Routing # 256078446
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What is a seller’s agent?
What you'll learn: What a seller's agent is and what their role is in real estate transactions.
EXPECTED READ TIME: 3 MINUTES
Published: February 26, 2024
Selling a home is not something most people are doing every other week, so it’s important to hire a professional that can help you through the process.
A seller’s agent, also referred to as a listing agent, is the real estate professional sellers hire and give the right to list a home for sale. They are a seller’s greatest asset throughout the entire selling process. A licensed real estate agent will be able to give sound advice and insight into the current housing market in the area.
What does a seller’s agent do?
Your seller’s agents are required to wear many (official and unofficial) hats as they help sell homes. They act as a transaction coordinator, marketer, salesperson, housing economics expert, and sometimes even a counselor. Most successful listing agents will have a team working behind the scenes to handle the many tasks involved with selling property.
Most sellers look for an experienced professional who can provide services like:
- Advising and providing referrals on cleaning and staging home for walk-throughs
- Operating and scheduling open houses
- Acting as the facilitator between seller and buyer
- Providing housing market information to help you determine asking price
- Taking professional-grade quality photos and video of the property
- Advertising across multiple channels
- Providing clear and consistent communication about showings, offers, and more
- Drawing up purchasing agreements and contracts
In most cases, sellers will hire an agent they’re familiar with from other home sales in the area/neighborhood. For good reason — success usually comes with recognition and a good reputation.
How does a seller’s agent get paid?
A seller’s agent makes their money based on commission, meaning they aren’t compensated unless they close the deal. Sellers are required to pay a percentage of the sale price in real estate agent fees. Typically, this fee ranges from 5% - 6% split between the buyer’s and seller’s agents. Here’s an example: let’s say a home sells for $350,000, the real estate agent fees will be $17,500 to $21,000.
After the home purchase is officially closed, the fee will be taken out of the sale proceeds to be paid to the agents.
Who does a seller’s agent represent?
It’s the job of the seller’s agent to represent the interests of the current homeowners who are selling their property. Most quality agents adhere to a fiduciary-like code of ethics, requiring them to be transparent and honest in all dealings, disclosing compensation amounts, and putting their clients’ interests first.
Seller’s agent vs. buyer’s agent
Where a seller’s agent is helping a homeowner sell their property, the buyer’s agent is the professional helping a homebuyer purchase a home. Though they are on opposing sides of the transaction, as it’s a seller’s agent’s job to prioritize the seller’s interests, their responsibilities are relatively similar. Both agents are in charge of negotiating on their clients’ behalf and securing a fair deal for both sides.
For example, a buyer’s agent will help homebuyers think about important home features they desire and find multiple listing options within their price range to view in person. They also advise on offer and negotiating strategies. If a deal moves forward, the buyer’s agent will walk their client through the transaction contract and suggest changes or contingency clauses.
Selling a home is far from simple, but having the right seller’s agent in your corner can make a huge difference. They’ll be with a seller every step of the way and ensure they’re not underselling a home. Take the time to carefully research and interview seller’s agents in your area before hiring one.
If you’re thinking about selling your home in the near future, be sure to download our eBook for a step-by-step look into the process. Happy selling!
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Home Buying Steps
Mortgage Products
Disclosures
1Conventional Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 1.0 discount point, which equals 1.0 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of 1%; not to exceed $1,995. Speak to a PenFed Mortgage Loan Officer for additional details.
2FHA Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 1.0 discount point, which equals 1.0 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 96.5%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of 1%; not to exceed $1,995. Speak to a PenFed Mortgage Loan Officer for additional details.
3VA Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 1.125 discount point, which equals 1.125 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $450,000; loan-to-value ratio of 95%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of $995.
4Jumbo Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 0.625 discount point, which equals 0.625 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, non-conforming, fixed-rate loan. Loan amount of $1,009,000; loan-to-value ratio of 70%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of 1%; not to exceed $1,995. Speak to a PenFed Mortgage Loan Officer for additional details.
Fixed Rate Advance Lock-In You may lock in an Annual Percentage Rate for Advances during the Advance Period. During your Advance Period, you may choose to have three separate Fixed Rate Advances locked in at any one time, with a maximum of two new Fixed Rate Advances per calendar year. Each Fixed Rate Advance must equal or exceed Ten Thousand Dollars ($10,000.00) and you may not request a Fixed Rate Advance that would cause the amount you owe to exceed your Credit Limit. The only term option for your Fixed Rate Advance is 240 months (“Fixed Rate Advance Term”). However, the term of your Fixed Rate Advance cannot exceed your Repayment Period.
Routing #256078446
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