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Stanford mentions only some of the differences in the skills of buyerâ€™s agents and sellerâ€™s agents. Pay attention to that. Pick the best agent you can get for both jobs. In the rare instance, it will be one person. Deb is one of those people; sheâ€™s very good.
I am in the tiny minority of agents who only work with buyers. I chose this business model because I think there is a conflict of interest in having the sellerâ€™s agents and the buyerâ€™s agents working side-by-side (this is designated agency â€“ the seller of your new house is represented by another agent in your buyer agentâ€™s firm.) Designated agency is legal, but the legalese you saw is trying to explain it to you.
Any good agent knows how to coordinate a buy-sell with another agent. Donâ€™t let that stop you from getting the best agent you can to help you sell and help you buy.
The Consumer Federation of America article on real estate agency is at the link below.
As far as the skills go for listing vs selling, I personally think a good agent needs ALL the skills mentioned in a previous post. I have found that representing buyers has helped me be a better listing agent- I know what the buyers are looking for! And the listing agent sure needs to be able to do a great analysis and market valuation to help you price the house correctly from the start.
Anyway, good luck, and as others have said, choose someone you feel very comfortable with!
A Sellers agent should be great at:
Negotiating the highest price
(Very) effective sales person
A Buyers agent should be great at:
Market data analysis (including absorption rates)
Negotiating (the lowest price)
Identifying property faults and flaws that directly effect value
Effective consultant/educator (NOT salesperson)
It is really important buyers and sellers of real estate understand the difference and the fundamental opportunities in hiring two separate agents that are the best at each type of transaction.
Hope that helps and good luck!
Buying and selling at the same time is complicated enough. Do yourself a favor and use one agent! Interview a couple in your area and ask them how they can simplify the process for you. Let your heart decide which agent is best for you....personality is very important as you will be seeing a lot of each other!
The only other person you will want involved here...working FOR YOU...is a real estate attorney. Your trusted agent will be able to recommend one. Real estate transactions require lots of contracts. At the bottom of most contracts will be a statement, "If you do not understand this contract, please consult an attorney." When you are exchanging hundreds of thousands of dollars, a few hundred is money well spent on an attorney.
The same agent can represent you as your selling agent and also represent you as a buyer's agent. You develope a rapport with the agent and the agent will know your specific wants, needs, and financial capabilities while keeping the information confidential.
The logistics of selling and buying at the same time can be daunting at times. The process can be a much smoother and rewarding transition with one experienced and professional agent woking on your behalf.
Make sure you trust your agent 100%. If not, don't hesitate to ask for another person or interview several.
If you buy a house, which is listed by the same agency as your agent is working for, then it becomes dual agency. If you want your agent only to represent you (and not the seller as well. Which he would automatically represent as well, if his company has the listing). You ask for him to be your "designated agent". Now he/her is so to speak stepping out of his office and only representing you. He/she not allowed to give any information out to anyone in his office.
This should be all explained to you upfront with a disclosure form.
With one agent, you'll have one person making sure that the time frames work so that you move as smoothly as possible from your current house to your new house.
Patsy Vaughn, CRS