Selling and buying a home is no easy feat — even less so if you plan to perform both at the same time. If you are gearing up to move for a new job opportunity or are merely interested in a change of scenery, the idea of buying and selling a home at the same time may seem stressful at first, but it doesn’t have to be. There are a number of factors to consider beforehand, such as your goal for selling and a general timeline of when you want to move, but the most important step is finding the best real estate agent to help you.
A majority of people buying and selling a home at the same time prefer to work with two separate agents: a buyer’s agent and a seller’s agent. It’s entirely possible for your agent to be both, however, and there are a fair number of benefits to this kind of arrangement.
What is a buyer’s agent?
Let’s begin with defining the roles. A
buyer’s agent works on behalf of their client to negotiate and buy a home. They navigate the housing market and recommend listings based on the buyer’s needs, including their budget. It’s possible for buyers to buy a home without an agent, but they lose out on immense negotiating power and a wellspring of real estate knowledge. Agents are trained specialists who specifically work to ensure your real estate experience is smooth and stress-free.
What is a seller’s agent?
On the other hand, we have the seller’s agent (not to be confused with the selling agent, another term for a buyer’s agent). Also known as a
listing agent, a seller’s agent represents the seller and takes on the task of pricing and listing the home for sale. They provide a multitude of benefits, including professional consultation, marketing strategies, real estate tools, and resources, access to the MLS, negotiating power, and recommendations for other professionals you may need to hire, such as home inspectors and/or appraisers.
What is dual agency?
Working with the same realtor for buying and selling a home is commonly referred to as dual agency. In some states, it’s illegal for separate buyers and sellers to rely on the same agent due to conflict of interest, but for people who are selling their homes and buying a new one at the same time, dual agency is an acceptable approach.
Granted, your agent needs to be capable of both selling and buying on your behalf. Not every agent specializes in both procedures, so make sure you interview agents with proven experience working as a buyer’s agent and a listing agent.
More familiarity with your situation
One of the prime benefits of employing dual agency is that the agent has more familiarity with your situation. It’s strongly recommended that you interview a variety of agents and choose one that best resonates with you on a personal and professional level. Next, schedule a consultation with that agent. A consultation allows both you and the agent to set expectations and keep an open line of communication, thereby ensuring you are always on the same page.
For example, if you are planning to move for a new job opportunity and find yourself pressed for time as a result, your agent will keep that in mind for both the selling and buying procedures. They will recommend the best steps and strategies to make sure you fulfill your goals and will always have your best interests in mind.
Lower commission cost
When a home is sold, the seller is responsible for paying the commission of both agents involved in the transaction. In the case of dual agency, you will only have to pay one agent. Of course, your agent’s commission will reflect their work in helping you both sell and buy separate properties, but there is room to negotiate a discount. All in all, it saves you money because you won’t have to pay an additional person with their own set of commission rates and fees.
An easier transition between buying and selling
Once you have sold your home, or at least have the process underway, you can proceed into browsing Downtown Sarasota homes for sale. Your agent will recommend listings based on your needs and once again provide their negotiation skills to ensure you secure the best possible deal. With the same realtor on your team, you don’t have to worry about interviewing and hiring a separate buyer’s agent.
Greater negotiation power
Dual agency provides you with an agent who understands both sides of the current housing market. Therefore, they know what buyers are looking for and how other properties similar to yours compare in terms of price. Likewise, when you transition into buying a home, your agent will help you navigate the market and understand the current trends. They will also know about how much money you’ll be making on your home sale, thereby giving them a better idea of your financial situation and how much of a home you can afford.
Minimize stress
Simultaneously selling and buying a home is a considerably stressful process, especially if you’re pressed for time. Having two agents requires extra communication and time waiting for replies, but having only one elite agent on your side streamlines the process. You don’t have to search for another agent, and you can bring up any questions and concerns to the same agent.
There are a handful of other things to take care of when you sell and buy a home, including preparing your home for sale, home tours, securing a loan, and browsing listings for your new home. You can minimize the stress by relying on one agent who knows exactly what you’re going through and can offer informed opinions and advice on how to best proceed.
Now that you know the benefits of working with the same realtor for buying and selling your Sarasota home, you’ll want to connect with an agent who best suits the role. Fortunately, there is no better candidate than
Judy Kepecz-Hays, an elite agent whose team has over 80 years of combined experience with the
Downtown Sarasota housing market. Connect with Judy for a seamless experience buying and selling your home!
