Business & Investment

What is a flat-rate MLS listing service? Does it have a negative impact on my home sales?

You are a weekend warrior who likes to dive into home projects to save money. Why is it different to sell your home? With a flat-rate MLS list, you can save thousands of dollars on real estate fees, so you can put that money directly into your pocket. But is it really worth your time and energy to sell your own home?

Before you go Sold by the owner (FSBO) Consider routes, real estate specialists Joe Burland Say you are your own agent. Bourland has over 20 years of real estate experience and is currently Peoria, Arizona. If you’re thinking of selling your home using a flat-rate MLS list on behalf of a realtor, his expertise can help you navigate all the pros and cons.

Source: (Roger Starnes Sr / Unsplash)

What is a flat-rate MLS listing service?

Usually when you hire a traditional realtor, they Multiple Listing Service (MLS) Where they put your home for sale.that’s all license Realtors have access to MLS, which puts your home in front of other realtors on behalf of potential buyers. If you are not using an agent, another way to add a home to your MLS database is to pay a flat rate to your MLS broker. In exchange for this set fee, they will post your home on the MLS site.

“If you have a very talented person who wants access to MLS, legal The impact and process of selling a home may understand some construction, but you have time to have ScreeningThere’s probably some kind before and after dealing with the phone and being part of that process marketing In the background, you may not need the services of a real estate agent, “Bourland says.

Is a flat-rate MLS listing service the right choice for me?

Save money on Real estate fees Definitely sounds attractive. However, you may not yet know if you will wear a real estate agent’s hat.

Bourland explains that a flat-rate service may be a good choice because it saves money at first, but in exchange for that prepaid savings, the work and potential needed to actually save money. Knowledge is also sacrificed. negotiation later.

On the other hand, you may want to be very involved and I’m sure no one else fully understands all the features of your home. However, doing most of the work yourself means taking direct responsibility for the results. Here are some of the advantages and disadvantages of using a flat-rate MLS listing service when considering options.

Advantages and Disadvantages of Using a Flat-rate MLS Listing Service

Strong Points:

  • No big real estate fees (usually 5% -6%)
  • Control of all aspects of sales from start to finish
  • Known costs will be prepaid to sell the property

Cons: Disadvantages:

  • Flat rate + possible fee to the purchaser’s agent (2.5% -3%)
  • Responsibility to address issues that arise to protect sales
  • In most cases, a self-service process that involves a lot of time and energy

Find a top-class real estate agent near you

The FSBO list is statistically sold at a lower price than agent-assisted sales. HomeLight analyzes over 27 million transactions and thousands of reviews to determine which agent is best for you based on your needs.

How does a flat-rate MLS listing service compare to traditional realtors?

  • Agents can answer questions quickly, while personalized services are lacking
  • For a flat rate, you will most likely purchase MLS access and MLS access in addition to your customized marketing strategy.
  • Rely on experts to handle the problem, rather than resolving setbacks during the process

Use top Real estate agent It’s not just about listing your home on the MLS site. This is the first step in a marketing strategy that attracts a pool of buyers to your home, especially when compared to other homes available. Leading agents who have sold dozens or hundreds of homes in your area have the advantage of knowing current market trends and how to sell faster with the best results.

How do you find a top agent?Please consider using HomeLight Agent Match tool. According to our survey, the top 5% of realtors across the country usually sell 10% more homes than the average realtor.

Those who are studying a flat rate MLS list.
Source: (LinkedIn Sales Solutions / Unsplash)

Can I Really Save Money By Selling FSBO With A Flat-Rate MLS List Service?

It’s possible to save big fees when you first put your home up for sale, but if you add the cost of your time, it may not be that big savings. It depends on how effective you are in finding the right buyer, and was this finally the most useful option at the end of the sale to list your home as an FSBO? I will decide.

For example, according to a report from the National Association of Real Estate Agents (NAR) 2020. FSBO’s house was $ 260,000This is on average 7% less than the properties represented by the agent.

These differences are illustrated in the example scenario below.

Sale of FSBO = $ 260,000

Selling with the average agent = $ 318,000

Selling with top-notch agents = $ 349,800

In this average-based example, the top agent’s selling price is $ 68,812 higher than the FSBO’s selling price, even after deducting the $ 20,988 6% agent fee.

How much does a flat rate MLS listing service cost?

Flat-rate charges for MLS listing services depend on the type of service required during the home sales process. It may only cost $ 300 to list your home in MLS for a standard list, and if you decide to buy additional services such as marketing, paperwork, agent help on final negotiations, etc. It may cost up to $ 5,000. All additional charges you choose will determine the final cost.Providing commissions in addition to your fees is often helpful Co-broker..

“Most flat-rate services tell people that they offer 2.5% to 3%, so sellers pay it to the buyer’s representative as an incentive to bring the buyer to the property.” Says Bourland.

What is the best flat-rate MLS listing service?

Even if you pay a flat fee, MLS listing services usually offer different levels of service. Some offer a painstaking list of your home in MLS, while others offer many options for additional costs. If MLS doesn’t work, how do you find the perfect one? To create a flat-rate MLS list, consider the following before signing with a dotted line:

Place, place, place

You sell your home locally, so you want your list to be local as well.There are thousands of MLS databases covering different regions of each state, and listing locally means local. Agent You will find your list for agents who do not know your housing market.

Surveys and reviews

Investigate the companies you are considering using for your list. Do they have a lot of positive or negative reviews?Are they members Better Business Bureau?? Do they have a specialized website to help you answer your questions? Do they include an easy way to contact them, or are they more elusive? A good reputation is important before you choose a particular company and is also attractive to realtors with potential buyers.

Firm communication

good communication This is important, according to Bourland, who told us that after a home seller listed a property, he had to terminate the listing contract because he didn’t receive a call from a flat-rate MLS company. This lack of communication can be frustrating for buyers, sellers, and agents if they are trying to negotiate a transaction and the answers are not timely.

Well-known, well-established, reputable flat-rate MLS listing service:

Does using a flat-rate listing service have a negative impact on home sales?

Depending on the MLS company you use and how you market your property, you often determine the success of your home sale. Here are some additional questions sellers have about how flat-rate MLS affects home sales:

As a real estate agent and Realtors®, we have a fiduciary duty obligation to our clients. Therefore, if you have a list that suits your client’s needs, based on the criteria provided by the buyer, you are obliged to present the house regardless of who listed it.

Do Buyer Agents Avoid Viewing Homes Using a Flat-rate MLS Service?

“As a real estate agent and Realtors®, we Fiduciary security To our clients. Therefore, if you have a list that meets your client’s needs, based on the criteria provided by the buyer, you are obliged to present your home, regardless of who listed it, “Bourland says.

The obligation that Burland mentions is “Code of Ethics and Standards of PracticeThe agent agrees when becoming a member of the National Association of Real Estate Agents. Agents who are not members of the association make no particular commitment to adhere to these standards.

Will my house sell cheaply if I use the flat rate MLS service?

Usually yes, the top agent Comparative market analysis And, in contrast to sellers who are too expensive, you won’t find a buyer you’re interested in until you’ve set the price of your home properly and adjusted the price to match a comparable home.Industry experts say that one of the most important steps when selling a home is Correct price — Not too high, not too low.

How Does Marketing Affect Home Sales?

When listing your home, be sure to include the best features such as a large kitchen or backyard. Details such as gutter filters and high efficiency light bulbs are useful to have when you move home, but they are not a decisive factor for buyers who are more interested in where to put their sofas. Also, some MLS websites limit the number of photos that can be included in the list.I always want to use High quality photos Introducing the best features of the house, whether it’s dark or blurry.

“A narrow phone image that only shows the toilet isn’t the best image you want to see,” says Bourland.

Where else can I list my home as an FSBO seller?

If you’re not interested in paying a flat-rate MLS listing service but want to list your home as an FSBO, you can choose from other sites such as:

Conclusion: Consider these four factors before listing in a flat-rate MLS service

Whether you choose to use a flat-rate MLS list, agent or alternative site to sell your home, consider the following:

Involvement – The time and energy you want to spend on selling your home

Profit – – Calculate potential profit May be obtained depending on the final selling price

research – Check your company and clarify what services are available for a flat rate

support – Resources available to answer questions during the process

Are you ready to know more about selling your home without a realtor? HomeLight has articles that explain the strengths and weaknesses of Sell ​​a home without Realtor®..

If you want to contact a leading realtor to find out more about what might be the best option in your market, give it a try HomeLight Agent Match.. Agent Match Service is 100% free and there are no catches. Agents don’t pay us to be listed, so you get the best match.

Need help pricing your FSBO list?

Start with our home value quote for an almost immediate price check. HomeLight’s tools use recent sales records, market trends, and the last selling price of a home to provide a preliminary estimate of value within two minutes.

Header image source: (NeONBRAND / Unsplash)

What is a flat-rate MLS listing service? Does it have a negative impact on my home sales?

https://www.homelight.com/blog/flat-fee-mls-listing/ What is a flat-rate MLS listing service? Does it have a negative impact on my home sales?

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