Types of Real Estate Agents
1. Real Estate Broker: A broker holds a license that allows them to perform various real estate activities. In addition to listing and finding buyers/sellers, brokers are responsible for supervising other agents and handling the contractual and regulatory aspects of transactions. They have experience closing many deals. Some brokers specialise in certain areas like residential, commercial, luxury homes, etc.
2. Buyer’s Agent: A buyer’s agent is solely focused on serving the buyer. They help buyers find listings that match their criteria like location, size, price, etc. The agent will accompany the buyer to view properties, negotiate prices and terms on their behalf, and guide them through the entire purchasing process. The buyer’s agent is compensated through a percentage of the home purchase price paid by the seller.
3. Seller’s Agent: Like the buyer’s agent, a seller’s agent exclusively represents the seller. They will assess the seller’s home, suggest ways to make it more appealing, determine a listing price, market, and advertise the listing, show the home to prospective buyers, field offers, and facilitate negotiations. The seller’s agent earns a percentage of the final sale price paid by the seller upon closing the deal.
4. Dual Agents: In a dual agency, the same agent represents both the buyer and seller in a transaction. This is only allowed if both parties consent in writing. While intended to be neutral, dual agents can potentially have conflicts of interest since they are working for opposing sides simultaneously. Extra care needs to be taken to ensure fairness to both buyers and sellers.
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