Buyer Representation
What is a Real Estate 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 client's best interests in mind throughout the entire real estate transaction process.
Why use a Real Estate Buyer's 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 client's best interests.
The Benefits of Using a Buyer's Agent
A buyer's representative will:
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Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
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Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
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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.
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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.
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Advise the buyer on structuring an appropriate offer to purchase the selected property.
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Present the offer to the seller's agent on the buyer's behalf.
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Negotiate on behalf of the buyer to help obtain the identified property…keeping the buyer's best interest in mind.
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Review and explain all legal documents to the buyer.
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Assist in securing appropriate financing for the selected property.
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Review and explain all legal documents to the buyer.
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Provide a list of potential qualified vendors (e.g. movers, carpenters, etc.) if these services are needed.
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Most importantly, fully-represent the buyer throughout the real estate transaction.
Who Pays the Buyer's Agent?
In most cases the seller has already agreed to pay the listing agent who in turn agrees to share the commission with a buyer's agent.The buyer's can receive representation at no additional cost to themselves.
The ABR Designation
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 BUYER'S AGENT Council ("REBAC") of the NATIONAL ASSOCIATION OF REALTORS who meet the specified educational and practical experience criteria.
