ABR & ABRM Designations Posted on July 4th
Representing Buyers has come into its own.: The days of subagency are all but dead. Buyers need representation at least, if not more so, than sellers in a real estate transaction. There are many Exclusive Buyer Agency Brokerages that represent only buyers and do not list properties.
Subagency isn’t good for the seller either.: As a subagent to the seller, the agent working with the buyer actually owes their fiduciary duties to the seller through their listing broker. In this capacity, the seller and their listing broker can be held responsible for the actions, errors and omissions of the subagent working with the buyer. This is called “Vicarious Liability”.
The ABR® Designation indicates specific training in representing buyers.: Working as a Buyer Agent can be quite rewarding, as most real estate buyers need very specific and valuable help in property selection, negotiation, inspections and all the other activities involved in a real estate transaction and closing.
The ABR Designation indicates that a real estate agent or broker has received education in subject areas specifically related to serving the needs of buyers. It is important that real estate agents adequately represent their buyers’ interests.
The ABRM® Designation is for the Owner, Broker or Manager in Real Estate: A broker or brokerage owner or manager may want to incorporate buyer agency into their brokerage operations. The training toward this designation will help them to train their agents and manage the process of buyer agency.
Buyer agency is still evolving.: The leftover attitudes of the era of subagency are gradually disappearing. It is important that those who represent buyers in this new age do so with great care. It’s no longer OK to just deliver documents. Careful interpretation of inspections, title insurance, surveys and other documents, as well as crafting of objections, purchase offers and counter offers, must be done with the best interests of the buyer client in mind at all times.
It isn’t the job of the buyer agent to create an adversarial climate, as that doesn’t help to bring about a satisfactory conclusion to the transaction. However, not addressing every detail with your buyer’s best interests at the forefront could result in damage to them at closing or at a later time.
The ABR and ABRM designations indicate to your colleagues and the public that you have additional expertise in working on behalf of real estate buyers.