Listing Agents vs. Selling Agents – A Closer Look

Nothing is as good as having someone that has your best interest at heart especially when you are looking to buy your first home or sell one. The one who knows your preferences, that can anticipate your needs and communicate with you in order to ensure you make the right decision.

That’s where home agents come in. Real estate agents are your best bets, always ready to assist with everything about your home selling or buying. That is why you need the right person for this important milestone. The question is, do you need a listing agent or a selling agent? “If you want to sell your home, you need a listing agent.

If you are looking to buy one, you need a selling agent. While they are both agents, their roles and responsibilities are different. It is important to familiarize yourself with their roles in order to have the right partner for your home needs, David Baynie explains.

David Baynie brings in decades of experience in property development and construction to walk you through the differences between listing agents and selling agents and why you need one. Keep reading!

So, Why are Real Estate Agents so Important?

David Baynie says the importance of agents in real estate cannot be overemphasized. That is why Australia is experiencing a rising demand for real estate agents. 70% of buyers and renters now expect to see virtual tours on listings with millions of homes being sought for online.

While some owners might want to avoid agent commission by going through for sale by owner (FSBO). However, there are big differences from agent-assisted home sales when it comes to price, time on the market, and other important things.

agent-assisted home sales tend to sell higher, it doesn’t stay long in the market and thereby saves time. Agents have what it takes to get you the best deal whether you are selling or buying a home. The knowledge of the market, experience, and good negotiation skills, and can help you navigate all legal matters without hassles, saving you time and costs.

Listing Agents vs. Selling Agents: what are the differences?

While the terms “listing agent” and “selling agent” are often used interchangeably, there are differences in their roles.

Listing Agent

A listing agent works with the seller to achieve their goals. They carry out:

• Market Analysis: They conduct research to determine a competitive listing price for the property, considering factors such as comparable sales, market trends, and the property’s unique features.
• Property Preparation: They advise the seller on necessary repairs, updates, or staging to enhance the property’s appeal to potential buyers.
• Marketing and Advertising: They create marketing materials, such as property descriptions, professional photos, and virtual tours, to showcase the property’s best attributes. They also advertise the property through various channels, including online listings, social media, and local publications.
• Showings and Open Houses: They coordinate and conduct property showings and open houses, ensuring the property is presented in its best light and answering questions from potential buyers.
• Negotiations: They negotiate with potential buyers on behalf of the seller, aiming to secure the highest possible offer while considering the buyer’s interests.
• Paperwork and Closing: They handle the necessary paperwork and coordinate with the buyer’s agent to ensure a smooth closing process.

For example, a listing agent might work with a seller to stage their home by rearranging furniture, adding fresh paint, and decluttering. They would then create professional photos and a detailed property description to attract potential buyers.

During open houses, the listing agent would be available to answer questions, provide information about the property, and guide potential buyers through the home. When offers are received, the agent would negotiate with the buyers to secure the best possible deal for the seller.

Selling Agent

Selling agents work with buyers who are looking for a property to buy. The agents ensure they find a property that meets their needs, preferences, and budget. Their work includes:

• Understanding Buyer Needs: They meet with potential buyers to learn about their lifestyle, preferences, and desired features in a home. They also discuss the buyer’s budget and timeline.
• Property Search: They search for properties that match the buyer’s criteria, using online listings, MLS databases, and their own networks.
• Property Showings: They schedule and accompany buyers on property viewings, providing insights and answering questions about the properties.
• Negotiations: They negotiate on behalf of the buyer with the seller’s agent, aiming to secure a favorable price and terms.
• Financing Assistance: They assist buyers in obtaining financing, working with mortgage lenders, and guiding them through the loan application process.
• Closing Assistance: They coordinate with the buyer, seller, and their respective agents to ensure a smooth closing process, handling necessary paperwork and attending the closing meeting.

For example, a selling agent might help a buyer create a list of must-have features in a home, such as a specific number of bedrooms or a backyard. They would then search for properties that match the buyer’s criteria and schedule viewings.

During property showings, the agent would highlight the positive aspects of each property and point out any potential issues. When it comes time to make an offer, the agent would negotiate with the seller’s agent to secure the best possible deal for the buyer.

Dual Agents

While these roles might be different, there are many cases in which a single agent might act as both a listing agent and a selling agent. This is called dual agents and can be beneficial for sellers and buyers who prefer to work with a single agent.

“One needs to ensure that there won’t be a conflict of interest as they are required to act in the best interests of both parties,” David Baynie advises. That is why many states have laws governing dual agency.

These laws may require agents to obtain written consent from both the seller and buyer before acting as a dual agent. There are also additional requirements, such as disclosing if there are any conflicts of interest and ensuring that both parties are happy with the deals.