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About Flat Fee MLS Services
The MLS is the primary tool used by Realtors to find homes for their buyers. According to the National Association of Realtors, approximately 80% of all U.S. homes are sold through Realtors using the MLS and homes listed on the MLS average net proceeds of 7% higher than homes sold for sale by the owner. This is why MLS is the most powerful home marketing tool and why you need to be listed on the MLS in order to maximize your chances of selling. By getting an MLS listing you are basically hiring all of the agents that belong to the MLS nationwide.
However, using services of traditional real estate firms is expensive, you may have to pay up to 3.5% in commissions to real estate companies to place your home in realtors database. If you want to sell your own property acting as for sale by owner (FSBO) seller generally you can not put a listing for the home directly into realtors database MLS. However, there are brokers and many online services which offer FSBO sellers the option of listing their property in their local MLS database by paying a flat fee.
Listing fees for flat fee MLS services generally include two components: the flat fee paid to the listing broker, and the commission the property owner agrees to pay a Buyer's Broker (if there is one). Typically, with flat fee MLS the fee is paid at the time of listing the property rather than at closing or settlement, the opposite from traditional brokerage services. However, if a Buyer's Broker sells a Flat Fee MLS listing, the commission payable to the Buyer's Broker is typically paid at closing. The buyer's broker is still typically offered a percentage though that could be a flat fee as well. Significant advantage to flat fee MLS is that if the seller finds his own buyer without the use of a buyer's broker, then the buyer's broker commission is eliminated, and the seller owes no broker a commission.
With flat fee services all phone calls about your home placed in realtors MLS will come to you instead of your your realtor, which will benefit you in both ways: it increase traffic to your home and you will have full control over your home selling process, while saving thousands of dollars on commissions.
It is very important for any home seller to understand that MLS still accounts for 80% of potential home buyers, especially if you decide selling your home as the owner. If you are willing to do some work and research on your own in order to save thousands of dollars selling your home then this is the correct path. There is no guarantee you will sell your home but you will have a far greater chance of success in going with our service instead of a strict “for sale by owner” route. The fact is that if you are priced right there is no reason your home will not sell just as fast as if it were listed with a full service traditional real estate agent.
You can list your homes in MLS for flat fee instead of 2.5% of selling price charged by most real estate companies. If there is no agent associated with the buyer then you pay NO % commission and you just saved 5% in commissions.
In summary, by listing in MLS for flat fee, you will accomplish the following:
1. Your listing will not only appear in realtors MLS database, but will be added to realtor.com, zillow.com and other sites that list homes by real estate agencies
, so your home will get as much advertisement as any home listed by real estate agencies
2. You will still sell by owner, so people call you directly instead of contacting your real estate agent which gives you more control over your home selling process
3. You save money on listing in MLS, paying flat fee instead of 2.5%-3% that most real estate agencies in your local area will charge you for MLS listing. You must understand that the main role of listing agent is to put your listing into MLS, and you can do it for less money using flat fee mls companies. Buyers agents agents are those that do a real job - they bring buyers of your home, so you can pay commissions to buyers agent or choose not to pay at all if buyers found your home without any agencies.
4. First day your listing will appear in MLS database there will be plenty of buyers agents who will be willing to bring you buyers to get their commissions on sale of your home, however by using flat fee MLS services there will be no dual agencies (agent taking commissions from both buyers and sellers as some agents practice) or your listing agent redirecting your own buyer to buyer agencies (listing agents just does not want to show your home and direct your buyers to work with buyer agent, so you loose your commissions on buyer side even if buyer found your home on his own). Also by using Flat Fee MLS you do not have to sign exclusive agency agreements with real estate agencies that do not allow you to continue selling by owner while advertising your home in realtors database
We highly recommend you to work with flat fee services companies and place your home into MLS for flat fee in addition to any free internet services – MLS is still very powerful real estate marketing tool and even if you decided to sell your home on your own, we highly recommend you to use realtors MLS to your advantage
If you are interested to learn more please read information on our partner web site Flat Fee MLS Services
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