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You can think of a buyers agent as a specialized physician a family doctor versus a specialist who has more qualifications and training in a specific area. The Accredited Buyer Representative (ABR) is the real estate agent who has proved excellence in representing buyers and was certified by the National Association of Realtors® based on specific criteria including special education.
We belong to an organization that has as its purpose the representation of buyers exclusively, and the education and training specific to their needs, said ABR Kenny Byrne with the Port Orchard office of RE/Max. We are also licensed by the state of Washington to prepare real estate documents and are held to the same standards as attorneys with the document completion.
What does such extra attention and qualification cost the buyer? Nothing. Real estate agents representing buyers usually charge the same commission as anyone else. Its like a specialist versus a general practitioner. We carry all the burdens of the cost as far as becoming that specialist and charge the same fees as the general practitioner, Byrne said.
If a buyer is represented by an ABR, the sales commission is usually split 50-50 by the selling agent and the buyers agent, and since the commission as a rule is paid by the seller, buyers dont have to pay extra money for working specifically with an accredited rep. And agents dont get paid unless they sell a home, which means they can do an awful lot of work for nothing, so sometimes buyers and their agents opt to sign a contract for exclusive representation a guarantee that the buyers will remain with the agent until they find that perfect home.
The agreement is an incentive because you know youll get paid for your effort eventually, Byrne said. Of course, as with any contracts, nothing is set in stone, Byrne said. If the agent and the buyer agreed to exclusive representation but things dont work out, they should be able to cancel it.
Sometimes buyers also choose to provide extra incentives to their Realtors, such as paying extra commission on their own if the agent gets a price break or negotiates other bonuses.
Another advantage is that good agents will look beyond the sale transaction and advise a buyer if a specific home doesnt make a good long-term investment. Byrne said he looks at a propertys situation years down the road: The idea is for a person to buy a home someone else will want when the homeowner is done with it. That could mean that even if you can afford to buy that half-million-dollar house, you may consider against it because it would be harder to sell later than a house half that price.
We can determine things that are in the best interest of the buyer and negotiate for those, Byrne said. Its nice to have someone committed to you and your interests. The responsibility we have is pretty darn significant, if I see any issue, positive or negative, I dont hesitate to point either one to the client.
But the ABR designation is not a sure-fire guarantee that an agent is best for you. Byrne said you should still ask for references, interview prospective agents and get other information that will help you choose someone who will best represent you. |