Do I need a Buyer's Agent? [ Back to top ]
One of the best recent trends in real estate is the use of Buyer's Agents. In the past, real estate agents traditionally represented only the interests of the seller in a transaction, since the seller had signed a listing agreement and offered to pay the agent a commission. Now it is common for a buyer to be represented by one agent, while the seller is represented by another agent. Each side has an agent negotiating on their behalf, and looking out for their best interests.
Every buyer can benefit from representation, but if you're new to the area, or if you've never bought a home before, you'll find that working with a Buyer's Agent is especially important. As a buyer, you can benefit from an agent's knowledge of the local area and get advice about real estate values, trends, and the marketplace. Your agent will help you prepare a purchase offer, and make suggestions about which inspections may be advisable, and explain how the value of your chosen property compares with others that have recently sold.
Most importantly, you can be absolutely honest with your Buyer's Agent about what you really need to have, and what you're willing to settle for, because your agent will keep your private conversations confidential and will not give your negotiating strategies away to the seller or anyone else.
Are you ready for some more good news? There's usually no additional charge for Buyer Representation. Coldwell Banker Deep Creek Realty does not charge a retainer fee or any "upfront" fees. Your agent will typically be paid from the commission which the seller pays at settlement. If you want an agent to represent you, you should sign an agreement that spells out your agent's responsibility to look for a property to fit your needs. Interview your agent on your first meeting! Ask what he or she will do to help you locate property, and what resources and tools your agent has available to help you
With a Buyer Representation Agreement in place, you and your agent are off to the start of a really helpful relationship, and you can count on your agent's promises of care, loyalty, and confidentiality.
What is a "Resort Property Specialist"? [ Back to top ]
An agent who has earned the "Resort Property Specialist" designation has completed training and met qualifications set by Coldwell Banker Corporation. A Resort Property Specialist is qualified to help you evaluate the pros and cons of different types of resort properties, address financing issues that are unique to vacation and second homes, discuss tax-related questions, and suggest ways that you can maximize your satisfaction and return on vacation investment properties.
Coldwell Banker offers several informative guides to buying and selling vacation homes, as well as the book, "Road Map to Your Vacation Property Dream" by Christopher Cain (paperback, 197 pp.) We've found that this book is accurate as to home buying considerations in our area, and especially useful if you're considering renting out your home. Ask any of our agents for information on this book.
What does "GRI" mean? [ Back to top ]
"GRI" stands for "Graduate, Realtor Institute." Real estate agents earn the nationally recognized GRI designation after successfully completing a rigorous program of course work covering many facets of real estate. The topics of the detailed curriculum include valuation, law, finance, real estate investment, taxation, ethics, construction and land use. Individuals who have attained their GRI are considered leaders in the real estate profession.
Because buying and selling property has become increasingly complex, a keen understanding of real estate transactions is more important than ever. New technology, laws, procedures and sophistication of clients require real estate agents to perform at a higher level of professionalism.
The Institute's class is developed by the NATIONAL ASSOCIATION OF REALTORS (NAR). Only members of NAR are eligible to use the term "REALTOR ", and only REALTORS can obtain the GRI designation. Each State Association customizes and administers the minimum 90 hour classroom training course to ensure agents have a thorough understanding of how the information applies in each state.
What does "ABR" mean? [ Back to top ]
"ABR" stands for "Accredited Buyer Representative." The ABR designation reassures extensive classroom training, a formidable written examination, and substantial experience in buyer representation. An agent with the ABR designation is fully committed to the real estate buyer, and has specialized training in understanding buyers' needs and representing them in the negotiation process.
The ABR designation is administered by the Real Estate BUYER'S AGENT Council (REBAC) which is a part of The NATIONAL ASSOCIATION OF REALTORS .
What does "CRS" mean? [ Back to top ]
The Certified Residential Specialist (CRS ) is the highest Designation awarded to sales associates in the residential sales field, and recognizes professional accomplishments in both experience and education. The CRS designation is administered by the Residential Sales Council, which is a part of the REALTORS NATIONAL MARKETING INSTITUTE, a not- for-profit affiliate of the NATIONAL ASSOCIATION OF REALTORS .
According to the Residential Sales Council, CRS Designees represent 5% of all REALTORS , and were involved in 25% of all residential real estate transactions (during the 12 month period ending July, 1997.)
What does "e-PRO" mean? [ Back to top ]
e-PRO Certification is a revolutionary new training program presented entirely online to certify real estate agents and brokers as Internet Professionals. It is presented by the NATIONAL ASSOCIATION OF REALTORS®, the first major trade group to offer certification for online professionalism.
What is an "Associate Broker"? [ Back to top ]
An Associate Broker is a sales associate who has completed all of the licensing requirements required for real estate brokers in Maryland, in addition to salesperson licensing requirements.