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Jupiterimages/Getty Images May 13, 2022 A.J. Jarmel Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Whether you’re in the market for a new home or selling the one you own now, chances are you’ll want to who can help you navigate the process. Listing agents help you market and sell your home. Selling agents help you find and buy one. And while their titles might sound similar, their roles in the transaction are quite different. If you’re serious about buying or selling a home, it’s a good idea to familiarize yourself with the role each type of agent plays, and the advantages of having one in your corner.
What is a listing agent
A listing agent, also commonly referred to as a seller’s agent, represents the seller in a real estate sale — they literally list the house on the market. Their job is to for the home and then bring in potential buyers to see it. While it’s certainly possible to sell a house without one, working with a listing agent gives you access to their expertise and knowledge of the local housing market. They have the most current and detailed information on the sales of comparable properties in your neighborhood, which allows them to price your home competitively. Once you’ve set a price, listing agents actively market the property. They’ll help stage and style the home to present it in its best light, and even hire professional photographers to take high quality pictures. Listing agents not only show the home and hold , but they help evaluate potential buyers as well, ensuring that you receive only serious offers. When an offer is received, the listing agent walks the seller through the negotiations, helping handle any paperwork and ultimately closing on the sale. For those services, listing agents typically earn around a 2.3 percent on the sale price.
What is a selling agent
A selling agent represents the buyer in a home sale. That might sound confusing, but there’s logic behind the terminology: Prior to a contract being signed, the agent representing the buyer is usually called the buyer’s agent. After the two parties agree to terms and the house is under contract, the buyer’s agent is then referred to as a selling agent. Why? Because they produced a buyer who purchased the home. The terms selling agent and buyer’s agent are typically used interchangeably, and their duties are the same. A selling agent identifies properties their clients might be interested in purchasing, contacts the listing agent to set up showings, presents the sellers with offers from their clients and guides them through closing once an offer is accepted. The services of a selling agent can be especially valuable amid the current overheated housing market. Having an experienced agent at your side can help you navigate the competition more successfully, particularly at a time when are common. A selling agent’s fee is typically paid for out of the paid by the seller. The average commission paid to agents representing buyers is about 2.69 percent.
Do you really need one or the other
The internet changed the ways people shop for homes, and the pandemic changed them even further. In fact, more than half — 51 percent — of the homes purchased in 2020 were found online, . Still, 87 percent of buyers use representation to manage the transaction, and 90 percent of sellers use a listing agent. You can certainly go house hunting or , but enlisting the help of a professional does offer benefits. In some cases, it might even be necessary: Some listing agents will only accept offers from a buyer’s representative. If you’re interested in working with a listing or selling agent, and ask for references from former clients. Taking the time to find the right agent could help you realize your home’s best value, or get you into your dream home. Bottom line
For most people, buying or selling a home is one of the largest financial transactions of their lifetime. Before embarking on a house hunt or listing your property for sale, be sure you understand the role that the listing and selling agents play, and how they can help you. Engaging the assistance of an industry professional to guide you through the process, whether you’re buying or selling, can help ensure you avoid pitfalls and secure the best possible deal. SHARE: A.J. Jarmel Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Related Articles