Once upon a time, there were just real estate agents. If they were members of the National Association of Realtors, they could call themselves Realtors. There were the bosses, brokers, who oversaw individual Realtors.
Today, there is a much clearer distinction in roles, listing agents and buyer’s agents.
Regardless of whom they work for, all real estate agents are bound by the laws of fiduciary duty. They must work for the client, always making decisions that are in the best interests of their client.
What Do Buyer’s Agents Do?
A buyer’s agent works to help find the perfect house for their client, the home buyer. They will see the perfect house, negotiate the best price, and help the buyer’s get settled into the process.
One thing that was nearly unheard of years ago is the “exclusive buyers’ agents”. There are some agents who prefer to work only with buyers and are therefore exclusive buyers’ agents.
What Do Listing Agents Do?
A listing agent’s job is to sell a house as quickly as possible for the highest price. They will typically do all the marketing and even help with staging of the house.
A listing agent makes their money based on commission. The commission is based on the sale price of the house. Often, the commission also includes the buyer’s agent’s half of the commission.
Listing agents typically work very hard trying to get the house in front of as many eyes as possible. This might include videos, photos, drone videos, websites, and virtual tours. In a tough market, with a lot of homes for sale and only a few buyers, the listing agents need to work overtime to make the sale.
Can the Listing Agent Represent Both the Buyer and Seller?
In some states, it is not legal to have the same agent represent both parties in the sale, due to a conflict of interest. However, in Nevada, this is possible. Both parties must be informed of the possibility and must give written consent to allow this. Your agent will have the appropriate forms available to allow for one agent to represent both the buyer and seller.