Whether you are getting ready to buy or sell a home, you’re going to come across the terms “listing agents” and “buyer’s agents.” And though many may believe that real estate agents all have the same job, there is a stark difference between the two.
We’re here to talk about what precisely a listing agent is. Below you will learn all about the role both people play, what their duties are, and why they are essential to the process of selling a property.
By definition, a listing agent is a person that represents the seller in a real estate transaction. Their job is to list the home and help the seller find a buyer in basic terms. A listing agent works to get the seller as much money as possible for their property as quickly as they can.
A listing agent’s work sounds simple, but there’s a lot more to it than taking a few pictures and making an ad for your property. Their involvement with the selling process is far more intimate. They handle the majority of the process for you.
One of the first things a listing agent does is sets the asking price of your home. Not having any emotional attachment to the house helps them take an unbiased stance to make a fair asking price. But, they aren’t there to let someone rip you off either. Remember, a listing agent wants to help you make as much money as possible, partly because it helps increase their commission.
They may also advise any repairs you should make when trying to sell a home. The buyer’s lender may often demand these repairs, but they may also make suggestions for those that will make the home more desirable.
Staging and listing your home is another vital part of their job. By default, a listing agent will list your home in the MLS, free advertising for you. Furthermore, they will set up open houses and host physical and virtual tours of the property. Staging is an essential step, and homeowners don’t always have time to set it up due to work and other reasons.
Another thing listing agents do negotiate on your behalf is not only for the asking price. Listing agents go to work to sort through contingencies, contractual obligations, and even title search work.
As you can see, a selling agent helps with the entire selling process. They will work closely with you from beginning to end. To answer the question of who they work for, it’s you. Their goal is to do all the heavy lifting and sell the home with your best interest in mind.
Many people confuse listing agents with selling agents because of the title. After all, the term “selling” would typically imply that someone is on the seller’s end of a transaction. That is not the case at all. A selling agent is a buyer’s agent and is responsible for bringing buyers to the closing table.
Something around 6% is common for a commission, but that percentage is split between all agents involved. Some agents charge a flat commission rate, but most work off a percentage of the home’s selling price.
To find a good listing agent:
The hiring process begins with finding a group of agents to select from. Once you have a few in mind, you should interview them one by one to narrow down your selection. It’s essential to find an agent with the right amount of experience and skill to help you sell your home. When you find the agent, you will engage in a listing agreement to set the terms of service and commission rate. You will also agree on a service range, and once you do, you have hired a listing agent.
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