I’ve provided a fair amount of information on how to identify a reputable Realtor as part of your home sell or purchase process. However, though not as common, it is possible for someone to hire a Buyer’s Agent vs. a Realtor when it comes to purchasing a home. With that being said, I thought it might be helpful to shed some light on the differences and similarities between the two.
Both, a Realtor and Buyer’s Agent, typically:
- Represent the buyer as part of a Real Estate property purchase transaction.
- Owe fiduciary responsibilities to the buyer in a purchase transaction.
- Provide guidance to the buyer (offer development, pricing, property visits and walk-throughs, negotiations, etc.)
- A Realtor may also represent an individual selling a home, where a Buyer’s Agent does not.
- A Realtor will traditionally be a member of the National Association of Realtors, whereas a Buyer’s Agent might not be a member.
- The compensation agreement may be different between the two:
- Realtors work for a ‘Broker’ who pays the Realtor. Generally, the Broker will receive 5-6% commission from a home sale and split that commission with the Realtor.
- A Buyer’s agent can be compensated through a set fee negotiated with the buyer; or, depending on the state where the transaction is taking place, the commission may be split between the buyer and seller, or paid by the seller, based on the selling price of the property.
Whether you’re choosing to work with a Realtor or Buyer’s Agent, you want to do your homework and choose a reputable resource in your area.
Please don’t hesitate to give me a call so I can provide you with more information and a list of reputable resources in your area.