Teri Frye, sales associate of the Frye Team, joins host Carol Morgan for this week’s Atlanta Real Estate Forum Radio episode. In this podcast segment, Frye discusses the NAR settlement and what that means for homebuyers and agents.
Frye works alongside a team of four agents, including her husband and son, representing homebuyers and sellers across the metro Atlanta area. With its smaller team, the Frye Team offers clients a more personal experience.
The NAR settlement has been a hot topic amongst housing professionals, but what does it mean for those looking to buy or sell their homes? Well, that is a little complicated. Now anyone seeking help from a real estate agent will need to negotiate commission or compensation upfront with their agent and sign a buyer brokerage agreement (BBA). Agents can no longer include the commission in the price of any home listed in the multiple list service (MLS).
Of course, the goal is to have the commission compensated by the seller, but not all sellers will offer the full 3%.
“The Fry Team has always offered guaranteed services, which gives the buyer and or seller the option to cancel the agreement at any time,” said Frye. “We would never stand in the way of a buyer or seller getting what they want.”
How will Appraisals be impacted?
Appraisal can also be a sticky situation for homebuyers, but enlisting an agent can help. In Georgia, if there is an appraisal gap, buyers have three options:
the seller can agree to reduce the price
the buyer and seller can agree to meet somewhere in the middle or anywhere in between
or buyer has a right to terminate.
Buyers are not obligated to purchase if the home does not appraise, especially if that is a contingency in the offer.
“Most sellers have a lot of equity, and I think you just have to know the market,” said Frye. “If you're going in blindly, you have room for error. You have to do your homework on the front end and really understand the market, understand the homes, the comps, what it means. We actually do the work and attempt to help the appraiser.”
Frye’s biggest advice for buyers is to do their research when looking for an agent. Find out what agents bring to the table and how that benefits you in your home shopping experience. Buyers browse online and get lots of details about potential homes, but hiring the right agent can take you even further.
Buying a home is a big financial step, which is why representation matters. The median home price in Atlanta is currently in the $500,000s and going upward. A quality agent can help you navigate the buying process smoothly with knowledge of the market, legalities and the buyer brokerage agreement. The Frye Team is committed to offering guaranteed service for clients whether it is their first home purchase, second or third!
Fry said, “People don't do this every single day, and I think having the understanding, the compassion, and really walking them through the steps and helping them to the bottom line matters.”
Tune in to the full interview above to learn more about The Frye Team or visit www.FryeTeam.com.
A special thank you to Denim Marketing for sponsoring Atlanta Real Estate Forum Radio. Known as a trendsetter, Denim Marketing has been blogging since 2006 and podcasting since 2011. It is currently working on strategies for the Google Helpful Content update and ways to incorporate AI into sales and marketing. Contact them when you need quality, original content for social media, public relations, blogging, email marketing and promotions. A comfortable fit for companies of all shapes and sizes, Denim Marketing understands marketing strategies are not one-size-fits-all. The agency works with your company to create a perfectly tailored marketing strategy that will adhere to your specific needs and niche. Try Denim Marketing on for size by calling 770-383-3360 or by visiting www.DenimMarketing.com.
The Atlanta Real Estate Forum Radio “All About Real Est...