Corpus Christi Caller Times Caller.com - Real estate buyers can hire agent of their own

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Tuesday, March 14, 2000

Real estate buyers can hire agent of their own
Also: Builders Association Home Expo is March 25-26 at Bayfront Plaza
By Andrea Jares
Caller-Times

When a buyer came into Frank Tompkins' real estate office in search of a specific Padre Island condominium, it was not for sale. So the client hired Tompkins to find one just like it.
   With some research, contracts and phone calls, Tompkins soon had not only the desired property, but for a price $55,000 less than it had originally listed.
   Tompkins was acting as a buyer's agent - a service that more buyers are using as a way of finding the home they want.
   Not enough customers realize that when they talk to a real estate agent, they are talking to someone who represents the interests of the seller, Tompkins said. That's how it works, unless the buyer enters a contract with the agent to act as a buyer's agent.
   "Without that agreement, there is the implication that the real estate agent works for the seller," he said.
   The official designation of a person who is representing the buyer is increasing in the consciousness of real estate agents, said Dave Martin, director of the Chicago-based Real Estate Buyers Council, which confers the only official industry designation for buyers' agents - Accredited Buyer Representatives. Before the National Association of Realtors made the designation of accredited buyer representatives in 1988, agents were a sub-agent to the transaction. Since the National Association of Realtors required the designation in November 1996, the number of Accredited Buyer Representatives has skyrocketed.
   In 1996, there were 6,000 ABRs in the country. Today there are more than 33,000, Martin said. Plus, more than 900 new members sign up for the designation each month.
   To receive the accreditation, the agent must complete a two-day course and complete several transactions on behalf of a buyer. Martin said this training helps the agents change their mind-set and take into consideration the interests of the buyer. Consumers are starting to understand how a buyer's agent can represent them in a transaction.
   "You wouldn't go into court having the other side's attorney represent you," Martin said.
   Dalia Cortez, an ABR-certified Realtor at Blue Ribbon Realty, said her responsibilities as a buyer's agent are to arm her clients with information about the property that will help them find the house they are looking for at the best price.
   She said she also helps clients understand what types of financing will help them get into a house in their price range. This requires market analysis of homes that are available. The research will help the buyer understand the true value of the house, which will in turn help the buyer make an offer on the house.
   Buyers' representatives under contract are paid out of a percentage of the sale price, Tompkins said.
   "The buyer, in effect, pays nothing," he said.
   Home Expo March 25-26
   The Builders Association - Corpus Christi Area's sixth-annual Home Expo is scheduled for 9 a.m. to 6 p.m. March 25 and 10 a.m. to 4 p.m. March 26.
   Exhibits will include house components such as window and floor coverings, fixtures, landscaping, decorating and appliances.
   The latest addition to the annual event at the Bayfront Plaza Convention Center is the "Ask the Builder" booth. People can ask about building materials specific to the South Texas area or what to look for when selecting a builder. The expo will also include seminars throughout the two days.
   Last year, about 8,000 people visited the trade show. Admission is $3.



Business writer Andrea Jares can be reached at 886-3678 or by email at jaresa@caller.com. On Real Estate is published every other Tuesday in the business section.

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