1st Time Buyers
What’s the Difference Between Buyer’s Agent & a Seller’s Agent?
To the Buyer, the difference is huge. If the Realtor you are working with is a Seller’s agent, then you are a customer. As a customer, you can move on to another agent any time you wish. There is no contract between you and the seller’s agent.
As a customer, you enjoy the right to confidentiality, however the Seller’s agent is limited in the actions they can undertake for you. They must, by law, respond honestly to any questions you have about the property and real estate market and are also required by law to disclose any material adverse factors of which they are aware.
However, when all is said and done, the Seller’s agent’s job is to structure the transaction to the Seller’s benefit. Including trying to get the seller the highest price for the property possible.
If you work with a Buyer’s Agent, you are a client. This is a very important difference! As a client, your agent will respond honestly to all questions you have about a property, and will also disclose any adverse facts they are aware of.
A Buyer’s agent can do things that a Seller’s agent cannot. For example, your Buyer’s agent can complete an analysis on the property you are interested in, and tell you if the pricing appears to be accurate & how it compares to other listings in your market before you make an offer. A Buyer’s agent can create a price negotiating strategy that keeps your interests in mind, as well as point out reasons not to buy a particular house.
To make it easier to see the difference between Seller agents and Buyer agent representation, check the chart below.
|Services & Duties Provided||Seller’s Agent||Buyer’s Agent|
|Arrange Property Showings||•||•|
|Assists with Financing||•||•|
|Provides Accurate Information||•||•|
|Explains Forms & Agreements||•||•|
|Monitors Escrow & Closing||•||•|
|Exposure to Entire Market:
Both Listed & Unlisted Properties
|Gives Advice & Counsel||•|
|Completes a Thorough Analysis of the
Subject Property-Before You Make an Offer
|Promotes & Protects Your Best Interests||•|
|Negotiates Best Price & Terms for You||•|
|Points Out Reasons Not to Buy||•|
|Writes Offer with Your Best Interests in Mind||•|