Are you familiar with the term “Buyer Agent”? What about “Seller Agent”? What do those 2 terms mean?
A buyer agent is typically the agent that handles the buyer. The seller agent is the agent that handles the seller.
You would like to buy an apartment? You contact a real estate agency and you are typically transferred to an agent. The buyer agent role can be summarized as follow:
- 1. The buyer agent acts As your adviser during the whole home buying process
- 2. The buyer agent helps you understand the current market conditions so you are always paying the right price!
- 3. Helps you find the perfect home before it goes under contract. Gets to show you homes around your schedule.
- 4. The buyer agent handles the ins and outs of your full negotiation.
- 5. The buyer agent is normally present with you during deal closure.
You would like to Sell an apartment? You contact a real estate agency and you are typically transferred to an agent. The Seller agent role can be summarized as follow:
- 1. The seller agent helps you to get the best possible price out of your home sale.
- 2. The seller agent studies the market to ensure your home is priced at an advantage against competition.
- 3. The seller agent markets your home on multiple resources to help sell it fast.
- 4. The seller agent handles the negotiations between you, the buyer and the buyer agent to ensure you get what you want
- 5. The seller agent may use resources like professional photos and videos to ensure your home gets the best exposure.
The seller agent and buyer agent maybe one person in some deals. This is permissible and acceptable in Lebanon. As per the norms in Lebanon as well, the fees are paid from each side to the agent. The buyer pays 2.5% of the final price to the buyer agent and the seller pays 2.5% of the final price to the seller agent. In case of rent, the above applies as well. The agent is then called “renter agent” and “tenant agent”. As per the norms in Lebanon as well, the renter pays one month rent fee to the renter agent and the tenant pays one month rent fee to the tenant agent. This applies for rent contracts up to 3 years.
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