not necessarily a Realtor®, a recognized member of the National Association of Realtors® (NAR®). (So, this means that while all Realtors® are real estate agents, not all agents are Realtors®). A real estate agent who represents a seller is referred to as a listing agent, and helps people sell their homes. A buyer’s agent works on a buyer’s behalf to help them find and purchase a home. All “listing agents” represent sellers, but agents who don’t have what’s called “buyer-agency agreements” with potential buyers are technically working on behalf of the seller, even if they’re showing homes to those potential buyers. They must work to negotiate the best possible price for the seller. Buyer’s agents work on commission, as detailed in their contracts and the listing agreement. When a buyer’s agent brings the buyer along, the listing agent must split the contracted commission with the buyer’s agent. There are many advantages of hiring an agent, such as education and experience, specialized knowledge, advocacy and acting as buffers, professional networking, and price strategizing, but I’ll focus on the following five specific benefits: 1) navigating a new real estate landscape; 2) protection against scams; 3) housing market knowledge and access; 4) negotiation expertise; and 5) handling paperwork.
1. Navigating a New Real Estate Landscape
Having a real estate agent working for you is especially important for longtime homeowners who are in the process of downsizing, and perhaps haven’t needed to purchase a home for a long time, maybe for decades. The real estate market has certainly changed over time, certainly since the last time you purchased and/or sold a home. It’s imperative for you have a qualified professional to work with you and help you navigate all the important steps of this process.
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