President and CEO of FMLS Jeremey Crawford, and Jennifer Pino, president of Atlanta Realtors Association and vice president and managing broker of the Buckhead office of Atlanta Fine Homes, are in the studio for today’s episode of Atlanta Real Estate Forum Radio. Joined by co-hosts Carol Morgan and Todd Schnick, the group discuss the change in market activity due to the COVID-19 pandemic, as well as ways FMLS is helping brokers and managers adapt to the current market environment.
FMLS, or First Multiple Listing Service, is not only the first local listing service in the Greater Atlanta Area but is also first in the nation. Serving over 47,000 brokers and agents, the company helps buyers and sellers transact real estate on a daily basis by providing them with the products, services and training necessary to help them do their jobs. Over 110 years old, the Atlanta Realtors Association serves over 10,000 members and is the largest association in the state. Atlanta Fines Homes is a boutique brokerage with four offices in Atlanta that focuses on primarily luxury real estate.
COVID-19 has undoubtedly affected the real estate market both positively and negatively. While the normal spring season has pushed off due to the pandemic, it is now as hot as ever. According to Crawford, FMLS experienced a record best with over 9,000 properties transacted which is up 12% from last year. Now that we are seeing the market catch up to last year in total properties transacted, Atlanta stands as the third hottest real estate market in the nation.
Pino has also experienced this real estate demand with her team at Atlanta Fine Homes. Interest rates are at an all-time low meaning homebuyers can afford much more house for the same amount of money as before. The combination of astronomically low interest rates and people realizing there is a need for more space in the home has resulted in a surge of people wanting to buy. The lack of inventory has buyers clambering for these properties. This has created a surge of work for the agents and brokers.
While agents and brokers have faced challenges over the past few months, they have also quickly adapted and embrace technology in the form of virtual showings, tours and open houses via platforms like Facebook Live. According to Pino, the biggest challenge has been low inventory. This is causing sellers to be less likely to make repairs and buyers to feel pressured to make decisions. While basic fundamentals still apply, including condition and price, Pino’s agents are working harder than ever to get both parties on board and ready to close.
With the changing market and world of leasing and rentals, FMLS is helping agents and brokers to expand. FMLS has recently added support for commercial leases, as well as added residential rental. This allows agents to help buyers find property through FMLS, while simultaneously facilitating property managers earning extra commission by listing rentals. Property managers can also work with brokers and agents to put rentals into FMLS. This saves property managers money and gives them more marketing/listing views while also allow agents to earn alternative revenue.
To learn more about FMLS, visit www.fmls.com. To learn more about the brokerage services offered at Atlanta Fine Homes, visit www.atlantafinehomes.com. Also, be sure to listen to the full interview above for more details regarding the market, as well as additional tips for brokers and agents.
Georgia Residential Mortgage Licensee, License #22564. NMLS ID #6606. Subject to borrower and property qualifications. Not all applicants will qualify. New American Funding and FMLS or Atlanta Fine Homes are not associated. Click here to view the terms and conditions of products mentioned during the show. Corporate office 14511 Myford Rd., Suite 100, Tustin, CA 92780. Phone: (800) 450-2010. (October/2020)
New American Funding is a family-owned mortgage lender with a servicing portfolio of over 123,000 loans for $30.4 billion, 198 branches, and about 3,100 employees. The company offers several niche loan products and has made Inc. 5000’s list of Fastest-Growing Companies in America six times. It has a state-of-the-art career training facility and develops innovative technology, including the GoGo LO mobile application. For more information, visit www.branch.newamericanfunding.com/Atlanta.
The Atlanta Real Estate Forum Radio “All About Real Estate” segment, presented by Denim Marketing, highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact Denim Marketing at 770-383-3360 or fill out the Atlanta Real Estate Forum contact form. Subscribe to the Atlanta Real Estate Forum Radio podcast on iTunes, and if you like this week’s show, be sure to rate it.