Northeast Tennessee Realtors Adjust to Mandatory Buyer’s Agreements

Northeast Tennessee, September 3rd, 2024 – Changes are shaking up the real estate world in Northeast Tennessee, and it’s all about mandatory buyer’s agreements. Thanks to the Northeast Tennessee Association of Realtors, or NETAR, these changes, which took effect in August, are introducing a new way for buyers and realtors to interact.

I got a chance to chat with the President of NETAR, Michele Davis, and she shed some light on what’s different now. **“The biggest change is the mandatory buyer’s agreement,”** Davis said. **“What that does is you’re gonna have a lot more communication with those buyers prior to showing them a home. They’re going to understand your fees, and what you do for those fees.”**

For those who might not be familiar, the buyer’s agreement isn’t as rigid as it might sound. **“We can negotiate those fees into the offer, and if it is something conducive for the sale of the home for the seller, then they will allow that,”** Davis mentioned. This means flexibility remains a key part of the process.

Some local homebuyers, like Lori Wooten, have already benefited from these agreements. **“The terms were of the contract, everything was spelled out in the agreement, and the commission’s always been negotiable, so I’ve never really had any concerns prior to this,”** Wooten said. She appreciates the transparency and clarity that comes with having everything detailed upfront.

Davis emphasized that her goal is to make sure her clients aren’t caught off guard and always feel comfortable with the process. **“We want what’s best for our clients. We see a big part of our job is to make sure that you make an educated decision, and so we try to explain all of that to you,”** she remarked. By having these buyer’s agreements in place, realtors can ensure that there are no surprises down the road for their clients.

In fact, many real estate agents in the region were already using buyer’s agreements even before they became mandatory. However, for those agents who might be new to this concept, NETAR is stepping up to help. They’re offering optional training classes aimed at educating both buyers and sellers about these agreements. This means everyone can get on the same page and understand what to expect.

Making such a significant shift isn’t always easy, but it seems like most people are getting on board. The added communication and clarity these agreements bring could go a long way in helping buyers feel more confident in their decisions.

For now, it’s a wait-and-see situation to observe how the mandatory agreements affect the overall real estate market in Northeast Tennessee. But one thing’s for sure – the emphasis on transparency and education seems to be a positive move for everyone involved.

Stay tuned for more updates as the region continues to adapt to these changes, and don’t hesitate to reach out to your local real estate professionals to hear firsthand how these agreements might benefit you in your home-buying journey.