Sarasota Real Estate - Know Which Type Of Agent To Hire

by Vanessa Doctor - Date: 2008-06-20 - Word Count: 547 Share This!

Hiring a real estate agent will surely save you time and money. In some cases, taking one into services will also drive down your level of anxiety and frustration. So if you are planning to buy or sell your Sarasota real estate property, make it a point to educate yourself about the different types of agents. This way, you'll have a better idea regarding which type of real estate agent to hire.

In addition, when hiring a Sarasota real estate agent, you also need to be aware of the payment terms. Since agents are paid via commissions, you simply have to find out which party pays for a particular type of agent.

Types Of Real Estate Agent

1) Listing / Seller's Agent

The seller's agent is also referred to as the listing agent. His or her commitment is to the seller and this loyalty involves all off-the-record information that a buyer might disclose to the seller's agent. The confidential conversation, as a result of the aforementioned fidelity, will be conveyed to the seller. You also need to understand that one of the primary tasks of a seller's agent is to obtain the best possible price for their clients (sellers), which is obviously not in the top interest of the homebuyers.

2) Exclusive Buyer's Agent

This type of real estate agent exclusively works for and has sole fidelity to the prospective homebuyer. He or she is duty-bound to pass on to the buyer any information about the property's value and the seller's inclination to say yes to a lower price. Since other types of agents are not required to operate in the homebuyer's best interest, hiring an exclusive buyer's agent is certainly the most excellent way to purchase a Sarasota real estate property.

More often than not, the exclusive buyer's agent will receive payment by means of the seller's commission. Every time a buyer takes this type of agent into service, he or she typically signs an agreement to work solely with that agent. The contract normally works to the advantage of both parties. The buyer benefits from receiving better services and from purchasing a lower-priced Sarasota real estate property. The agent, on the other hand, is guaranteed of a commission at the closing of the deal.

A prospective buyer of a Sarasota real estate property taking part in an exclusive agreement may want to begin with a one-week long contract period. After such time, the homebuyer should be able to come to a decision of whether the agent is able to meet his or her standards. The buyer may then decide whether to extend the contract or not.

The Commission

A lot of first-time homebuyers refuse to hire an agent because of an erroneous assumption. They incorrectly presume that they're expected to pay the commission. In point of fact, the seller typically finances the commission and the buyer receives free services from the agent.

The seller of the Sarasota real estate property normally compensates the broker, not the salesperson, with a hefty commission after a successful deal. The broker will then give a fraction of the commission to the broker of the buyer's agent-usually through an escrow officer. Once the escrow is closed, the brokers of both the selling and listing agents will split the money accordingly to pay off the agents involved.

Vanessa Arellano Doctor

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