The Accredited Buyer’s Representative (ABR®) designation—offered through the National Association of REALTORS®’ (NAR) Center for REALTOR® Development—is a must for agents who are looking to work directly with buyer-clients at all stages of the home-buying process. After all, the designation elevates one’s skills and knowledge in the eyes of homebuyers.
Lynn Madison, a 30-year industry veteran and owner of Lynn Madison Seminars in Palatine, Illinois, provides advice and training development to real estate professionals. She’s also an ABR® instructor.
“Understanding the important role we play in helping buyers with the largest single investment they will probably make in their lives is a daunting and serious endeavor, but we need to have fun doing it,” she says. “In addition to assisting agents in developing their unique value proposition, we also spend time discussing how to articulate it to buyers.”
Keith Kelley, a REALTOR® in Las Vegas since 1986, has seen first-hand just how valuable the ABR® designation is when establishing a foundation of training, skills and resources to help real estate professionals succeed as buyer’s representatives.
“I got my designation almost 20 years ago because I felt it was important that I learn how to represent buyers and how to best work with them,” says Kelley, owner of Kelley and Associates Real Estate. “There’s a buyer consultation part of ABR® where you can meet with the buyers and learn about their motivations and criteria, and then you explain as their agent what you’re going to do for them and how it all comes together.”
With all that’s changing in the real estate industry, the ABR® course was recently updated to include information related to how to have the compensation conversation with buyers as well as steps to get a buyer representation agreement signed.
“We cover the importance of negotiating, ensuring that students know the ‘rules of engagement,’ and finish up with getting the transaction to the closing table,” says Madison.
Outpacing the competition
Robert Morris, a real estate broker at Parks Realty in Murfreesboro, Tennessee, and a certified instructor and speaker for NAR, is a huge proponent of the ABR® designation.
“It’s the major credential for anyone who wants to specialize in buyer representation and buyer brokerage,” says Morris. “They say ‘birds of a feather flock together,’ and that’s especially true with the networking opportunities for those with the designation. Other REALTORS® like to refer to someone who has similar credentials and an understanding of what buyer representation is, so that’s been monumental.”
Drilling down further, Morris notes that the designation helps an agent understand what the buyer’s needs are, which has been paramount to his career as far as being knowledgeable and understanding when it comes to his clients.
Michelle Davis, a REALTOR® and training director at Atlanta Communities, decided to earn the ABR® designation because of her desire to learn. She also knew that she could help agents get back to work by teaching classes.
“There’s nothing earth-shattering in the ABR® designation. It’s information you want to put in front of your face in order to relearn what you know and really think about what your value proposition is and how you can put yourself in the best light when working with buyers,” says Davis. “It’s very helpful in thinking about how you want to market yourself with buyers.”
For Madison, referrals are the biggest benefit of earning the ABR® designation. “Most of us who have the designation will not refer a buyer to anyone who doesn’t have it,” she says. “Not only have I been the recipient of referrals, but I’ve also had the opportunity to refer many of my friends and relatives to other agents across the country who hold their ABR®.”
According to Kelley, the value proposition begins at the initial consultation. “Knowledge is power, and when you can better explain your duties as a licensee to the buyers, that gives them the confidence that they’re working with a professional who they know will represent them well,” he says. “When the buyer signs my agreement, they will work with me, and I will work on finding them the greatest investment of their lives. And I know I’m not wasting my time.”
Keeping up with continuing education
The real estate business is ever-changing, and today’s buyers are more sophisticated than ever, so real estate professionals need to continue to gain education and improve their skills.
“They demand a level of service that, unfortunately, some agents aren’t trained to deliver,” says Madison. “We need to stay on top of the changes and change our business as needed.”
Kelley notes that it’s vital to stay up to date on all the current things that are happening within the industry, whether it be on the local, state, or even national level.
“Things can change on a daily basis in this industry, and you’re never going to have the same transaction every time. Through education, you learn about certain disclosures and other information that keeps you up to date with important issues.”
Improving relationships
Without question, buyer rep agreements are extremely important for the client relationship. After all, buyers need representation, and agents are in the best position to give them what they need to successfully find the right property at the right price and terms and ultimately get to the closing table.
“With all that’s happening in the compensation space, the very real possibility exists that the sellers might not agree to offer buyer representation compensation,” says Madison. “Using a buyer rep agreement outlines everyone’s responsibilities as well as how the buyer brokerage will be paid.”
Plus, Davis notes that it also helps build trust so that buyers come back to you again and again.
Morris adds that the designation has equipped him with the skill set to actively listen during buyer consultations to be tuned into buyers’ stress points as well as what they’re looking for.
“Whether it’s a first-time homebuyer or someone who has done it already, the information I’m able to get—from one-sheets that explain why you would want an ABR® representative to the advantages of having someone with specialized training who has your best interests at heart—has helped immensely with the client base that I deal with,” he says. RE
For more information, please visit https://abr.realtor.
