A listing agent and a buying agent are often both involved in the real estate selling and buying process. If you are not entirely familiar with the home buying and selling process, then you may not have a complete understanding of the differences between a listing agent and buying agent and which one is right for you.
What is a Real Estate Listing Agent?
A real estate listing agent represents the home seller during a real estate sale. Their job is to find a reliable buyer for the home and sell the home quickly and for good value. The role of the listing agent varies, but several ways they might help during the selling process include:
- Optimize the listing information – Determining the most attractive features of your home and advertising them to prospective buyers is essential. The listing agent can help with listing optimization.
- Price recommendations based on market research – The listing agent will have access to comparable properties and local market information. This helps you list your home for the right price that offers maximum value and a quick sale.
- Recommend home improvements – The listing agent may recommend home upgrades that can yield a return on investment when the home sells.
- Help with home staging – They can help you prepare your home to show to prospective buyers.
- Market your home and close the deal – Real estate marketing and negotiations are often tricky. A professional listing agent will know how to find the right buyer and close the deal with little to no setbacks.
- Create a list of potential homes – The buying agent will know the local market. They can use their knowledge to create a list of potential homes that are ideal for the buyer.
- Schedule home tours – The real estate buying agent can schedule home tours, based on the homes that the buyer is most interested in seeing.
- Handle the negotiation process – Negotiations are perhaps the toughest part of home buying. The buying agent communicates with the listing agent and others throughout the process to find the best deal for the buyer.
- Help with the home closing – The buying agent often handles the dirty work. This includes ensuring all paperwork is complete and that all necessary home inspections and appraisals are scheduled, etc.
- Deal with setbacks – If and when setbacks occur for the buyer, the buying agent is there to help. They can handle heated negotiations and other concerns in a professional and effective manner.
Represent the Listing and Duty to Seller
The sole responsibility of the real estate listing agent is to look out for the best interest of the seller during a home transaction. Their goal is often to find a reliable buyer quickly, one who is willing to pay the optimal home value.
In representing the seller, the real estate listing agent will optimize the home listing. They will determine the most attractive features of the home and highlight the features in the listing. Additionally, the real estate listing agent will market the home, which may include holding open houses, virtual tours and more. They can also assist the seller in the closing process.
A real estate listing agent is helpful to the seller during the COVID-19 pandemic as they can reduce the need for the seller to participate in negotiations, home showings and more that may require in-person communication.
What is a Buying Agent?
A real estate buying agent represents the buyer during a real estate sale. They work on behalf of the buyer to find the property that fits their needs and negotiate the best terms. Several ways a buying agent can help during a real estate purchase include:
Legally Bound to Helping the Buyer
The sole responsibility of the buying agent is to work on behalf of the buyer to ensure they get the home they desire and are qualified for at the best price and terms possible. As discussed above, there are many ways the buying agent can help. During the home shopping process, they will do everything possible to understand the buyer’s wishes and find homes that match their needs and preferences.
Perhaps more notably, a buying agent can help home buyers close the deal. They can work directly with the real estate listing agent (seller) and the lender to ensure all paperwork and closing tasks are carried out in a timely manner, avoiding as many setbacks as possible in the process.
A buying agent is particularly useful during the COVID-19 pandemic as they can handle many of the tasks that the buyer would otherwise have to handle, such as negotiating with listing agents and lenders, ensuring the home inspection and appraisal go well, etc.
Talk to the Experts at the Katie Zarpas Group
Learn more about the home buying and selling process by talking to our real estate experts at the Katie Zarpas Group. You can reach us by phone, and we are glad to answer your questions and address any concerns you may have.