Usually, real estate agencies are engaged in both sales of the properties and search for prospective buyers and property investors. But what is the difference between Seller's Agent and Buyer's Agent?
Let’s start from the Seller’s Agent (Listing Agent).
The Seller's Agent will be contacted by the owner, who want to sell their property
What are the duties of the Sale's Agent?
- The agent searches for the client. Of course, the agent not only places information about your property, but also actively searches for people interested in buying it.
- The Sale's Agent will give his opinion on the market valuation of the property and provide his forecast for the sale of the property.
- The Sale's Agent has information about the supply and demand in the area. This information will help you to understand what to expect from a sale and how much time will be required for the agent to find the right buyer.
- The Seller’s Agent knows the level of prices properties are sold at. It is quite clear that this information is necessary to sell the property at the most favorable price for you and to understand competition environment.
- Sale's Agent uses many online real estate sales platforms where your property information will be added to attract prospective buyers. The more proven platforms the agent uses, the higher number of potential buyers will be able to see your property photos and details. This will help to find a right buyer faster.
- The Sale's Agent will prepare informative brochure with more information on your property showing it's best features.
- The Sale's Agent will help to get the documents that will be required for the sale.
- The Sales' Agent will save your time on phone calls and numerous visits. Imagine how many incoming calls from those who want to know more and see the apartment comes after putting your property on the market?
- The Seller’s Agent will undertake negotiations with the buyer and will try to maximise the sale price for you.
Now let's see what a Buyer's Agent is?
And what Buyer's Agent can do for you?
- The agent has information about the current state of the property market and the dynamics in various areas. A professional agent will help you to determine the most critical criteria of a new property to be searched, will list all your wishes and will give you the guidance of the budget needed and the cost of a new home.
- The Buyer’s Agent will make a thorough search of the areas and via their professional contacts will find best listed or off-market properties for you to consider.
- After the Buyer's Agent pre-selects the options that meet your criteria, he will visit all the options personally to ensure they are what you want. It happens very often when photos of the property differ from how the apartment looks now, plans generally do not indicate low ceilings, staircases from room to room, lack of view from windows, lack of daylight, poor maintenance of the house, short lease, etc. After this stage usually, two or three options will be shortlisted.
- The Buyer's Agent will arrange for you to see you the shortlisted options and will provide comparisons and analysis.
- The Buyer's Agent will find out the reasons why the sellers' want to sell, how long they are looking for a serious buyer, is there any competition between the buyers, has there been any offers in the past that were rejected.
- The Buyer's Agent will check the history of the property, check the plans of the local council for potential re-development and planned improvements for the area. The Buyer's Agent explains you his all pro's and con's for buying a specific property.
- Using his professional experience and knowledge the Buyer's Agent will negotiate with the seller on your behalf.
- The Buyer's Agent will calculate all associated transaction cost and help you to save where possible. Very often banks and law firms strongly suggest additional insurance services that in some cases are not mandatory.
- The Buyer's Agent will help you to prepare all necessary documents in present information in the way easy to understand for solicitors and bankers. He will manage the acquisition process for you.
It is essential to understand that the main difference between the Seller's Agent and the Buyer's Agent is that the first one will take care about the interests of the Seller and the second one will protect the interests of the Buyer.
A competent agent for a reasonable fee will help significantly reduce your time and costs, as well as will help you to make an informed decision when selling or buying
Check various Real-Estate Agencies and select the most reliable one that you can trust!
If you want to know more how we helped hundreds of foreign investors to build their London real estate portfolio, contact UK Property Advisors on +44 (0) 755 310 9657. We are a reliable partner and an expert in residential real estate investments in London.