Buying a Home with a Buyer’s Agent
When you get ready to buy a home, you want to make sure you’re working with the right real estate agent in Minnesota. You’ve asked friends and family for recommendations, checked out REALTORS® who are knowledgeable in the areas where you want to live and maybe you’ve even interviewed a few people.
You may have noticed that some REALTORS® you’re considering have different letters or designations after their names. These designations apply to extra training and certifications that a real estate agent has received.
What is an ABR in real estate?
One designation is an ABR® – or an Accredited Buyer’s Representative. An agent who has the ABR® designation has completed extra, specialized training in buyer services. He or she has an established track record of experience with representing home buyers.
When you start working with an agent – you’ll want to know what his or her ‘agency status’ is. For many years, agency relationships were only for sellers and real estate agents working with buyers are actually working for the seller. Much of that has changed and that’s why it’s important to talk to your agent or broker about who they’re serving – are you a buyer-customer or a buyer-client? The Minnesota Association of REALTORS® is happy to help you answer any questions on the rules here in Minnesota.
What to ask an ABR®
Here are some questions the National Association of REALTORS® recommends asking an ABR®:
- Do you represent buyers, sellers or both?
- What services are provided to (or excluded from) me, based on my status as a buyer-customer or buyer-client?
- When does representation begin? When does it conclude?
- If I’m not ready to commit to your normal term, can you offer me a one-day buyer agency agreement or a 24-hour opt-out clause?
- How is dual agency addressed in your firm?
Are you an ABR? What do you tell clients?
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 19,000 members who are active in all aspects of the real estate industry. REALTORS® are dedicated to home ownership and helping people looking to buy and sell homes in Minnesota.