What is an Accredited Buyers Representative (ABR)?
Why is it important to YOU?
A real estate buyer's agent represents the consumer who is purchasing the property in the real estate transaction. This agent owes full fiducary 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. Click HERE to contact Dale for complete details when you first start the search for purchasing any real estate property.
Why use a Real Estate Buyers Representative?
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 REALTORS® 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 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 REALTORS® who met the specified educational and practical experience criteria.
The criteria are:
Completed the comprehensive two-day REBAC (Real Estate Buyers Agent Council) 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 practitioner's 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.
Contact Dale Schmidt, ABR for ALL your real estate needs!
