ABR (Accredited Buyer Representative)

The ABR designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to REALTORS by the Real Estate BUYERS AGENT Council (REBAC) of the National Association of REALTORS who meet the specified educational and practical experience criteria.

Q: What is a Real Estate Buyer's Agent?
A: A real estate buyer's agent represents the consumer who is purchasing the property in the real estate transaction. This agent owes full fiduciary responsibilities, duties and loyalty to the real estate buyer. The buyer's agent works for the buyer client and has the clients best interests in mind through out the entire real estate transaction process.

The agent is compensated by the buyer through a negotiated fee or in some states the commission is split between the buyer's and seller's agents based on the selling price of the real estate property. It is important for the consumer to discuss the buyer agent's compensation in the initial interview. In many cases it is recommended that the consumer and buyer agent agree to the terms of compensation prior to viewing real estate properties and sign a written agreement based on these terms. This agreement should spell out the responsibilities of both parties throughout the real estate transaction. It is important to note that in some states, legislation has been enacted to protect the buyer to the point that absent a written agreement the agent represents the buyer throughout the real estate transaction. Consult your local REALTOR® for complete details when you first start the search for purchasing any real estate property.

Q: Why use a Real Estate Buyer's Agent?
A: As a consumer, how often do you buy real estate property? Once, twice, three times in your lifetime? Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases the seller will be represented by an agent. Wouldn't you want to have complete and fair representation in the real estate transaction? The real estate buyer agent is responsible to protect their clients' best interests. Research by the NATIONAL ASSOCIATION OF REALTORS® has shown that when a buyer agent is used, the prospective buyer found their home one week faster and examined three more properties than those consumers who did not use a buyers agent.

The benefits of using a Buyer's Agent:

• Using a Buyers Representative offers the consumer many benefits.

• Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.

• Assist the buyer in determining the amount that they can afford (pre-qualify) and show properties in that price range and locale the consumer has determined.

• Assist in viewing properties and either accompany the client on the showings or preview the properties on behalf of the client to insure that the identified specifications are met.

• Research the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property.

• Advise the client on structuring an appropriate offer to purchase the selected property.

• Present the offer to the sellers agent and seller on the clients behalf.

• Negotiate on behalf of the buyer client to help obtain the identified property. Keep in mind that the buyer agent will be doing so with their clients best interests in mind.

• Review and explain all legal documents to their buyer client.

• Recommendations and assistance in securing appropriate financing for the selected property.

• Provide a list of potential qualified vendors e.g. movers, attorneys, carpenters if these services are needed by the consumer.

• Most importantly, the buyer would know that they are fully represented throughout the real estate transaction.

 

CIPS (Certified International Property Specialist)

The Certified International Property Specialist Network (CIPS Network) is the specialty membership group for international practitioners of the National Association of REALTORS®, the world's largest trade association. The CIPS Network is comprised of 1,400 real estate professionals who deal in all types of real estate, but with one common element: they are focused specifically on the "international" market. Whether traveling abroad to put deals together, assisting foreign investors, helping local buyers invest abroad, or serving an immigrant niche in local markets, CIPS members are consumers' best resource to ensure they are dealing with a professional skilled in the unique aspects of international real estate. CRS The Council of Residential Specialists is a not-for-profit affiliate of the NATIONAL ASSOCIATION OF REALTORS®, with its headquarters in Chicago, Illinois. It is composed of nearly 40,000 Certified Residential Specialists (CRS) and only 4% of the Nations 900,000 Realtors earn this distinctive designation. The association was created to attract and retain those REALTORS® seeking the knowledge, tools and relationship-building opportunities needed to maximize their income and professionalism in residential real estate. The Council was founded in 1976 and has four objectives:

• To enhance members' continuing competence through providing superior educational opportunities in a cost-effective manner.

• To provide and promote benefits which enhance the economic value of membership in the Council.

• To create and maintain organizational systems and alliances with appropriate organizations to ensure the integrity of the Council.

• To create and maintain procedures to ensure a standard of excellence that is required for earning the CRS Designation.

 

Diversity

America is becoming an increasingly multicultural society. The rapidly growing population of minorities and immigrants consider buying a home a top priority. For many families home ownership serves as a stepping stone to prosperity and represents the American way of life. Expanding home ownership will strengthen our nation's families and communities. NAR publicly promotes the REALTORS® role in providing equal and affordable housing opportunities for all Americans through a variety of programs: The At Home with Diversity: One America certification, the Cultural Diversity Program, and a host of outreach and educational initiatives. THE NATIONAL ASSOCIATION OF REALTORS® has a vision of REALTORS® being the leaders in a culturally diverse real estate market. REALTORS® who are able to effectively reach out to all racial and ethnic groups in their community are not only positioned for success but can take pride in knowing that they have participated in the expansion of home ownership to all Americans.

At Home with Diversity Certification

AHWD certification relays to the public that those certified have been professionally trained in and are sensitive to a wide range of cultural issues, thus inviting a wider volume of business from a greater variety of cultures.

 

e-PRO

An e-PRO is a REALTOR® who has successfully completed the e-PRO training program for real estate professionals. Endorsed by the National Association of REALTORS®, the e-PRO professional understands the nuts and bolts of working with real estate on-line: Web sites, e-mail, on-line tools, and most of all, what today's consumer really wants.

e-PRO is the only designation program of its kind recognized nationwide and endorsed by the NATIONAL ASSOCIATION OF REALTORS® (NAR).
The e-PRO Realtor? is recognized nationwide as an online standard for real estate professionalism and knowledge.

 

GRI (Graduate REALTOR® Institute)

GRI, which stands for Graduate REALTOR® Institute, is a nationally recognized professional real estate designation. The GRI designation is a real estate industry designation similar to various industry designations such as:

• CPA - Certified Public Accountant, an accounting industry designation

• CSEO – Certified Senior Escrow Officer, an escrow industry designation

• CLU - Charter Life Underwriter, an insurance industry designation

• CFP - Certified Financial Planner, a financial industry designation

The GRI designation is considered the nation’s number one real estate designation. This designation may only be earned after successfully completing a rigorous educational program. This program requires 92 hours of live course instruction from a statewide faculty selected because of extensive experience in their own areas of expertise This designation is available only to members of the local, state and National Association of REALTORS®. GRI is recognized nationwide as the standard for real estate professionalism and knowledge. The GRI designation is granted through the California Association of REALTORS® whose courses of study meet the standards established by the National Association of REALTORS®.

 

ICREA

The International Consortium of Real Estate Associations (ICREA) is a global alliance of leading national real estate organizations in the world's major markets. ICREA assists members of these national organizations by helping them efficiently and profitably facilitate cross-border business. ICREA also assists buyers and sellers in locating properties outside their country and in locating a real estate professional who abides by a code of ethics and can best meet their individual needs. Contact ICREA at consortium@realtors.org.

As national real estate associations worldwide look to respond to industry issues for a global marketplace, several factors have converged that dictated the need for a strong global alliance: Globalization has had an immediate and powerful impact on real estate markets, attracting the attention of real estate professionals worldwide. Practitioners with a local focus are seeking to expand their businesses into the international sphere, and look to their real estate associations for advice and assistance.

The rapid growth of the Internet has made the international market accessible to millions of consumers. Current estimates are that more than 650 million people are online and by 2004 the number will have reached close to 1 billion. Most of the growth will take place in Asia, Latin America and parts of Europe. The value of commerce connected to the real estate industry is staggering. Residential real estate sales in 2000 for the U.S. alone approximately one trillion U.S. dollars. As a result, many companies view the global real estate market as a source for significant revenue potential who may not have the interests of the real estate agent or the consumer in mind. Professional associations need to work together to keep real estate practitioners central to the transaction and endorse ethical business practices.

Value to our Consumers - In today's market, real estate is complex enough when the transaction is local. Adding an international element to the deal makes it even more so. ICREA helps consumers understand the global market business practices and can assist both buyers and sellers. Using online resources, buyers and sellers can learn about how real estate is transacted in the country of interest, so they are prepared for the differences from the practice in their home country. Buyers can search for properties among more than 3 million listings, and locate a broker who will work in a cooperative manner with a broker in another country to ensure the best possible service. Sellers can locate a broker who will market their properties to a worldwide market. This is especially important for sellers with distinctive properties that will attract buyers from around the globe in search of a vacation, resort, or luxury property, or simply one that's unique within its local market. ICREA's greatest value to consumers, however, is the ICREA network of brokers-more than 1 million-who are affiliated with leading national organizations and adhere to a code of ethics that commits them to professionalism and service to their customers and clients.

 

Realtor®

Q: When Is a Real Estate Agent a REALTOR®?

A: A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION of REALTORS®, The Voice for Real Estate®, the world's largest professional association. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120, to over 800,000 members today. NAR is composed of REALTORS® who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors and others who are engaged in all aspects of the real estate industry.
Members belong to one or more of 1,700 local associations/boards and 54 state and territory associations of REALTORS® and can join one of our many institutes, societies and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections. REALTORS® are pledged to a strict Code of Ethics and Standards of Practice.

Working for America's property owners, the NATIONAL ASSOCIATION of REALTORS® provides a facility for professional development, research and exchange of information among its members.

 

REBAC (Real Estate Buyers Agent Council, Inc.)

The Real Estate Buyers Agent Council, REBAC, was founded in 1988 to promote superior buyer representation skills and services. An affiliate of THE NATIONAL ASSOCIATION OF REALTORS since 1996, REBACs membership now numbers well over 40,000 and is the worlds largest organization of real estate professionals concentrating on buyer representation.

Members who meet all course and professional experiential requirements are awarded the ABR (Accredited Buyers Representative) and/or ABRMSM (Accredited Buyers Representative Manager) designation(s). Both are the only designations of their type recognized by NAR.

 

Transnational Referral Certification

The Transnational Referral Certification is a certification developed by the International Consortium of Real Estate Associates (ICREA) that integrates international referrals as a benefit to improve customer service worldwide. This certification demonstrates to other real estate professionals that you are well versed in the procedures of the TRS program and have pledged to follow a code of conduct in business dealings in an international transaction.

As a Realtor of this Transnational Referral Certification you become a member of ICREA. The International Consortium of Real Estate Associations (ICREA) is a global alliance of leading national real estate organizations in the world's major markets. ICREA assists members of these national organizations by helping them efficiently and profitably facilitate cross-border business. ICREA also assists buyers and sellers in locating properties outside their country and in locating a real estate professional who abides by a code of ethics and can best meet their individual needs. The advantage to real estate clients are enormous since they can feel as ease working with their present Realtor in conducting an international transaction with local assistance.

 

WCR (Women’s Council of Realtors)

WCR stands for Women’s Council of Realtors and is a community of real estate professionals creating business opportunities, developing skills for the future and achieving our individual potential for success. WCR is a family of real estate professionals, unique in our focus both on business and personal development. Through participation in WCR, we encounter a support network, ready and willing to help us achieve our individual potential for success. WCR believes that success in business today requires positive, productive relationships. WCR provides an environment in which we can form, nurture and maximize relationships at many levels, from bottom-line business transactions to ongoing mentoring for career development. As WCR members, we share freely of our time, talent and experience because we know it will come back to us many times over. WCR membership is a sign of credibility. We are established career professionals. We operate based on a shared value system of integrity, consistency, creativity, compassion and a commitment to excellence and continued development. We believe that these are the skills and qualities that will advance the real estate profession.

Today, with more than 260 Chapters and 14,000 members, WCR is the 17th largest U.S. Women's professional organization and has one of the most successful communication networks in the NAR family. Chapters include men and women who support the objectives of WCR and are interested in serving the industry, the community and fellow REALTORS®.