NAR Readies Plan to Boost Service to Buyer's Agents
June 1, 1996
The NAR Board of Directors' recent approval of negotiations to purchase the Real Estate Buyer's Agent Council could mean a giant step forward in the REALTOR® organization's ability to serve the needs of its members who practice buyer agency.
So says NAR President Art Godi of Stockton, Calif. "This is a watershed for our association. It means NAR will have the ability to fully serve REALTORS® who wish to practice buyer agency."
REBAC was founded in 1988 and currently has 5,400 members, all of whom are REALTORS®. The council provides education and an accreditation program for real estate practitioners who devote all or part of their business to the practice of buyer brokerage.
Under the terms of the purchase approved by NAR's directors April 29, the national association will pay $300,000 for the initial acquisition of REBAC, with additional payments based on incentives built into the agreement over the next four years but not to exceed $600,000. The deal remains contingent on further due diligence reviews and contract negotiations, according to NAR attorneys; however, the purchase is expected to be effective July 1.
REBAC's principals, Tom Dooley and Charles Dahlheimer, will remain in place for at least two years after the purchase date to provide operational continuity, according to NAR attorneys.
Godi says NAR had been exploring the possibility of creating its own buyer agency curriculum and designation, but the agreement with REBAC will now make that potentially very costly move unnecessary. "Instead, REBAC gives the REALTORS® of the United States an immediate presence in a growing area of service to the public."
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Updated: July 01, 2022