There are several key members to any good real estate team. You often need an assessor, an attorney and sometimes even someone to stage and photograph your home. For a homeowner who’s considering selling their house, however, the listing agent is the most essential player. Have a look at -What is a Listing Agent? more info on this.
In terms of residential real estate, the agent is the person who represents the homeowner. In some instances, an agent can also represent a home buyer as a dual agent. Most traditionally, though, it is the listing agent’s job to market the homeowner’s home. This is done by adding the property to the multiple listing service, also known more colloquially as MLS. The listing agent also represents the homeowner by presenting offers to them and essentially overseeing the entire real estate transaction from the first offer to the home’s closing date.
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.
An agent, on the other hand, is paid by the seller. This usually occurs after the sale of the home, since the listing agent will take a percentage of the money the seller receives after its sale. The actual percentage amount varies from state to state, averaging out around 3.5% of the total purchase price of the home. This amount is agreed upon by the seller and the agent in a contract. The contract is set for a specified time period. If the listing agent fails to find a buyer during that period and the seller opts not to renew the contract, the listing agent is owed no commission percentage.
Selling a home can be difficult process, but if you get the right help and directions you would end up being really pleased with the result. A listing agent is thus a good option to go with if you’re trying to sell your home and need some help with the ropes of the real estate market. While sometimes they can split their loyalties between a seller and a buyer, an agent’s primary responsibilities and duties are geared toward the home seller and obtaining the best opportunities to get a home sold quickly for the money it is worth.