Home Buyers who choose to represent themselves throughout the often lengthy, always complex and sometimes contentious home-buying transaction are likely to regret their decision as much as people who choose to represent themselves in a court of law.
This is especially true because the Buyer's Agent usually charges nothing for his or her services. Even though the Buyers Agent is required by law to represent the interests of the Buyer-Client exclusively, he or she is not paid by the Home Buyer. Instead, the Buyers Agent receives his or her compensation by sharing the commission paid by the Home Seller and previously negotiated by legal contract with their Listing Agent.
Essentially, each Realtor is paid a half commission (from funds provided by the seller per the listing agreement) for the EXCLUSIVE representation of their respective clients.
A Realtor® - and the topic of this article, the Buyer's Agent - doesn't get paid merely for time expended, which can be far more substantial than might be imagined, 100 hours or more, but like any professional, also for what he or she knows.
Realtors® continuously pursue advanced education in all facets of real estate throughout their careers. There are numerous certifications and designations that pertain to every area of real estate.
The specific designation pursued and earned by the Buyer's Agent is the Accredited Buyers Representative (ABR). The ABR designation is geared towards agents who wish to enhance their buyer representation skills, and provides proof to prospective buyer-clients of their proficiency at servicing the special needs of buyers. This designation is held by less than 4% of all real estate agents.
In addition, a Realtor who has lived and sold real estate in the local area in which you are searching possesses information that can save their clients a great deal of time and potentially thousands of dollars, not to mention the avoidance of costly purchase decisions.
The first question prospective Home Buyers should ask themselves:
Why - with limited knowledge of real estate law, governing regulations, required contracts and the transaction process itself - should we search solo, drive around neighborhoods, make appointments to tour homes with dozens of agents, then represent ourselves throughout the home-buying transaction when we can enlist the services of a professional Realtor® and buying specialist for free?
In truth, Realtors provide a variety of valuable services to their Clients and do a lot more work than the general public perceives because the public is often unaware of the complete process.
