The Difference Between Listing Agents and Buyer’s Agents

What is the difference between a listing agent and a buyer’s agent? Here is what you need to know about the duties and responsibilities of each job.

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What’s the difference between a buyer’s agent and a listing agent? Obviously, the listing agent deals more with listings and home sellers and the buyer’s agent focuses more on home buyers, but the duties of each agent are actually very different.

The primary focus for a listing agent is to assist the home seller in marketing their home. Their job is to ensure that the home that they are selling shines in the best possible light, to put the home on the MLS, get buyers to see the home, and negotiate offers with those buyers.

A buyer’s agent's primary duty is to take buyers to see homes, find them homes from the MLS, and help them identify what they’re looking for in their next home while being knowledgeable in all aspects of the market.

Because the duties of these two types of agents differ drastically, certain personality types tend to work better for each job. Listing agents tend to be more aggressive and focused on marketing while buyer’s agents tend to be geared more toward customer service and be consulting-oriented.

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One agent can’t protect the best interests of both the buyer and seller.

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Each agent has a fiduciary duty to their respective clients as well. The listing agent has a responsibility to the home seller to get the most money possible and the best terms for their home, while the responsibility of the buyer’s agent is to get the home buyer the best home for the best price on the best terms.

Why is this important information for you to have? If you’re considering buying a home, you may be tempted to call the listing agent for a property you like and work with them to complete the purchase. This is a bad idea because since the listing agent has a duty to the seller to get them the highest price on their home, it is not likely that they will keep your interests in mind during the transaction.

I definitely recommend hiring an individual agent to represent your side of the transaction. If you’re selling your home, hire a listing agent that has experience with listings and project management. On the other side, if you’re buying a home, be sure to hire an agent that deals exclusively with buyers. Hiring an agent to represent both sides may set you up for a potential disaster and a lot of conflicts of interest down the line.

If you have any questions about the duties of buyer’s agents and listing agents or would like to know how to choose the agent that best fits your needs, give me a call or send me an email. I’d be happy to help you!

Top 3 Tips for Silicon Valley Home Buyers

I have tips that I give to all of my buyers, and these three tips are some of the most important. They'll help you learn everything you need to know about a home you're thinking of buying.

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Today I wanted to give you three tips to help find the right home for you. Some may seem like common sense, but some are tips that you may have never thought of.

1. Do your research. What I mean by this is check out the neighborhood, see what the other homes in the neighborhood look like, and check out the school district (even if you don't have kids, schools will affect resale value) on greatschools.org. You also want to drive around the neighborhood and see what amenities the home has to offer. Are there parks and shopping centers nearby? How close is it to the freeway? Also figure out what your commute would be if you lived there.
2. Visit the home at different times. When you view a home, you'll probably go with your agent or see it during an open house, both of which typically happen during the day. What you want to do is drive around the neighborhood at nighttime to get a sense for the neighbors and how the neighborhood is at night. During open house times, people will see the open house sign and be on their best behavior, but come nighttime on a Friday or Saturday, you'll really be able to get a sense of what the neighborhood is like. Is it quiet? Is there partying? Are there nuisances nearby?
3. Ask for the reports. Most sellers these days are doing reports like termite reports, property inspections, and roof inspections, which are usually available to buyers. Your real estate agent is not a property report expert; they may have some general knowledge, but not as much as an inspector. For that reason, you want to look at those reports and consult with an expert in the area. If you don't understand something in a report, you can also call the inspecting company with questions. You can ask for the specific inspector who checked the home out and ask them questions to shed more light on the report.

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Viewing the neighborhood at night can shed new light on what it's truly like.

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These tips are handy for anyone buying a home, and I always tell them to my buyers. If you have questions about this topic or about Silicon Valley real estate in general, give me a call or send me an email. I'd love to help you out.

What's the Deal with Home Inspections?

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Today I'm joined by Bruce Howe from House Master, who we've been working with for a number of years, to talk about inspections. Bruce has been in the business with House Master for 24 years, and they've done 79,000 inspections.

According to Bruce, the two most common inspections that homeowners should be aware of are termite inspections and home inspections, which have some similarities and differences. Both will point out things like earth-wood contact, wood damage, moisture content, and ventilation issues, but differ in that the home inspector can't do any work on the home or solicit business on it. The termite inspector is supposed to create estimates in the report.

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The seller should expect that there will be issues from the inspection that will need to be worked out.

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As a seller, it's important to make the inspection go smoothly by providing access to the crawl space (if the home has one), the attic, and the electrical panel. The seller should also expect that there will be issues from the inspection that will need to be worked out with the buyer. On the buyer side, they should make a point to read the inspection report from front to back - don't rely solely on the verbal comments from the inspector. Buyers should also vet the inspector before choosing one. Home inspectors are only licensed in two-thirds of states so they may or may not be regulated. They should be trained and they should be insured.

What I like about House Master is that Bruce comes around the office twice a month, and they're always up on the latest technology with a great website. They also provide reports that are really nice, easy to read and understand, and just makes it easier on the consumer. If you have questions or are looking for an inspection, feel free to reach out to either one of us and we'll be in touch!

Four Tips for First-Time Silicon Valley Home Buyers

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Today, we’ll be discussing four valuable tips for first-time home buyers in the surrounding Silicon Valley area. Blanca Medellin, a real estate buying agent on our team, joins us to discuss important advice for first-time home buyers. If you’re looking to purchase a home this spring, this is especially relevant to you!

1. Save up for your down payment. In today’s conditions, most lenders require anywhere from 3% to 30% in a down payment. Be prepared to pay more than you initially anticipate.
   
2. Consider any home improvement or other expenses. The total cost is not only your mortgage payment, but utility, landscaping, maintenance, and other monthly bills.
   
3. Shop around for a mortgage. Find someone you’re comfortable with. Review your finances and share your goals to obtain a prequalification letter.
   
4. Get educated on the home buying process. Sit down with us for a one-on-one consultation, free of charge and obligation. We’ll walk you through every step and what you should expect.

If you’re thinking about buying or selling a home in the area, give me a call or send me an email today. We look forward to hearing from you!

Should You Sell Your Home Before Buying a New One?

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If you plan on selling your current house and buying a new one, there are a few things you need to take into consideration.

The first question to ask is whether you need the equity from your current property in order to purchase a new property. If the answer is yes, we suggest you list the property you’re living in first, in order to have the purchasing power necessary to buy your next home.

If you have the cash in the bank to buy your next home without having to sell, it’s a great position to be in. In that case, you can go ahead and start looking at properties before you even list. However, you should be aware of the possibility that you might have two mortgages at the same time.

Regardless of what you end up doing, it’s crucial to be aware of market conditions. Here in Silicon Valley, it’s a very competitive market; there is a lot of inventory and there are a lot of buyers. In this situation, putting an offer on a home that is contingent on you selling your current home is not going to make you look as powerful as someone else who has already sold their home and has some money in the bank.

In this market, sellers need to be aware of something called rent-backs. Basically, a rent-back is a situation in which the seller asks the buyer to rent back the property from the new buyers. This agreement extends the closing so that sellers can remain in their house, while paying rent to the buyer, as they finalize their new living situation. Many sellers have found this to be a great way to purchase a new home without having to move more than once.

If you have questions about how you can make your move as smooth as possible, or if you have any questions about our local market, please don’t hesitate to reach out to us. We would love to give you a hand!