Is A Buyer's Agent The Same Thing As A Seller's Agent?
In real estate, you may hear the terms buyer's agent and seller's agent, and you might assume these are the same thing. The truth is that any real estate agent can be a buyer's agent or a seller's agent, even though they are not the same thing. If you are planning on buying or selling single family homes, you will need to hire the right type of agent for your needs, and here are several things to understand about the differences in a buyer's agent and a seller's agent.
The definition of each
While an agent can serve both roles, each role is actually very different. A buyer's agent is the role an agent plays when helping a person purchase a home. During this process, the agent will find out the buyer's needs and price range and will locate and show homes to this person. The agent will also assist in writing offers on homes and helping the buyer go through the closing process.
When an agent is a seller's agent, the role reverses. With this role, the agent assists a person who is selling their house. The agent represents the seller in this and helps him or her list and prepare the house. The agent also helps the seller get through the closing process.
How each gets paid
When a real estate agent helps either a buyer or a seller in a transaction, the agent earns a commission. The person selling the house pays this commission, and the commission is typically split between the buyer's agent and the seller's agent. The agency that the agent works for also receives a portion of the commission. Therefore, in order for a real estate agent to get paid, it requires the sale of a house.
Reasons to stick with your agent during a real estate transaction
Sticking with your own agent in the buying or selling process is important because your agent represents you. If you are buying a house, the agent helps you choose the right house and work through the closing process. If you are selling, the agent helps you complete and close on the sale. You should not work with the other agent in the deal, as that agent would represent the opposite party and would be watching out for their best interest and not yours.
Understanding the differences between a buyer's agent and a seller's agent is important if you are buying or selling a house, and you can hire either type of agent by contacting a real estate agency in your area.