Long Island’s bustling real estate environment, a buyer's agent plays a pivotal role in navigating the complexities of property transactions. And crucial to that role is a buyer representation agreement. It’s not just a formal agreement—it's a testament to the value proposition a buyer's agent brings to the table.
Recent class action lawsuits challenging the structure of real estate commissions have brought forth a new wave of scrutiny on the way buyer’s agents are compensated. Now, more than ever, REALTORS® need to educate themselves on buyer representation. These lawsuits are more than just legal challenges; they're a call to action for REALTORS®. In an industry that thrives on trust, knowledge, and adaptability, understanding buyer representation is not just beneficial—it's essential. By committing to education, REALTORS® can navigate these tumultuous times with confidence, ensuring they continue to serve clients effectively, ethically, and with unwavering professionalism.
LIBOR has assembled the following Buyer Representation Resources to help you better understand buyer representation.
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LIBOR’s Exclusive Right to Represent Agreement is a form buyer representation agreement prepared by LIBOR and available for you to consider using with you buyer clients.
A toolkit filled with the best checklists, worksheets, and templates the Accredited Buyer’s Representative (ABR®) Designation Course offers.
Information hub that houses fact sheets, FAQs, articles, infographics and other information you can use that explains the current real estate landscape and illustrates how REALTORS® are consumer champions.
If you do not already have a process for explaining buyer representation or have not been trained on how to obtain a buyer representation agreement, consider taking education courses that will guide you in how to approach buyers when requesting they sign an exclusive buyer representation agreement. Some courses to consider are the: Accredited Buyer’s Representative course (ABR®), the Seller Representative Specialist course (SRS) and the Real Estate Negotiation Expert certification course (RENE). Enrolling in these courses and earning these certifications will elevate your skill set and reassure buyers they are working with a seasoned professional and that you are worth your professional services fee.