When buying or selling a home, your first consideration will be finding a professional and reliable real estate agent to assist you in the process. Depending on your requirements, you will need to hire the real estate agent as a seller’s agent or a buyer’s agent. Alternatively, agents will sometimes serve both the buyer and the seller as dual agents representing both parties. For most homeowners, this is a bad idea.
Who is a Seller’s Agent?
We talked about the role and responsibilities of a buyer’s agent in a previous post. Just like a buyer’s agent works in the best interests of the buyer, the seller’s agent represents the seller to the best of his or her ability to get them a satisfying deal on their home.
On the other hand, a dual agent is someone who works for both parties and cannot work for the interests of any one party. A dual agent has to deal with both parties in a similar fashion and cannot favor one over the other. This means a dual agent cannot help you make a case for your beautiful new kitchen tiles to get a better price from the buyer since he or she is also working for them.
When you start working with a real estate agent to sell your home, they are required, by law, to present the Consumer Relationship Disclosure form which helps you understand the possible relationships between you and your real estate agent (Professional relationships, of course). If you do not want your agent to work as a dual agent representing you - the seller - and the buyer, you will have to get it in writing in the form of a contract. This way, the agent is now mandated by law to work in your best interests.
What are the Responsibilities of a Seller’s Agent?
As a seller’s agent, the agent’s fiduciary duty is to assist, advise and guide the homeowner in selling their property in a manner that is satisfactory for them. Let’s take a look at these duties in detail.
Loyalty
A seller’s agent is, first and foremost, someone working in the best interest of the seller who hired him or her. They are under an obligation to make sure the seller gets the best price possible for their property.
Follow Seller’s Instructions
A seller’s agent is also under the obligation to follow all legal instructions of the seller. For example, if the seller instructs the agent to inform them of any repairs needed, it is the agent’s duty to do so.
Responsibility and Confidentiality
A dedicated seller’s agent is responsible for educating and advising the seller about the various aspects of selling a property. From renovations to negotiations, he or she is fully responsible for every aspect of the process. The seller’s agent is also under the responsibility to maintain confidentiality about all matters the client discusses with them.
The table below should serve as a good reminder of the responsibilities of a seller’s agent versus those of a buyer’s agent. Feel free to print it out and post it on your wall or share with friends.
Working with a dedicated seller’s agent will ensure you find a good price for your home. If you are looking for more advice or help about selling or buying a home in Boston, give us a call at
617-548-2411 or
contact us.
