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Understanding the differences between a Buyers Agent and a Selling Agent
When it comes to buying and selling property, there are typically two types of Agents involved: the Buyers Agent and the Selling Agent (Real Estate Agent). While both Sgents work in the same industry and are involved in buying or selling a property, their roles and responsibilities differ significantly.
A Buyers Agent or Buyers Advocate, as the name suggests, represents the Buyer in a real estate transaction. The Buyers Agent works to find properties that meet the Buyers criteria, negotiate offers, and help the Buyer navigate the buying process. They are responsible for protecting the interests of the Buyer only, and their job is to ensure that their client (the Buyer) gets the best possible deal.
One of the key roles of a Buyers Agent is to help the Buyer find suitable properties that meet their specific needs and budget. They will typically start by asking the Buyer a series of questions to understand their preferences, including preferred location, property size, budget, and other features that are a ‘must have’ or a ‘nice to have’. The Buyer's Agent will then use their knowledge of the local real estate market to identify potential properties that meet the required criteria.
Once a suitable property has been identified, the Buyer's Agent will assist the Buyer in making an offer. This includes negotiating the price, terms, and conditions of the sale. They will also help the property Buyer understand any necessary paperwork, such as the Contract for Sale and Pest & Building Reports.
In direct contrast, a Selling Agent represents the Seller (Vendor) in a real estate transaction. Their primary responsibility is to help the Seller find a Buyer for their property and ensure that the sale goes smoothly. This includes marketing the property, finding potential Buyers, and negotiating offers, with the ultimate aim of securing the best price for the home for the Seller.
One of the key roles of a Selling Agent is to help the Seller determine the best asking price for their property. They will use their knowledge of the current real estate market and comparable properties to determine a fair market value for the home. The Selling Agent will then work to market the property to potential Buyers through various channels. This includes online listings, open homes, social media and other marketing tactics to create and generate the most interest from as many Buyers as possible.
When a potential Buyer is interested in the property, the Selling Agent will help the Seller negotiate the offer and ensure that the sale goes smoothly. They will handle all necessary paperwork, including issuing the Sales Advice to Conveyancers and at times organising fthe signing of the Contract for Sale. The Selling Agent will work to ensure that the closing process is completed in a timely and efficient manner.
To summarise, while both Buyers Agents and Selling Agents work in the same industry and are involved in buying and selling properties, their roles and responsibilities differ significantly. A Buyers Agent is responsible for finding suitable properties, negotiating offers, and protecting the interests of their client (the Buyer), while the Selling Agent is responsible for protecting the interests of the Seller, marketing the property, finding potential Buyers, and ensuring that the sale goes smoothly.
By understanding the differences between these two types of Agents, Buyers can make more informed decisions when it comes to purchasing property - whether as an investment property or when purchasing their primary residence.
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