Types of Brokers – Sellers Guide

Different Types of Brokers

The real estate industry has different types of brokers.  Following are descriptions of the 3 types of real estate brokers and their different roles.

Seller’s Broker: The selling broker represents the interest of the seller. They are bound by law to represent the interests of the seller (even if their client is buying the property) because the broker has signed a written agreement with the seller and the seller is paying the commission.

Buyer’s Broker: When a broker exclusively represents a buyer, the buyer signs a buyer’s agreement. By this agreement, the broker is bound to represent your interests and be your eyes, ears and legs in the marketplace.

Dual Agent: A dual agent represents both the buyer and the seller in the transaction. One of the benefits of dual agency is the agent is familiar with both parties and has intimate knowledge of where each side stands. Make sure you have complete confidence in and trust your broker before giving them permission to act as a dual agent.

Buyer’s Agent Seller’s Agent Dual Agent
Who an agent
represents in a
transaction
Buyer Seller Buyer and Seller
Who pays agent’s
commission or fee
Buyer Seller Buyer and Seller
Agent’s typical
responsibilities
Select and show suitable properties; present offer; negotiate terms on behalf of buyer; assist with escrow requirements Market home under terms of listing contract; negotiate terms on behalf of seller; assist with escrow requirements Market home for seller; qualify and show home to potential buyers; negotiate terms on behalf of buyer and seller; assist with escrow requirements
Suggestions Have your contract with a buyer’s agent specify an expiration date and fee. Limit your contract to 60- 90 days. Talk to prospective agents beforehand about alternative sales strategies as the listing period progresses. Understand that dual agency arrangements must be disclosed and agreed to by both parties.

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