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Real Estate Agents/ Brokers
It's simple.
* When choosing a Las Vegas real estate agent/ broker to work with,
Make certain that you know who your real estate agent is really working for.
Is your agent working for you, the buyer, or the seller?
Home buyers and home sellers have opposing interests.
The seller wants the best price and terms, and so does the buyer.
Do you really think that one real estate agent can properly represent both
You the buyer, and the seller?
Four types of Real Estate agents that I know of:
1. Listing (Seller's) Agents: This agent
is hired by the seller to market and sell his or her home.
This agent/ broker is required by Nevada law to work for
the best interests of the seller and to do his best to obtain
the best price and terms for the seller.
If you contact the Las Vegas Real Estate agent whose name is on a FOR SALE sign or a so-called "Exclusive Listing" in the newspaper, you will be dealing with a Listing agent.
If it turns out that the house is you called on is absolutely perfect and affordable and you want to make an offer, do you really want the same real estate agent who represents the seller to also represent you?
When you make an offer to buy a house, you are entering a negotiation. The seller wants as high a price as possible and of course you want the lowest price possible. One Real Estate Agent representing both sides cannot possibly do so without a conflict of interest.
And remember, so-called, "Exclusive Listings" are almost always listed on the Las Vegas MLS (Multiple Listing Service) and all licensed Las Vegas area Real Estate Agents have access to them.
2. New Home Sales Agents: These are the
sales agents that work at the "model" homes or Condos. These
Real Estate agents work for the Builder or the Developer.
Their job is to sell you the property at the highest price
and most favorable terms for the Builder or Developer. They
are usually restricted to selling only the homes/ condos
of builder/ developer.
A buyer needs his or her your own representative, a buyer's agent, to get the best deal on upgrades, other amenities and, of course, price and terms.
3. Buyer's Agents: A Buyer's agent is a
real estate agent that represents the buyer. Having a buyer's
agent on your side, as your advocate, helps remove mistrust.
If a challenge develops, your buyer's agent can help you.
Las Vegas Real Estate can work with you as your Buyer's
Agent.
4. Dual Agents (Transactional): Real Estate
agents who claim to "represent" both the buyer and the seller,
or some other some other sort of self-serving designation.
In fact, they are really "representing" no one but themselves!
It is very important to understand the difference between the four types of Real Estate agents!
. Listing agents (sellers agents) are primarily concerned with acquiring new listings to sell. They then advertise the listings and market the seller's home. If they sell you a home, they receive all of the commission (usually around 6% of the selling price).
. Sales people at new home/condo or loft models are hired and trained to sell you only their builder's/developer's homes. They work for the seller, the builder/ developer, and of course, they are also motivated to get the best possible price for the seller
* Dual or Transactual Agents are usually Listing Agents or affiliated with a Real Estate Office that lists properties. Since the seller pays the commissions, whom do you think the Transactual agent is representing?
. Buyer's Agents are on your side, the buyer! No matter how many homes they show you, they do not work for the seller. A Buyers Agent will find the home that you are looking for and be your advocate to help negotiate the lowest possible price and the best terms for you.
The Buyers Agents services are free to you, the buyer, since the seller pays all commissions in a typical residential real estate transaction. When you buy your home, your buyer's agent will split the commission, 50/50, with the listing agent. This usually amounts to 3% of the sale price.
. This means that you, the buyer have the absolute strongest representation and protection during your home buying process, and it doesn't cost you anything.
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