All About Listing Agents

In relation to any good real estate team, there are several key members. An assessor, an attorney and sometimes a stager and photographer are all often needed. The listing agent is the most essential player, however, for a homeowner who’s considering selling their house.

When it comes to residential as opposed to commercial real estate, the homeowner is represented by the listing agent. There are certain situations where a listing agent can become a dual agent, representing home seller and buyer both. In the most traditional sense, the homeowner has obtained the listing agent to aid in marketing their home. A listing agent can do this by adding the homeowner’s property listing to the MLS, or the multiple listing service. The listing agent is thus ultimately responsible for guiding the homeowner through the process from presenting all offers to dealing with the home’s closing.

It is important to note the differences between a listing agent and a buyer’s agent. The buyer’s agent has responsibility for locating properties for a buyer to visit and consider during the purchasing process. This type of agent has loyalties only to the buyer. He or she is also paid by the buyer for services rendered.

The seller, on the other hand, pays for the listing agent. Since the listing agent will take a percentage of the money the seller receives after its sale, this usually occurs after the sale of the home. Averaging out around 3.5% of the total purchase price of the home, the actual percentage amount varies from state to state. A contract is where the seller and the listing agent agree upon the exact percentage amount. A specified time period is set in the contract. The listing agent is owed no commission percentage if the listing agent fails to find a buyer during that period and the seller opts not to renew the contract.

You might discover that hiring a listing agent is a wise choice if you’re inexperienced about real estate transactions and need some guidance. Even if you might be concerned about a dual representation between a buyer and a seller, keep in mind that the listing agent’s main duty is to ensure a quick and effective sale of a seller’s home as their primary responsibility.

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