Is Buyer Representation the right way to go?

By
Real Estate Agent with Lubeck Realty Group SL675447

Palm Beach County may hold the best home available for you. We at One World Realty, Inc. know that there is a home out there that is perfect for you… and it is your Realtor's® job to find it. As you probably already know, the real estate purchasing process has become very complex. Rapid changes in varying markets have made it almost impossible for the average person to fully understand all of the laws and regulations imposed by various organizations. The Real Estate professionals at One World Realty, Inc. offer years of local market knowledge and a unique objective viewpoint that can only come from experience. One World Realty, Inc. and all of our Agents have excellent reputations in the local market for being resourceful, hardworking, and dedicated. This reputation has stemmed from a history of ethical business practices and hundreds of satisfied clients.

One of the leading tools available to those searching for a new home in today's market is Buyer Representatives. More home buyers are using Buyer's Representatives each day to ensure their purchase is handled appropriately and so that there are no surprises throughout the buying process, or worse yet, after the closing. Home buyers are finding this type of representation to be a huge advantage and peace of mind. Please take a few minutes to look at our Testimonial Page, which contains letters from some of our clients.

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 clients best interests in mind through out the entire real estate transaction process.

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 REALTOR® for complete details when you first start the search for purchasing any real estate property.

Why use a Real Estate Buyer's Agent?

Relocate with an ABR 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 REALTORS® 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 Buyer's Agent

Using a Buyers Representative offers the consumer many benefits, such as...

  • 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.

What is ABR®?

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.

The criteria are:

  • Completing a comprehensive two-day REBAC course in buyer representation.
  • Obtaining a passing grade on the written examination.
  • Demonstrating practical experience by completing and closing five real estate transactions in which you functioned as a buyer's representative. Transactions must be completed and closed during the interval that begins 18 months prior to and ends 18 months after completing the ABR® course.
  • Maintaining membership in good standing with the NATIONAL ASSOCIATION OF REALTORS® and with the Real Estate BUYER'S AGENT Council.

Look for those real estate agents who proudly display the ABR® designation and know that they are recognized by the NATIONAL ASSOCIATION OF REALTORS® as professionals in the field of buyer representation.

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Topic:
Home Buying
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Florida Palm Beach County
Tags:
buyer representation

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Rainmaker
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Donald Urschalitz

P.A. Realtor ABR RSPS North Palm Beach County
Real Estate Specialist in Palm Beach County Florida
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