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A real estate agent is a licensed professional who represents buyers or sellers in a transaction, providing critical market knowledge, negotiation skills, and guidance through the complex process. Their primary role is to act as your advocate, whether you are buying your first home or selling an investment property. A good agent understands local market dynamics, helps you secure a favorable deal, and manages the extensive paperwork involved. They are typically compensated by a commission, which is a percentage of the home’s final sale price, though this is always negotiable.
There are three primary types of agents, each with a distinct role. A Buyer’s Agent (or buying agent) represents the homebuyer's interests. They help find properties, arrange tours, and negotiate the purchase offer. A Seller’s Agent (or listing agent) works for the homeowner selling the property. Their duties include pricing the home, marketing it, and negotiating with potential buyers. A Dual Agent represents both parties in the same transaction, a practice that is restricted or illegal in some states due to potential conflicts of interest. It is crucial to understand your state’s regulations regarding dual agency.
A buyer's agent provides end-to-end support for purchasing a home. Their services begin with finding properties that match your criteria and budget. They schedule and guide you through home tours, offering professional insights into a property's condition and potential red flags. A key service is assisting with the offer process; they draft the purchase agreement, advise on contingencies like home inspection and financing, and negotiate with the seller's agent on your behalf. They can also recommend trusted local lenders, home inspectors, and inform you about potential homebuyer assistance programs.
A seller's agent focuses on maximizing your home's value and ensuring a smooth sale. Their first critical task is conducting a Comparative Market Analysis (CMA). A CMA uses data from recently sold comparable properties, or "comps," to help determine a competitive and realistic listing price. They will also advise on home staging and minor updates to enhance appeal. Marketing is a core function, which includes professional photography, listing the property on the Multiple Listing Service (MLS), and hosting open houses. Finally, they analyze all offers, not just the highest bid, considering the buyer's financing and contingencies to negotiate the best possible terms for you.
Understanding these titles is important when choosing your representation. A real estate agent has a state license to represent clients. A real estate broker has advanced training and licensing that allows them to operate their own brokerage and manage other agents. A Realtor® is a real estate agent or broker who is a member of the National Association of Realtors (NAR) and adheres to its strict Code of Ethics. While all Realtors® are agents, not all agents are Realtors®.
Based on our experience assessment, the most critical steps when working with an agent are:
