The home buying process can be complicated, especially if you do not work with a real estate professional who is looking out for your best interest. There are several different types of real estate agents; each with different priorities. Choosing the right real estate agent is critical. Here are the three main types of realtors:
Seller’s Agent
Many agents do most of their work as seller’s agents; they have an agreement with the owners of properties that are for sale. The realtor tries to sell their property by showing it to buyers and marketing it to other agents. They generally receive a commission based on a percentage of the final sales price.
The seller’s agent is loyal to the seller; legal and professional codes require a seller’s agent to work in the best interest of the seller. A seller’s agent will avoid saying anything detrimental to the seller’s interest; however, the same laws prohibit them from hiding important information about the property. For example, structural problems must be disclosed.
The seller’s agent will work hard to get the seller the highest price possible for their property; therefore, earning the highest commission possible.
Buyer’s Agent
A buyer’s agent works in the buyer’s best interest; their primary objective is to get the buyer a home for the lowest price possible. They look for properties that fit the buyer’s desired criteria and represent the buyer when they negotiate the price. A buyer’s agent is not allowed to do anything that will hurt their chances of getting a property for the lowest price possible.
Sometimes a buyer’s agent will charge their client a fee; however, in most cases, the seller’s agent will negotiate a deal to split their commission with the buyer’s agent.
Dual Agent
This is rare; a dual agent is a realtor who is working as a seller’s agent for a particular property and also representing an interested buyer. This can get complicated because the agent is required to represent the interest of the buyer and the seller.
The dual agent is prohibited from sharing too much information about one party with the other. If you are working with a dual agent, remember that their loyalty is divided. Dual agents work out best if the buyer is willing to pay the seller’s asking price and both parties want to close quickly.
Mark Goedert of Goedert Real Estate has been working with home buyers, sellers, agents and investors for over 50 years. His team of real estate professionals works hard to make the home buying and selling process a positive experience for all parties involved.
Mark Goedert of Goedert Real Estate has been in business for over 50 years, working with real estate professionals, agents, developers, investors, REO brokers and first-time home buyers in Mason, Hudson, Pinckney, St. Clair Shores, Bedford, Southfield, Saline, Canton, Trenton and neighboring cities and communities in the Down River Area.
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