| What
Is A Real Estate Buyer's Broker?
Exclusive
Buyer Brokers are dedicated to providing client-level services
when representing buyers exclusively and whose real estate
companies do not accept seller-property listings. An Exclusive
Buyer Broker owes full fiduciary duties, including undivided
loyalty to a Buyer-Client. Exclusive Buyer Brokers can assist
you with planning, locating property, negotiating price and
terms, financing, inspections and more. The buyer broker works
for the buyer client and has the client's best interest in
mind through the entire real estate transaction. Insist on
your full representation and the protection of your interests.
Whether you are a first time home buyer, an old pro looking
for real estate or you're out to just buy a home the best
way possible, you owe it to yourself to see how an Exclusive
Buyer Broker can be your best answer in not just wading through
the complexities of real estate transactions but in educating
you on the market area with which you may be totally unfamiliar.
Why
Should I Use One?
As a consumer, how often do you buy real estate? 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. Wouldn't
you want to have complete and full representation in the real
estate transaction? Wouldn't you want your broker on your side?
A real
estate Buyer's Broker is responsible for protecting their
client's best interests. Research by the NATIONAL ASSOCIATION
OF REALTORS® has shown that when a Buyer's Broker was
used, the prospective buyer found his home one week faster
and examined three more properties than those consumers who
did not use a Buyer's Broker.
Buyer
Brokers are in demand!
- 46%
of buyers who used the services of a real estate professional
authorized their real estate agent to represent them through
a Buyer's Broker agreement.
- 69%
of those who signed a buyer representative agreement said
they were satisfied with the services and would definitely
use the same agent again.
(Based on the 2001 NAR Profile of Home buyer's
and Buyer Brokers.)
How
is a Buyer's Broker Compensated?
You may
be wondering how a Buyer's Broker is compensated. In almost
all cases the Buyer's Broker is paid by the seller through
the listing company who has the listing. If a property is
not listed through a Multiple or Community Listing Service,
such as a home that is a "for sale by owner", it
is the obligation of the Buyer's Broker to seek commission
from the seller prior to the start of any negotiations. If
the commission can not be negotiated on a "for sale by
owner" property, the buyer would be responsible for the
commission to the Buyer's Broker and would, of course, possibly
offer less for the property. It is my policy to adhere to
the recommendations of the National Association of Realtors
by having buyers enter into a written agreement which clearly
explains the responsibilities of both parties. For a copy
of such an agreement, called an Exclusive Buyer Agreement,
call or e-mail me and one will be sent to you.
Why you should 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 a buyer representative who is committed to your best interests. The ABR designation is awarded by REBAC to those REALTORS who have met the specific educational and experiential criteria needed to provide the high level quality service required by REBAC (Real Estate BUYER'S AGENT Council).
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