1. What is a fixed fee Multiple Listing Service (MLS) listing?

The MLS is a comprehensive database shared by local real estate agents. Agents can access this database to find exactly what their buyers are looking for. This resource gives real estate agents a significant advantage over anyone selling on their own. In fact, more than 90% of buyers find their new homes through the MLS.

Real estate companies that offer flat fee MLS listings will submit the information and images to the MLS for a fee ranging from $99 to $995 depending on the level of services provided. However, a fee is typically offered to an agent who brings in a buyer. This fee can be any amount by law, but is generally 2-2 ½% compared to 6-9% charged for full-service listings.

2. What is the difference between flat fee listings and full service real estate agent listings?

The owner assumes duties generally provided by a real estate agent. These include taking pictures, providing promotional copies, gathering information about the property, identifying repairs and improvements that will promote the sale and increase return on investment, deciding on the best marketable price, monitoring the market, price adjustments if and when necessary. necessary, showing, negotiating with buyers directly, obtaining legal advice, facilitating inspections, possible renegotiation and whatever is necessary to bring the sale to closing.

3. What services do flat fee brokers usually provide? In addition to adding your listing to the regional MLS, the listing is typically distributed to dozens of portal websites such as Zillow, Trulia, Homes.com, AOLrealestate.com, etc. more local real estate companies directly. The owner provided images that are added to the MLS and portal sites. A sign and/or lock box is usually provided. Some companies offer free renewals or listings that do not expire. If you are available in the area, companies often provide appointment center services that provide a convenient means of scheduling visits. With higher price listing packages, more services are added.
4. What are the disadvantages of flat fee listings? Selling by owner is a lot of work. More than half of successful homeowners report that they would not try to sell on their own again. This is because, in addition to the work involved, it may not improve your return on investment. Real estate agents have years of hard-earned experience. If they cannot normally provide their clients with a better return on their investment than the owners themselves, they would not survive in the profession. In addition to the logistics that a homeowner can reasonably handle, a great deal of judgment is required. One misstep and the deal often falls through. Inexperience, even in new licensed real estate agents, can cost thousands of dollars or an entire sale. Most brokerage firms provide close supervision and training to their new brokers for at least the first year. The owner does not have this essential advantage. Flat fee brokers who offer remote support cannot do so with the same expertise as a real estate agent who has personal knowledge of the local market and property. Lastly, be careful not to invoke pimping claims.

Despite the work and uncertainty involved, many sellers manage to sell on their own using the resources of flat fee brokers to greatly maximize their home investment.

5. How to proceed.

Contact a reputable flat fee MLS broker you can speak with directly to answer specific questions. This short article can only provide an overview of the process.

While sales by owner packages vary from broker to broker, here are some important considerations:

• The broker must have experience and knowledge of local market conditions to provide immediate guidance and advice.
• The broker must be local and able to provide market data and references for lawyers, contractors, inspectors, etc.
• The broker must be available 12/7.
• The broker must be a direct member of the MLS where the property is listed, not a portal site that lists properties remotely through affiliates.
• A dedicated website must be listed that sends independent buyers directly to the owner to save on the co-pay fee.
• Appointment center showing scheduling services should be provided at no additional cost.
• The owner must retain the right to sell on his own without paying an additional commission.
• Changes or breaks in the listing must be provided at no additional cost.
• The listing should not expire until the owner sells or takes the home off the market.
• The electronic lock box and sign must be provided and delivered at no additional cost.
• All inquiries should be directed to the owner.
• Professional quality photographic services should be available.
• Photos and videos provided by the owner must be enhanced by the broker to standards normally found on the MLS.
• The broker must also offer full service upgrades with a flat fee credited to the final commission.

6. steps to close

• Hire Local Flat Rate Agent
• Please provide details and pictures.
• Approve listing in MLS and submit rate
• Coordinate visit with appointment desk
• negotiate offers
• Get legal advice (recommended)
• Comply with contact obligations. This is done with the help of the co-broker and his attorney.
• Close with more profit than if you had the full listing service