If you are interested in purchasing or selling a home, it is important to understand the differences between the various types of real estate agents that are available for hire. By having a greater understanding of the different types of agents and the roles that they play in the transaction process, you will increase the likelihood of enjoying a positive experience when purchasing a home.
Selling Agent
One type of real estate agent is the selling agent. As the title implies, a selling agent specializes in selling homes. Therefore, if you are planning to sell a home, you will want to hire a selling agent to represent you throughout the process. Not only will the selling agent have the knowledge and expertise that is necessary to get your home sold as quickly as possible, but he or she will also be responsible for representing you throughout the entire negotiation and transaction process.
Although the selling agent must still abide by all of the real estate laws that have been set forth in your state and locality, having someone who specifically represents you throughout the process can be highly beneficial. This is because the selling agent is required to negotiate deals on your behalf, which means he or she cannot share information with the buyer unless it is required by law. Namely, if you are willing to accept a lower price, the selling agent cannot share this information with the buyer because it could potentially result in a much lower selling price than what you could have received.
Buying Agent
Just as the selling agent is responsible for representing the seller, the buying agent represents the person who is buying the home. When you hire a buying agent, he or she is being hired to show homes to you that may or may not be getting sold through the brokerage for which he or she works. In addition, when it comes to negotiations, the buying agent represents you exclusively through the process. Just as with the selling agent, the buying agent cannot share certain information with the seller unless required by law. Therefore, with a buying agent by your side, you are more likely to find the home you are looking for more quickly while also negotiating the lowest price possible.
When contacting a real estate agent to help with buying or selling your home, you should be certain to find out if that agent is representing you or the other party. In this way, you can be certain you are clear on where you stand and you will have the opportunity to hire someone to represent you if necessary.
About the Author: Brian Kinkade is a broker and team lead with Brokers Guild – Cherry Creek Ltd, one of Denver’s fastest growing full service Denver real estate firms. Brian’s team of Internet savvy agents specialize in Denver luxury homes, International property sales, and Denver luxury short sales. Visit their advanced real estate website today to search for homes, gather local information, and learn about Denver neighborhoods. Brian and his team are ready to assist with your home purchase, property sale or Colorado relocation needs.
