In a real estate transaction there are so many key players, and it can sometimes become confusing to the consumer on who does what. What does the Buyer’s Agent do? What does the Listing Agent do? As the Seller, what are you responsible for? As the Buyer, what are you responsible for? I’ve written up just a quick cheat sheet to help you out a little, and hopefully you’ll feel comfortable knowing the roles from all sides!
Buyer’s Agent:
– Exactly what it sounds like; an agent that represents the buyer of a home
– This agent is responsible for educating their buyers on the real estate market and helping the buyer make the best possible decisions throughout their home purchase
– The Buyer’s Agent will counsel their buyers on property disclosures, and ensure that their buyer’s interests are protected in all aspects of the deal
– In Central Ohio, it is very UNTYPICAL for a buyer to pay for their Realtor. The Buyer’s Agent, generally speaking, shares their commission, and is paid at closing from the Selling/Listing Agent.
Seller’s Agent/ Listing Agent:
– You guessed it! This agent represents the seller in the real estate transaction
– This agent is responsible for helping the seller get the highest possible price for their home, in the least amount of time possible
– The Seller’s Agent is responsible for negotiating with the Buyer’s Agent on all aspects of the transaction
– This agent has a fiduciary responsibility to their clients (the sellers) and must always do what is in their best interest, even when it is not in the agent’s best interest
– In Central Ohio, the Selling/Listing Agent, splits their commission with the Buyer’s Agent when the deal is closed
The Buyer:
– Did you guess that the buyer is the person(s) in the transaction that is purchasing the home? If so… you’re right!
-The great thing about being a buyer is that, as a buyer, you do not pay a commission fee! You get to be represented by the Realtor of your choice (it should be me 🙂 ) absolutely free!
– Just because the buyer chooses to be represented by an agent.. doesn’t mean that you’ll cost the Seller anything additional. The Seller’s Agent will share the commission with your Buyer’s Agent.
– There are currently about 10,000 homes for sale in the greater Columbus, Ohio area. The chances of you finding your dream home… are pretty good!
The Seller:
– The Seller… you guessed it… is the person(s) in the transaction selling a home/ other real estate
– The Seller chooses the Realtor they feel best represents their needs ( pick me 🙂 )
– Generally speaking, the Seller is responsible for paying the commission out of the sale of their home
– In Central Ohio, the average and most common commission percentage is 6% of the sales price. As stated above, the Seller’s Agent is responsible for splitting this commission with the Buyer’s Agent. After the Seller’s Agent splits this commission in half, they also must split their commission with their Brokerage (which is anywhere between another 30-40% of the split commission).
– The Seller works with their agent in a partnership to complete the sale of their home for the best possible net price that can be obtained
In summary, as Realtors, we wear many hats… multiple times a day. We can flip from being a Buyer’s Agent, to a Seller’s Agent in the blink of an eye. I personally think that it is very important to be able to do so, and to be able to handle both roles seamlessly. It is crucial to be able to understand both sides of the transaction to fully help your clients, on either side of the table. As a consumer, it is important to know who is responsible for what in the transaction. Buying/Selling a home is the biggest financial decision you will make in your life, and the more you know the better prepared you can be!
As always, thank you for reading!
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