This is the second item in a series of articles focusing on selling your home. This article will focus on selecting the right real estate agent for your needs as a seller, what to expect from your agent and explaining the various types of real estate agents.
As I mentioned earlier in article one of this series, if you work with a licensed real estate agent there are fiduciary duties that your agent is bound to use as guidance when working with you.
It is really necessary for you to realize that a number of forms of real estate agents operate. Agent for vendors, agent for buyers, dual agent and appointed agent. Let’s just take a look at every type.Neuman & Neuman San Diego Real Estate Agents offers excellent info on this.
Sales Agent: A sales agent is a licensed agent who signs a deal with the property’s seller for sale. They are binding on your best interests and should actively market your property for sale. They should advise you about the value of your home and what they would regard as a reasonable selling price. The sales agent always has the duty to reveal some specific details regarding the customer that they meet.
Buyers Agent: A buyer agent is a licensed agent, entering into a relationship with a real estate commission buyer. The buyer agent will be either associated with your broker agents, or with another broker agency. Remember that a buyer agent is obliged to give the buyer full fiduciary duties, and only works on the buyer’s behalf. They will consult and advise market value buyers, other comparable properties available, financing options and many other matters. They’ll also deal with the selling agent directly when making offers on your property. The seller should not say anything to the buyer agent they would not want the buyer to know. It is the sellers’ obligation to inform the buyer of any material defects.
Dual Agent: A dual agent is a real estate agent who works for the buyer as well as the seller. They are a licensed agent, working for both the property’s seller and the buyer by a written agreement. A dual officer is obliged to inform both buyer and seller that they are working as a dual officer.
A dual agent shall retain full secrecy between all parties as it includes details on the actual state of the land to be marketed. When the house is listed, a split agent earns both the fee for selling and for sale.
Designated Agent: One who works exclusively with the seller is a designated Agent. No other approved representatives from that company will reflect you as the seller or owe you fiduciary duties. A appointed representative can be available at the moment the property is put on the market for sale or at a later date. It is not common to have a single agent, and it restricts the amount of agents who will view and sell the land.
It is my opinion that it is in your best interests to work with a sellers agent when selling your home. Working with a dual agent is very difficult simply because that agent is trying to get the best deal for both seller and buyer and that is virtually impossible in my view. In my next article I’ll be discussing my own personal experience with a dual agent.