommendations that are impartial and professional for each property that they present to you without being committed to any one particular property.

Because there is no hidden agenda, a buyer’s agent has the freedom to search anywhere in the market, including on- and off-market properties, private sales, as well as advertised properties. This is an added benefit of working with a buyer’s agent.

Why Should You Work with a Buyer’s Agent?

If you are looking for a new house, working with a buyer’s agent is something you should strongly consider doing for a number of different reasons. 

To begin, working with a buyer’s agent ensures that you have a member of the real estate industry on your side who is looking out for your best interests. 

Second, real estate agents bring a comprehensive understanding of the market to the table. A local Realtor knows the area inside and out, from the typical price ranges to the overall safety ratings of the neighbourhood, and they can assist you in making a decision that is more well-informed. 

Thirdly, real estate agents have access to a website known as the Multiple Listing Service (MLS), which compiles detailed information regarding listings in the local area. Last but not least, a buyer’s agent can help with all of the legalities, negotiations, and paperwork involved.

Why Should You Work with a Listing Agent?

If you are considering selling your home, working with a knowledgeable listing agent who has done it before can make all the difference. 

For the right reasons, reports that ninety per cent of homeowners who decide to sell their property do so with the assistance of a listing agent. 

Everything that was discussed up until this point is brought to the table by a listing agent, in addition to strategic plans for how to market and sell your home.

 In addition, the listing agent is able to properly prepare your home for showings and bring qualified potential buyers to the property for the listing.

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Who is responsible for paying the commision for the buyer’s agent?

The cost of employing a buyer’s agent is not something that prospective homeowners need to be concerned about. Why? Because the seller is the one who foots the bill for the commission paid to both the buyer’s and seller’s agents.