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What is an ABR —— and why should you use one?
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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.
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. 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.
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
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