What is a Buyer Representative? The
Accredited Buyer Representative (ABR®) designation is the benchmark
of excellence in buyer representation. It is awarded by the Real Estate
BUYER'S AGENT
Council (REBAC), an affiliate of the National Association of REALTORS®,
to real estate practitioners who meet the specified educational and
practical experience criteria.
There are four requirements to attain and use the ABR
designation:
Successful completion of the two-day ABR Designation
Course, including an 80% passing grade on the exam.
Successful completion of the one approved elective
course, including an 80% passing grade on the exam, within three
(3) years of completing
the ABR Designation
Course.
Documentation verifying five (5) completed
transactions in which the ABR candidate acted as a buyer representative.
Any transactions
closed
prior to taking the
ABR Designation course or closed within three years after completing
the course are eligible for credit.
Membership in good standing in the Real Estate BUYERS AGENT Council
and the National Association of REALTORS.
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.
Why use an Accredited Buyer's Representative (ABR)? 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.
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.
About the Real Estate BUYER'S AGENT Council (REBAC) Information on this page was taken from the REBAC website.
Please visit it for further information on Buyer Representation or finding
an ABR agent in your location. http://www.rebac.org
