Rebac                                     What is ABRŪ?

 


The Accredited Buyer Representative (ABRŪ) 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 REALTORSŪ who met the specified educational and practical experience criteria.

The criteria are:

  • Completed the comprehensive 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 REALTORSŪ

Look for those real estate agents that proudly display the ABRŪ designation and know that they are professionals in the field of 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 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.

Most MLS listed properties offer full commission to Buyer's Agents. In some cases 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 REALTORŪ 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 REALTORSŪ 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 Buyers 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.
  • Present the offer to the sellers agent and seller on the clients behalf.
  • 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 legal documents to their buyer client.
  • Recommendations and assistance in securing appropriate financing for the selected property.
  • Provide a list of potential qualified vendors e.g. movers, attorneys, carpenters if these services are needed by the consumer.

Most importantly, the buyer would know that they are fully represented throughout the real estate transaction.