Because there is a big difference between a buyer’s agent and a seller’s agent!
Real estate jargon — it’s not for most people! It is utterly confusing and at the end of the day, you just want to have an effortless real estate experience! When you’re embarking on the journey of either buying or selling a home, you want just that, to buy or sell your home and leave all the fine details to the real estate experts!
At Home Buyers Advantage, we represent Southeastern Wisconsin residents in their home buying and selling adventures! Learn more about the different types of real estate representation and how it can benefit you.
Simplifying The Real Estate Jargon!
If you’re looking to buy or sell a home, you’re likely doing your due diligence and becoming informed of the overall processes of what buying or selling a home looks like. But, you’re not an expert, which is why we have primed real estate agents to do the heavy work!
So, who’s who in the real estate industry? Let’s dive in below!
If you’re looking to sell your home, home sellers hire a listing agent to assist them in selling their home.
If you’re looking to buy a home, an interested buyer hires a realtor or buyer’s agent to help them find a home.
Why do you need a buyer’s agent? If you’re looking for a new home, a buyer’s agent is smart to have because they have your back in throughout the entire process.
To clarify, both a real estate agent and a realtor are considered a buyer’s agent, the difference lies between the definition of a real estate agent and a realtor.
Not every real estate agent is a realtor, and not every realtor is a real estate agent — have we lost you yet? To further explain, a realtor subscribes to the National Associations of Realtors and must comply with the Realtor Code Of Ethics. While realtors aren’t inherently better than real estate agents that don’t subscribe to the association, it’s an attempt to better regulate the real estate industry.
Now we know these differences, let’s get back to a buyer’s agent.
Hiring a buyer’s agent to help you find a home not only means you have someone in your corner, but they also have extensive knowledge of the industry and the market you’re looking to purchase in. What can they offer? They have a breadth of knowledge for comps in the area, neighborhood safety ratings, school ratings, etc. Helping you make an informed decision is their specialty.
In addition to knowing the real estate market, they also have access to what is known as the multiple listing service (MLS) which is essentially a home database for the listings in your area. A buyer’s agent can also help you with paperwork, negotiations, and legal proceedings.
If you’re selling a home, a listing agent is who you go to, to hire — and, it can make all the difference! A majority of home sellers enlist the help of a listing agent — roughly 90% of people — because they are a valuable resource to help you make the best profit and sell your home quickly.
Listing agents are beneficial because they create a very strategic home selling plan through strong marketing tactics such as home staging, professional photography, showings, etc to draw the right prospective buyer to your home.
But, things can get confusing in real estate representation…
Throughout the process, the buyer’s agent can also be referred to as the selling agent, and this can get confusing because many times people think they’re with the listing agent, but rest assured they’re not!
This is where you see the name change — prior to any contracts being signed, the real estate agent representing the buyer is still the buyer’s agent, but once any contract is put into motion, the buyer’s agent then turns into the selling agent.
When real estate representation can get really confusing…
Depending on the state you’re in, there is a chance that dual agency can happen — this means the real estate agent is representing both the buyer and seller. While this is not ideal because it can impact the separate interests of the buyer and seller, it does happen.
But Wisconsin residents you’re in luck — our great state is designated an agency state, so real estate agents either work for the home buyer or seller, but never both.
Now that we’ve covered some basic real estate jargon, we hope you have a better understanding of the roles a buyer’s agent and listing agent play.
A buyer’s agent will help you find a home and ultimately become the selling agent, and the listing agent will help you sell your home.
To learn more about our home buying and selling services, reach out today!