With the information explosion, buyers can readily gain access to a host of information on a variety real estate topics. Sometimes the wealth of information can be overwhelming or, in some cases, misleading. It is important to differentiate between educating buyers and disseminating information. Educating means explaining the home buying process, step-by-step and giving clear-cut examples of documents such as the purchase sales agreement ahead of time. Additionally, it is essential to point out the advantages of obtaining buyer representation.
The components of an effective buyer consultation include the following:
- Agency Disclosure, The Consumer Notice
- Home Buying Transaction Chart
- Professional REALTOR® Credentials
- Buyer Qualification Worksheet- (buyer needs vs. wants)
- Pledge of Performance
- Property Comparison Worksheet
- Consumer Guide to the Purchase Sales Agreement
- Mortgage Application Checklist
- Steps from Contract to Closing
Finding a property is often "the tip of the iceberg." Navigating through the complexities of the sales contract, negotiating price, terms, conditions, and guiding clients through the mortgage pre-approval and application process are merely some of the responsibilities of a buyer's agent. Other valuable duties of a buyer's agent focus on risk management by recommending home inspections, home warranties, and preparing a Comparative Market Analysis (CMA) on the subject property. Knowing how and when to refer buyers to other professionals for their respective areas of expertise is another inherent responsibility of the buyer's agent. Accountability, good faith effort, confidentiality, loyalty, obedience, and disclosure are the cornerstones of the ABR.
As an Accredited Buyer Representative (ABR), I cannot over emphasiz Ae the importance of a successful buyer consultation. Based on mutual trust, loyalty, and commitment, the buyer agency agreement provides the same level of representation to buyers that was previously afforded only to sellers. Awarded through the Real Estate Buyer's Agent Council (REBAC), the ABR designation means that this REALTOR® has "gone the extra mile" by taking advanced training in buyer services.
Why seek out a REALTOR® with the ABR designation? Council (REBAC)? Whether in the role of problem-solver, negotiator, or effective listener, the buyer's agent whom you ultimately select should arrange a formal consultation prior to scheduling home tours. That is the perfect forum to establish rapport and become familiar with how the home buying process works. Similarly, it is an excellent way to dispel myths about home buying and to initiate the dialog between the professional buyer's agent and his/her clients. In my view, failure to complete the buyer consultation can bring about confusion, frustration, and lack of goal clarity. After all, if we don't have road map (or GPS) to guide us to our destination, the route may be long and difficult. We may even get lost!
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