Did you know that in the majority of real estate transactions, it’s the seller’s responsibility to pay for both agents’ commission fees? That’s right. In addition to handling the expense of their own representation, the seller also generally pays the commission for the buyer’s agent.
Representation is an essential component in the real estate process. That said, the skill set an agent will apply to a deal will depend on whether they’re representing a buyer or seller.
Listing agents must be adept in pricing, marketing, and negotiation techniques to help their client sell quickly and for top dollar. Buyer’s agents, on the other hand, must be skilled in writing and interpreting contracts, negotiating price, terms, and conditions, and in helping their client navigate the closing process.
It’s important to note that in the past, listing agents were allowed to represent both parties. However, this is no longer the case. In Ontario, specifically, listing agents may now only represent the seller.
When each party has their own, distinct representation, this helps ensure that the deal won’t be unfairly manipulated.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.