Feb 5, 2009
Buyers' agent vs Sellers' agent
Once you have decided to sell your property, the first thing you need to know is its market value. Price the property too high and it would take a long time to sell it off. Price it too low and you will lose out. This is when a real estate agent comes in handy.
The sellers’ agent
When you list your property through a real estate company, the individual whom you deal with is known as a sellers’ or listing agent. He/she is able to give you a comparative market analysis (CMA) that compares your property to other properties listed for sale in the market.
Some agents use online portals such as The Star Property to conduct their research in determining the market price. The goal is to compare similar properties – the kind that has the same built-up and land area or type – and then provide you with a figure that he/she feels your property can garner.
Once you are happy with the agent’s recommendation, you can appoint him/her as your official agent and subsequently enter into an agreement. The basis for the agreement can either be exclusive or ad hoc. Once you have signed the appointment letter, you and your agent are bound by law through the terms and conditions stated in the agreement.
Another benefit of working with real estate professionals is that they can market your property better. They may choose to advertise within their office, on their company’s website or in the newspaper. Others may send out newsletters, flyers, post cards or use online tools such as e-mail, blogs, forums, Facebook, Twitter etc.. With so much exposure, the chances of getting a buyer are higher.
Some of the more creative agents might even produce a video clip and post it on YouTube so that potential buyers can enjoy a virtual tour of the property. They may even use Google Earth, Google Maps and GPS to guide potential buyers to the exact location of the property.
The buyers’ agent
Many people think that real estate agents are only for the property seller – this is untrue. If you are a property buyer, a real estate agent can help you find the most suitable property, especially if you are too tied up with work.
The benefit of working with a real estate agent is that he/she can help you find the perfect property. They often have access to databases and networks on a level that buyers do not. They can search according to a client’s specific criteria such as the size, type or design of the property. Furthermore, they can narrow the search by capping the minimum and maximum prices according to the buyer’s budget.
Once the buyer narrows down his choices, the agent can even inspect the properties on behalf of the buyer. During the inspection, he/she will take photos and video clips of the property to show the buyer. This enables the buyer to preview the properties before making arrangements for a viewing. This way, the buyer actually saves a lot of time and money.
At the negotiation stage, a buyer’s agent comes in handy too. Real estate agents can help negotiate for the best price since they have much experience in the buying and selling of properties.
Apart from that, when handling legal issues such as the Sale and Purchase contract, real estate agents can help a buyer fully understand the terms and conditions as well as make it clear to the buyer what he is getting into.
A good agent can help the buyer simplify the process of buying a property and make owning a home a reality.
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