We understand the confusion that can come with buying and selling a home, especially if this is your first go around with either. There is verbiage that you may not understand, contracts that seem a mile long and you may not be sure where to start with the whole process. We get it and are here to help decode a real estate mistake that we see all the time that can end up making a large difference in your experience with buying and selling a home in Myrtle Beach, SC.
In today’s post we are going to be talking about the differences between a buyer’s agent and a seller’s agent, and why knowing the difference between the two can save you from pitfalls that can be costly and frustrating.
Why is it important to understand the differences between a listing’s agent and a buyer’s agent?
At Jerry Pinaks Reality we want to make sure that you avoid a major pitfall when you are buying or selling a home. A lot of the time we see people who hire on an agent they found online and do not take the time to ensure that agent is the right fit for their needs. If you are buying a house, you want to make sure that you go with an agent that is strictly focused on helping their clients buy homes. And if you are selling your home, you want to make sure that you find an agent that is strictly focused on selling their clients’ homes. Here at Jerry Pinkas Reality we do not have agents that do both – in other words, we have a separate group of agents that only work with buyers and a separate group of agents who only work with sellers. Why do we do it that way you may ask? Well for one, there are two completely different skill sets for each group. And two, they only work to the advantage to the client they are working with.
Now understand this – if you are out there looking to buy a property, is that agent that you picked up online or found randomly only going to show you the things they want you to see? Like their other listings? Or are they going to stop what they are doing with you because they have a scheduled closing appointment to be at? This is why we have split the team here at Jerry Pinkas Realty down the middle and again, we have listing agents who are only in charge of listing properties and only work for our sellers and will never disclose any confidential information that you have given to them. Same with buyers, they will never disclose any information to weaken your ability to purchase and will only focus on getting you the best deal. Because what can happen is you hire on an agent to help you buy a home and come to find out they are working on the side with the seller – which could lead to a bad deal for you. Whether you are a buyer or a seller, you want to get the best deal and work with an agent that has your best interests at heart. And that just happens to be what our experienced team here at Jerry Pinkas Reality does best.
What are the responsibilities of a buyer’s agent?
A buyer’s agent is responsible for assisting their client throughout the buying processes, and has many duties to ensure the process is successful and runs smoothly. One of their responsibilities is to assist their client in finding properties that meet their desired criteria. Typically, the agent will sit down with their client and go through a list of all their wants and needs in a new home. The agent will then take that list and search for homes that they believe to be good matches and set times to show the potential homes to their client. It is also helpful to point out here the importance of a good buying agent, as most of the time the agent will have access to listings that you will not be able to find on your own. For example, they may have connections and relationships that will inform them of properties that are not listed online yet. As a buyer, this will give you first access to listings and the ability to see properties before other buyers without this inside information.
Another responsibility of a buyer’s agent is to assist in determining which property is best suited for their client. It is one thing to search for listings that may fit their buyer’s initial criteria, but it is another ball game to dig deep into the listings and help spot problems when showing the home such as if the neighborhood will be noisy at night and what costly repairs need to be done. The buyer’s agent will research the history of each of the properties they show and help their client to make an informed and educated decision based on all the information they find.
The buyer’s agent is also responsible for making and negotiating offers on their client’s behalf to ensure that the offer is fair and not too generous or insulting. They will be able to guide their client on things such as whether they should push for the pool to be serviced prior to moving in or whether the carport is really worth the extra money. Another responsibility for the buyer’s agent, similar to the seller’s agent, is to follow through on the contingencies (and make sure everything is met) until the sale closes.
What are the responsibilities of a seller’s agent?
Now that we have touched on the responsibilities of the buyer’s agent, we are going to move on to those of the seller’s agent. A seller’s agent main goal is to sell the property for the highest price in the shortest amount of time, and to do this the agent must assist the seller in valuing and properly pricing the property to put on the market. The agent will ensure that the home is accurately and competitive priced and, since these two do not always add up, you want to make sure you have an experienced agent who is able to understand how to create the proper balance and sell the house for the price the seller wants – which can be trickier than you think.
The seller’s agent will also suggest any necessary repairs and improvements to the home. It is important to understand that when the market is bad, buyers can be particular about the home they purchase because there are so few houses listed on the market. On the flip side, when the market is good, buyers are also particular because there are so many houses listed on the market. So either way, buyers are usually always picky which means that every details counts when it comes to selling the house, especially if you are looking to take home a certain number from the sale. The selling agent will be able to walk through the home and point out which details are the most important and worth spending money on. An example of this would be thinking your shutters just need a little coat of paint when in reality they really need replacing or thinking you should upgrade your kitchen countertops with expensive granite when in reality many buyers are actually not looking for granite in which case would be a waste of money.
Not only will the seller’s agent do things like host open houses and put a ‘for sale’ sign up in the yard, but they are also responsible for marketing the property to buyer’s agents. This can be done through posting the property on the MLS, as well as networking with other agents who may have buyers that would be interested in the house. The seller’s agent will also present and negotiate offers on your behalf. They will help decide the difference between fair offers and low offers, as well as let you know if the market is going to allow you to sit and wait around for the offer that you really want or if you should take an offer that is presented. Having trouble understanding legal jargon or details presented in the contract? Your agent will be able to put things into more simple terms for you to understand and also outline what needs to be done in order to complete the transaction should you choose to accept the offer. Lastly, the seller’s agent is responsible for following through on the contract contingencies until the sale of the homes closes (same as the buyer’s agent).
What should I do if I am interested in buying or selling a home in Myrtle Beach, SC?
If you are looking to buy or sell a house in the Myrtle Beach, SC area, give our experienced team here at Jerry Pinkas Reality a call today! As we have discussed throughout this blog, we split our team down the middle between buying agents and selling agents, and will be able to match you with the right team member to assist you. We understand the needs of buyers and sellers alike and can help you avoid the pitfalls that can prove to be not only costly, but also time consuming and extremely frustrating. This is what we do, we do it everyday and we are very good at it. Why have average when you can have the best? We look forward to speaking and working with you soon!