Whats the difference between a Buyers agent and a Sellers Agent?

Whats the difference between a Buyers agent and a Sellers Agent?

Are you looking to make a real estate decision, but aren’t sure what the difference is between a buyers agent and a sellers agent? The world of real estate can seem so complex at times. Often, it’s not clear who plays what role in the process at different times in the transaction. This can often lead consumers (thats you!) feeling confused and unsure of what to do – something unsavoury characters could try and take advantage of.

Today, let’s explore the difference between a Buyers agent and a Sellers agent in Real Estate.

What does a Buyers Agent do?

A Buyers agent has a fiduciary responsibility to act in the sole best interests of their client (the buyer) in a property purchase.

When you’re making a real estate purchase, it is so important to have your own agent represent you! A buyers agent will be on your side to ensure the Seller doesn’t have an undue advantage over you in any way during the transaction. Sellers can include individuals selling their own property, and can also include developers and homebuilders, or their salespeople.

When buying, a real estate agent can help you:

• Determine whats going on in your local market.
• Identify properties that meet your specific needs and desires.
• Vet and prepare a purchase contract.
• Negotiate the most favourable terms and price for you.
• Act solely in your best interests.
• Comply with any requests you have, so long as they are lawful.

What does a Sellers Agent do?

A Sellers agent has a fiduciary responsibility to act in the sole best interests of their client (the seller) in a property sale.

When you go to sell your home, you can entrust the marketing and strategy elements to a licensed professional, like a real estate agent. The right agent will be able to effectively price your home to meet your goals, and connect it with buyers and their agents throughout the community and beyond. As a Seller, your agent will ensure your interests and property are protected throughout the transaction process, and give you an unbiased barrier towards buyers to help you get exactly what you want.

When selling, a real estate agent can help you:

• Determine the best price strategy for your home in your local market.
• Identify comparable properties and price yours accordingly to meet your goals.
• Help you determine the best course of action for you (ie. sell quick or sell high).
• Have professional photography, measurements and/or videography completed for your home.
• Market your property through the local MLS system, as well as various other channels that may be available.
• Help you review and negotiate any offers received, and pick the best one for you.
• Manage the process until the close date ensuring your property and interests are protected at all times.

Can a Real Estate Agent work with both Buyers and Sellers?

Yes! This is a common misconception, that there are agents who work specifically with buyers or sellers only. While some agents might prefer to work with only buyers (or sellers), many will help both types of clients.

Often, when buyers like the real estate agent who helped them purchase their home, they will entrust the sale of the same property to the same agent. While this can be a good practice, it’s important to “shop around” and make sure you pick the agent who will get your home the most exposure.

How about in the same transaction? (ie. One agent, a buyer & seller)

This can be tricky. Technically, one agent can facilitate a transaction between both parties in a sale. This is predicated on the understanding that both parties will be able to have their needs in the situation fulfilled without individual representation.

The issue with this however, is that usually the agent facilitating the transaction was working with the seller first. This means they have worked in the sellers sole interest up until the point where the buyer arrived – after which they would become “neutral”.

While this can work in some situations, in my experience it doesn’t always work. Thats why I always recommend having your own dedicated agent to represent you, which in some cases (like working with me), costs you nothing at all.

Whats the difference between a Buyers agent and a Sellers Agent?

At the end of the day, the main difference between a buyers agent and a sellers agent is how they will work for you in the process of a real estate transaction. They key thing as a consumer is to select an agent who you can trust, and that you know will work hard for you! Your agent should provide you with great information, timely responses, and outstanding service – I know thats what I always strive to do.

Cheers!

Like this article? Check out these great posts to learn more:

• Realtor or DIY? Selling your own home in Canmore
• Canmore Buyer Agent
• Before you Sell your Canmore Home, read this.