Real Estate Continuing Education

Effective Buyer Representation - 7.5 hours

If you were moving to a new area and wanted to buy a home, wouldn't you want a real estate expert to represent you? People shopping for a home want the services of a real estate expert who represents them exclusively - not the seller! Be the first in your office to be a Buyer Representative.

Why Buyer Representation?

The hottest trend in the real estate industry is buyer representation. The words have commanded the attention of industry leaders, trade associations, the media and, yes, the public. Buyers today want assurances that only a real estate expert who offers them exclusive representation can give. Equally important, real estate companies themselves are turning to buyer agency as a practical necessity. Many renounced sub-agency following the 1993 changes in the MLS, and subsequently they have embraced buyer agency to ensure their access to complete listing inventories.

Finally, buyer representation may help agents and brokers alike escape future liability. There are several lawsuits already filed over agency representation issues, and more are likely.

What does it take to become a Buyer Representative?

Adequate buyer representation demands education, training, and professional certification. That is why New York Real Estate Institute is pleased to offer courses to help you earn continuing education credit toward obtaining the Buyer's Representative.

What's in the Buyer's Representative Designation Program?

New York Real Estate Institute's approved course are structured and presented in a three-module format that allows maximum flexibility for real estate agent's schedules. It consists of:

Module 1: covers theory and principles of buyer representation, terminology, key concepts, recognizing conflicts, informed consent, molding client expectation, getting paid, and laying proper foundations

Module 2: covers the practice and evolution of buyer agency commitment from a buyer, what exactly is representation, and preparing and tendering the offer to purchase

Module 3: covers marketing and promotion as the buyer representative, positioning as it relates to buyer representation, service delivery, and buyer representation as a niche marketing strategy

Module 4: covers procedures, policies and operational specifics of buyer representation, establishing office policies and procedures, risk reduction considerations, and relocation aspects of buyer representation

Background Information on Buyer Representation

With the 1993 change in Multiple Listing Service and the subsequent renunciation of sub-agency by most real estate companies nationwide, practitioners who had previously offered only seller agency will be turning to buyer agency as a practical necessity in order to have access to complete listing information. The debate over whether or not to offer buyer agency is history. Today and tomorrow the issue will center on how to provide such service - whether exclusively or in combination with traditional seller representation and the quality of service rendered.

Consumers are becoming more aware of agency option as major consumer groups such as the Consumer Federation of America, American Association of Retired Persons, and consumer advocate Ralph Nader take up the cause of buyer and seller representation. There is considerable litigation already in progress over agency representation issues. More will follow! The Real Estate Buyers Agent Council's Accredited Buyer Representative (ARB) designation has set a standard of excellence in buyer representation.

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