“Who, exactly, sold my home?” is a question many sellers have asked. There are probably two people both claiming to have sold the house: the listing agent (who worked with the sellers) and the selling agent (who worked with the buyers).
Technically speaking, the selling agent sold the house as they wrote the purchase agreement and it was their clients who submitted the accepted offer. The listing agent worked with the sellers who signed the listing agreement. Two separate actions, two separate contracts.
In the real estate agent world, both sides will claim to have sold the property. The statistics compiled by our Iowa City local Multiple Listing Service (MLS) give credit to both sides for the sale of home. So if a home sells for $350,000, the listing agent as well as the selling agent will both receive $350,000 credit when the statistics are compiled for the listing and selling volume.
Personally, however, I tend to draw the line regarding bragging rights. I think listing agents shouldn’t claim that “they sold” the home when referring to that house. They should say they were the listing agent – which as any listing agent can attest – is no small feat. There is so much work that goes into listing a property to market it to its full advantage: from staging to pictures, to text descriptions, to promotional materials, to open houses, to providing neighborhood covenants, to having complete paperwork, to negotiations, to getting everything done in order to bring the transaction to a successful close. It’s a lot of work to list a home. And if it’s not done well, the sale of the home is hampered. So a good listing agent will take care of so many details (that no one is really aware of) so the home will be positioned to sell.
The selling agent, however, has often worked with his/her buyers extensively, having shown them many. many homes. The selling agent should be listening to their buyers, trying to find just the right home – the agent should have no personal agenda. Many hours can be spent trying to sort through the homes on the market in order to find the right fit. After the contract is written and accepted, the agent guides the process through inspections and financing. There is a considerable amount of work that the agent must perform to make sure the buyer is protected and their interests are represented and negotiated.
Knowing the housing territory in and around the Iowa City area is the job of both real estate agents. In order to properly list a home, the listing agent should know what the heck is going on. In order to advise the buyer correctly, the selling agent needs to know what the heck is going on. That’s the agent’s job – to keep the train on the right track, making sure that there are no derailments.
If you have any questions, please let me know. We real estate agents learn something new every day, as no two homes or home sales are ever the same. That’s the beauty and complexity of our world – and we love it!
