The difference between a listing agent and a selling agent is one of the most common questions that I get asked by many clients during our initial meetings. In this article, I will thoroughly explain what the listing agent and selling agent, aka buyer’s agent, are, as well as giving you step-by-step duties and roles of each during a real estate transaction. Let’s get started!
What is a Listing Agent & Who do They Represent in a Real Estate Transaction?
A listing agent is the agent who represents the seller in the sale. The seller appoints the listing agent to conduct everything on their behalf during the real estate transaction. Buyers or buyer’s agents cannot directly go and talk to the seller after this point. The listing agent who represents the seller would be their go-to person.
Listing agent responsibilities include but are not limited to:
- Verifying all the documents related to the property and the seller such as the certificate of location, declaration of co-ownership if the property is held in co-ownership, identity verification of the seller, civil status verification, verification of the ownership in the land register, and many others.
- Signing a brokerage contract for sale with the seller
- Putting their sign in front of the property to attract potential buyers
- Creating and publishing the listing on MLS ( Multiple Listing platform) which is Centris in Quebec and Realtor.CA for all over Canada.
- Scheduling and Coordinating visits and open houses
- Facilitating the visits for buyers
Listing Agent Commision – What is the average market rate?
Average commision rate for a real estate agent who represents the seller in a real estate transaction in Montreal Quebec is 5%, This commission rate is pretty much similar anywhere in Canada. Keep in mind that in most cases listing agents share 40-50% of their commission with the the realtor who represents the buyer ( selling agent) which we will explain to you in details in the next section of this article.Additionally, it’s a good thing to mention that following the new law imposed by OACIQ, it is mandatory for the listing agents to refer two different real estate agents to buyers who are not represented in the transaction. So, double representation is not possible anymore on a real estate transaction for the sale of a property located in Montreal or any area in the province of Quebec.
How to become a Listing Agent
To become a listing agent, you simply need to market yourself and present your services to people who are looking to sell their property. It involves many skills and steps to convince the sellers to assign you as their real estate agent, which we can explain more in a different article.
What is a Selling Agent & Who Do They Represent in a Real Estate Transaction?
A selling agent is also called a buyer’s agent and is the realtor who represents the buyer in a real estate transaction.
Some of the buyer’s agent responsibilities are:
- Price analysis based on the comparable listings sold in the targeted area
- Market Analysis
- Negotiating on behalf of the buyer
- Connecting buyers and sellers with well-known industry partners such as inspectors, mortgage brokers, notaries, land surveyors, renovators, and others.
Do Listing Agents Make More Than The Selling Agents?
Most of the time, the listing agent’s commission rate is slightly more than the seller’s agent (buyer’s agent). The average commission split is 60/40, but keep in mind that this rate may vary depending on the agreed commission rate between the seller and the listing agent on the brokerage contract for sale. Considering the amount of expenses related to listing the property, it is fair to say that it is normal for the listing agent to make a little more in the transaction.
I hope this article gave you all the information you needed to clear up your mind before getting into a real estate transaction. If you have any other questions or need assistance on selling or buying a property you are welcome to reach out to me via phone (438) 722-2676 or email(: firstname.lastname@example.org) .