Why use an Accredited Buyer's Representative      



So you've decided to buy a home. 
Purchasing real estate is a complex and major transaction with many details
to be handled.  Depending on the laws in your state and the business arrangement
you have with a licensed real estate agent, that agent may actually be negotiating
for the seller, not you the buyer.  The best way to be certain that an agent is
working in your best interests is by signing a buyer representation agreement with
an agent.


What is a Buyer Representative?

A real estate buyer's representative represents the buyer who is purchasing property in a real
estate transaction.  Research by the National Association of REALTORS has shown
that when a buyer's representative is used, the prospective buyer found a home one week faster
and examined three more properties than consumers who did not use a buyer's representative.

The buyer's representative works for, and owes fiduciary responsibilities to, the real estate buyer
and has buyer's best interests in mind throughout the entire real estate process.  A buyer's representative will: 

  • 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. 

  • Assist in viewing properties -- accompany the buyer on the showings, or preview the
    properties on behalf of the buyer to insure that the identified specifications are met. 

  • Research the selected properties to identify any problems or issues to help the buyer make
     an informed decision prior to making an offer to purchase the property. 

  • Advise the buyer on structuring an appropriate offer to purchase the selected property. 

  • Present the offer to the seller's agent and the seller on the buyer's behalf. 

  • Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's
    best interests in mind. 

  • Assist in securing appropriate financing for the selected property. 

  • Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these
    services are needed. 

  • Most importantly, fully-represent the buyer throughout the real estate transaction. 

The Buyer Representation Agreement

It is important for the buyer to discuss the buyer's representative's compensation in the initial
interview.  In many cases it is recommended that the buyer and the buyer's representative
agree to the terms of compensation prior to viewing properties, and sign a written agreement
based on those terms.  The agreement should spell out the responsibilities of both parties
throughout the real estate process. 

In some states, legislation has been enacted to protect the buyer to the point that, absent a
written agreement, the buyer's representative represents the buyer throughout the real
estate transaction.  Consult your REALTOR for complete details when you begin the purchase
process.  

                                  Why Should You Use An Accredited Buyer's Representative?

Why should you look for the ABR designation before looking for a home? These three letters
after a REALTOR's name tell you that you will be working with buyer representative who
is committed to your best interests.  The ABR Designation is awarded by REBAC to those
REALTORS who have met the specific educational and experiential criteria needed to provide
the high level quality service required by REBAC (Real Estate BUYER'S AGENT Council).


 


About the Real Estate Buyer's Agent Council (REBAC)

The Real Estate BUYER'S AGENT Council, REBAC, was founded in 1988 to promote superior
 buyer representation skills and services. An affiliate of the National Association of REALTORS
since 1996, REBAC's membership now numbers well over 40,000 and is the worlds largest organization
of real estate professionals concentrating on buyer representation. Members who meet all course
and professional experiential requirements are awarded the ABR (Accredited Buyers Representative)
 and/or ABRMsm (Accredited Buyers Representative Manager) designation(s). Both are the only
designations of their type recognized by NAR.

The ABR designation is geared towards agents who wish to enhance their buyer representation
skills, and provides proof to prospective buyer-clients of their proficiency at servicing the special
needs of buyers. The ABRMsm designation, on the other hand, is intended for owners, brokers and
managers who have or intend to incorporate buyer representation into their company's service offerings. 

Contact the Real Estate BUYERS AGENT Council:
Mail: 430 N. Michigan Ave, Chicago, IL 60611
Phone: 800-648-6224 or 312-329-8656
Fax: 312-329-8632
Email: rebac@realtors.org