Avondale, AZ, Aug. 29, 2017 (GLOBE NEWSWIRE) -- The National Association of Exclusive Buyer Agents (NAEBA) recently conducted a survey among their members on the topics of under-appraisals and CMAs.
Survey results showed that 87.14 percent of Exclusive Buyer Agent respondents said that they have not had issues with clients’ homes under-appraising. However, 38.57 percent of respondents said that under-appraisals are typically an issue in their area; 44.29 percent of respondents said they weren’t sure if it was an issue.
As Richard Rosa, Buyers Brokers Only in Haverhill, MA explained, “It appears that the problem with appraisals is a result of an emotional homebuyer who offers far too much money for a property because of his or her fear or being outbid and not having a buyer agent willing to explain that the house just isn’t worth that much money.”
Among the Exclusive Buyer Agent respondents, 94.29 percent said they complete Current Market Analysis (CMA) for their buyers to assist with a purchase offer.
Often in traditional brokerages, especially those with teams, buyer agents are the newest, least experienced agents, while the more experienced agents are the ones taking listings. Our Exclusive Buyer Agent respondents said that 52.86 percent of buyer agents in their area are the newest agents in the brokerage.
NAEBA member Jon Boyd, The Home Buyer’s Agent of Ann Arbor, MI said, “Since working with buyers tends to be more time intensive, it is very common to see brokerages give that work to the least experienced agents in the office. When we view properties with buyers, we actively help evaluate the homes while we are there. An inexperienced agent can’t provide that service.”
One way that Exclusive Buyer Agents fix this problem is to form teams. NAEBA member Melanie Wilson, A Buyer’s Best Choice Realty in Johnson City, TN, remarked, “Our office has very experienced long-time agents. New agents are forming teams with experienced agents and doing buyer agency that way.”
These survey results conclude that while under-appraisals are an issue in many real estate markets right now, the majority of Exclusive Buyer Agents don’t have this issue with their clients, due to experience, correct guidance and using proper CMA tools.
About NAEBA
The National Association of Exclusive Buyer Agents (NAEBA), created in 1995, is an organization of companies dedicated to representing only buyers of real estate. NAEBA member brokerages do not list homes for sale and never represent sellers. This restriction to one side of the real estate transaction avoids conflicts and ensures that the interest of the homebuyer is protected at all times from house-hunting and negotiation to inspection, financing and closing.
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