What is buyer agency, and why use a buyer’s agent?

A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. Research by the National Association of REALTORS has shown that when a buyer's representative is used, the prospective buyer found a home 3 times faster than consumers who did not use a buyer's representative.

The buyer's representative works for, and owes fiduciary responsibilities to, the real estate buyer and has buyer's best interests in mind throughout the entire real estate process. A good, reputable buyer's representative (like Suzanne!) will:

1. Perform a “needs analysis” to evaluate the specific needs and wants of the buyer. The process will be explained in detail so everyone knows what to expect. The agent, buyer and other parties (lender, attorney) should work as a team to accomplish the buyer’s goal.
    
2. Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale. To take it one step further the agent can fill you in on the market conditions- if it’s a buyers market what percentage off asking are homes selling for in the area? Agent can also look at the true cost of homeownership in monthly dollars- what are taxes, utilities, etc, and on the upside what is the after tax cost.
    
3. Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met. When viewing the home the agent should point out positives and negatives about the home and area. When locating homes to view the agent should leave NO STONE UNTURNED. canvassing choice neighborhoods for opportunities that have not yet hit the market.
    
4. Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property. This involves market history, town hall files on the property (proper permits in place?) and research regarding age of systems.
    
5. Advise the buyer on structuring an appropriate offer to purchase the selected property- what is the market like in the area? What are the most recent comps? What direction is the neighborhood headed in? Have there been other offers on the home?
    
6. Present the offer to the seller's agent and the seller on the buyer's behalf. When possible present in person to the SELLER. If this is not permissible create a letter to share on buyer’s behalf.
    
7. Negotiate on behalf of the buyer to help obtain the property – ALWAYS keeping the buyer's best interests in mind. Buyer’s agent will never reveal buyers situation or personal information unless explicitly asked to do so by the buyer client.
    
8. Provide timely info and documentation to all parties involved. One of the most valuable services a buyer agent brings to the table is the experience to keep a purchase on track. Contingency dates MUST be met or deposits are at risk. Maintain consistent and reliable communication with everyone- lender, attorney, sellers agent etc. (Some of the best feedback we ever received from buyer client: “It was easier to buy my first home than to plan my wife’s 30th birthday party!” The buyer’s agent should make everything seamless for the client.
    
9. Assist in securing appropriate financing for the selected property. Make sure appraisal is on track and bank has appropriate documentation.
    
10. Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.
     
11. Most importantly, fully-represent the buyer throughout the real estate transaction, and do so with a smile and happy attitude that will create a stress free, amazing experience for any buyer!

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 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).

About the Real Estate BUYER'S AGENT Council (REBAC):
The Real Estate BUYER'S AGENT Council, REBAC, was founded in 1988 to promote superior buyer representation skills and services. An affiliate of the National Association of REALTORS since 1996, REBAC's membership now numbers well over 40,000 and is the worlds largest organization of real estate professionals concentrating on buyer representation. Members who meet all course and professional experiential requirements are awarded the ABR (Accredited Buyers Representative) and/or ABRMsm (Accredited Buyers Representative Manager) designation(s). Both are the only designations of their type recognized by NAR.

Read What Folks are Saying...

HOME :: PROPERTIES :: ARCHIVE OF SOLD HOMES :: BUYER INFO :: SELLER INFO :: COMMUNITY :: REAL ESTATE LIBRARY
HISTORIC HOME GUIDE :: RENOVATION RESOURCES :: REQUEST INFO :: ABOUT SUZANNE & COMPANY
PRIVACY POLICY :: TERMS OF USE

Suzanne Schmuhl-Koller, ABR, CRS, e-PRO Keller Williams Realty 238 Littleton Road Westford MA 01886 Suzanne's Home Office: 90A Great Road Bedford, MA 01730

Direct (508)371-4377 Toll Free (800)826-0665 Fax (508)371-4377 Email Suzanne@HistoricMAHomes.com HOME CONNECTION 24-Hour Hotline 1-800-826-0665