RISMEDIA, July 18, 2011—Today’s real estate market requires an agent that continues to deliver the traditional customer service that brought them success during the boom years, while implementing new technologies and marketing strategies to stand out from the crowd. And with consumers acting more independently in the home-buying process than ever before, agents who understand and explain the value of buyer representation can not only save themselves time and money, but they can set the standard for future business as well.
Traditionally, the buyer representation agreement is a legal document that formalizes a client’s working relationship with a particular buyer’s representative. It is designed to detail the services a client is entitled to as well as the expectations of the buyer’s agent. By defining the expectations of both parties up front, an agent reduces his or her risk while at the same time elevating the level of service he or she can provide.
In this month’s column, we highlight a few reasons why using a buyer representation agreement can help you in your business. Take a few moments to review the list and consider sharing it with your potential clients. It could be the key to ensuring that you both meet the expectations necessary to make your next transaction a successful one.
Receive a higher level of service. If you formalize an agency relationship with a buyer’s rep, you can expect to be treated like a client instead of a customer. What’s the difference? Clients are entitled to superior services, relative to customers.
Get more without paying more. In almost every case, home sellers have already agreed to pay a buyer’s agent’s commission. If they haven’t, you can ask your buyer’s rep to avoid showing you any such homes.
Avoid misunderstandings. A buyer representation agreement clarifies expectations, helping you understand what you should and shouldn’t expect from their buyer’s rep, and what they will expect from you, which usually centers on loyalty.
Agency relationships are based on mutual consent. While most representation agreements specify a time period, they can be terminated early if both parties consent. Most buyer’s reps are willing to end the agreement early if the working relationship isn’t going well.
Strength as a team. When a client and a buyer’s rep work together within a formalized agency relationship, a team is created, dedicated to helping the client achieve the best possible home-buying experience.
Agents or brokers who earn the Accredited Buyer’s Representative (ABR®) designation not only receive comprehensive training related to representing the needs of home buyers in real estate transactions, but they gain access to a wealth of benefits with their REBAC membership, including sample buyer representation agreements, customizable marketing materials, referral opportunities and consumer resources.
To learn more about the benefits of earning the ABR® designation or to access additional resources to help you build your business, visit rebac.net. A wholly-owned subsidiary of the National Association of REALTORS® (NAR), The Real Estate Buyer’s Agent Council (REBAC) is the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer. With more than 30,000 active members, REBAC awards the Accredited Buyer’s Representative (ABR®) designation to REALTORS® who work directly with buyer-clients. To learn more visit REBAC.net.