What is a Buyer’s Agent?
A real estate buyer’s agent represents the consumer who is purchasing the property in the real estate transaction. This agent owes full fiduciary responsibilities, duties and loyalty to the real estate buyer. The buyer’s agent works for the buyer client and has the clients best interests in mind through out the entire real estate transaction process.
The agent is compensated by the buyer through a negotiated fee or in some states the commission is split between the buyer’s and seller’s agents based on the selling price of the real estate property. It is important for the consumer to discuss the buyer agent’s compensation in the initial interview. In many cases it is recommended that the consumer and buyer agent agree to the terms of compensation prior to viewing real estate properties and sign a written agreement based on these terms. This agreement should spell out the responsibilities of both parties throughout the real estate transaction. It is important to note that in some states, legislation has been enacted to protect the buyer to the point that absent a written agreement the agent represents the buyer throughout the real estate transaction. Consult your local Realtor® for complete details when you first start the search for purchasing any real estate property.
Why use a Buyer’s Agent?
As a consumer, how often do you buy real estate property? Once, twice, three times in your lifetime? Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases the seller will be represented by an agent. Wouldn’t you want to have complete and fair representation in the real estate transaction?
The real estate buyer agent is responsible to protect their clients’ best interests. Research by the NATIONAL ASSOCIATION OF Realtor®S has shown that when a buyer agent is used, the prospective buyer found their home one week faster and examined three more properties than those consumers who did not use a buyers agent.
The Benefits of Using a Buyer’s Agent
Using a Buyers Representative offers the consumer many benefits.
- Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
- Assist the buyer in determining the amount that they can afford (pre-qualify) and show properties in that price range and locale the consumer has determined.
- Assist in viewing properties and either accompany the client on the showings or preview the properties on behalf of the client to insure that the identified specifications are met.
- Research the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property.
- Advise the client on structuring an appropriate offer to purchase the selected property.
- Negotiate on behalf of the buyer client to help obtain the identified property. Keep in mind that the buyer agent will be doing so with their clients best interests in mind.
- Review and explain all
Most importantly, the buyer would know that they are fully represented throughout the real estate transaction.
What is REBAC?
The Real Estate BUYERS AGENT Council (REBAC) is a part of the NATIONAL ASSOCIATION OF Realtor®S and offers it’s members benefits that will keep them abreast of the management and marketing trends in the real estate industry, legal and legislative issues and provides practical advice from other experienced real estate practitioners. REBAC members are eligible to participate in the highly respected accreditation program which awards the coveted Accredited Buyer Representative (ABR) and Accredited Buyer Representative Manager (ABRM) designation programs. Consumers should look for Realtors® who proudly display these designations which are the benchmark of excellence in buyer representation services.
With over 30,000 members in the United States and Canada, consumers can contact REBAC for a complete listing of Realtor® that belong to the council and practice buyer representation or refer to the on-line membership directory.
What is ABR?
The Accredited Buyer Representative (ABR) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYERS AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF Realtor®S who met the specified educational and practical experience criteria.
The criteria are:
- Completed the comprehensive two-day REBAC course in buyer representation
- Successfully passed a written examination
- Demonstrated a practical experience of having completed five closed real estate transactions in the field of buyer representation.
- Received recommendations from two of the real estate practitioners buyer clients.
- Be a member in good standing with the NATIONAL ASSOCIATION OF Realtors®
- Look for those real estate agents that proudly display the ABR designation and know that they are professionals in the field of buyer representation.
What is ABRM?
The Accredited Buyer Representative Manager (ABRM) designation is the only Buyer Representation Designation for Managers, Brokers and Owners affiliated with the NATIONAL ASSOCIATION OF Realtors®. The educational program, developed in partnership with the Real Estate Brokerage Managers Council (REBMC), is geared to real estate firm brokers, owners and managers that have or wish to incorporate buyer representation into their daily practice.
The ABRM designation is awarded by the Real Estate BUYERS AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF Realtors® to those members who met the specified educational and practical experience criteria.
The criteria are:
- Completed the comprehensive two-day REBAC ABR course in buyer representation.
- Completed the comprehensive one-day REBAC ABRM course in buyer representation.
- Successfully passed two written examinations.
- Certification that the broker/owner/manager has overseen a minimum of 25 real estate transactions that involved a buyer agent or had more than 2 years of experience in the oversight of buyer representatives.
- Be a member in good standing with the Real Estate BUYERS AGENT Council and the NATIONAL ASSOCIATION OF Realtors®.
- Look for those real estate agents that proudly display the ABRM designation and know that they are professionals in the field of buyer representation.