It is important to consider hiring a Realtor when you are ready to buy or sell a home. It is the Realtor’s job to ensure that the process runs smoothly. What many people fail to realize is that there are different types of Realtors, and it is critical to find one that will represent your best interests.
Selecting the right Realtor is just as important as finding the right property.
Most Realtors conduct the majority of their business as a seller’s agent. They work to secure home listings and promote these listings to other agents and to prospective buyers. The property seller pays a commission to the agent when the property is sold.
A seller’s agent has a fiduciary duty to look after the best interests of the seller. They must exercise caution and be certain that they do not disclose any information to prospective buyers that could sabotage the sale or reduce the amount of the prospective offer. If you are selling your property, choose a seller’s agent with a strong sales record, and be sure to check references from their most recent sales.
On the other side of the coin is a buyer’s agent who will represent the interests of the buyer.
This kind of agent works diligently to locate the home that is best for you. Typically, buyer’s agents do not have listings. Since they are not working for the seller, they have a broader range of properties to show including properties that are for sale-by-owner and even new construction.
When you decide to make an offer, they are responsible for obtaining the property for the lowest possible price without disclosing anything to the seller that could hurt your chances of closing the deal. Your buyer’s agent will also help by putting you in touch with a reputable mortgage company to arrange financing for your new home. Buyer’s agents are also happy to recommend other professionals needed to complete the transaction, such as lawyers and home inspectors.
As you move through the buying or selling process, always obtain, in writing, where the agent’s legal obligation lies.
