Real estate agents are professionals who help people buy, sell, and even rent properties. They are licensed and regulated by state governments and are required to follow certain ethical and legal standards. These agents can be broken down into 3 categories depending which end of the deal you’re on. There are three main types of real estate agents: a buyer’s agents, a seller’s agents, and dual agents. Learn exactly what each entails below.
Buyer’s Agent
A buyer’s agent is a real estate agent who works exclusively with buyers. Their primary role is to help buyers find properties that meet their needs and budget. They typically start by getting to know the buyer and understanding their preferences, such as location, size, and style of the property. Once they have a good understanding of what the buyer is looking for, they will search for properties that meet those criteria.
Buyer’s agents are responsible for helping buyers negotiate the purchase price and other terms of the sale. They may also provide guidance on financing options and refer buyers to other professionals, such as home inspectors and attorneys. The buyer’s agent is paid a commission by the seller’s agent when the sale is completed.
Seller’s Agent
A seller’s agent, also known as a listing agent, represents the seller in a real estate transaction. Their main responsibility is to help the seller market and sell their property. This includes setting a price, staging the property, and creating marketing materials such as photographs and virtual tours.
Seller’s agents are responsible for negotiating with potential buyers and their agents on behalf of the seller. They may also provide guidance on preparing the property for sale and refer the seller to other professionals, such as home stagers and contractors. The seller’s agent is paid a commission by the seller when the sale is completed.
Dual Agent
A dual agent is a real estate agent who represents both the buyer and seller in a transaction. This type of agent is allowed in some states, but not all. Dual agency can create conflicts of interest, as the agent is working for both parties and may not be able to provide the same level of advocacy as a buyer’s or seller’s agent.
In a dual agency situation, the agent must disclose their dual agency status to both parties and obtain their consent in writing. They must also be impartial and not favor one party over the other. Dual agents are paid a commission by both the buyer and seller when the sale is completed.
Which Type of Agent Should You Choose?
When choosing a real estate agent, it’s important to consider your needs and goals. If you are buying a property, a buyer’s agent can help you find the right property and negotiate the best price. If you are selling a property, a seller’s agent can help you market and sell your property quickly and for the best price.
If you are considering a dual agency situation, it’s important to understand the potential conflicts of interest and make sure you are comfortable with the arrangement. In some cases, it may be better to work with separate buyer’s and seller’s agents to ensure that your interests are fully represented.
In summary, Real estate agents play an important role in helping people buy, sell, or rent properties. Understanding the different types of agents and their roles can help you make an informed decision when choosing an agent to work with. Whether you are buying or selling a property, it’s important to find an agent who understands your needs and can help you achieve your goals.
