WHAT TYPE OF SELLERS USE A FLAT-FEE MLS SERVICE?

Are you getting ready to sell your home? Do you know what options you have for listing it?

When you put your house on the market, you typically have three possible ways to do it. You can hire a real estate agent, sell for cash to a direct real estate buyer, or put the property up for sale on your own. If you choose the last option, you can decide to use a flat-fee MLS service.

Selling Your Home Without an Agent

Listing a house without an agent is also known as putting it up for sale by owner (FSBO). You assume full responsibility for selling the home. You’ll need to decide the asking price, stage, and prep your house, show it, and negotiate with potential buyers.

There are a few reasons you might want to go this route. The most significant is financial savings. If you choose FSBO, you won’t pay a commission to a real estate agent.

Another benefit of selling by yourself is that you can take as much time as you want to find the right buyer. If you have a contract with an agent, you may feel you need to rush to make the sale before the agreement expires.

FSBOs are ideal in two specific situations:

  • When there are very few properties on the market in your area, so you’re sure your home will sell quickly for any asking price.
  • If you already have a buyer interested in your property.

What’s an MLS?

MLS stands for Multiple Listing Service or Multiple Listing System (both mean the same thing). It’s a database that contains all the properties available for sale at the moment.

Licensed real estate agents have access to this data and can use it on behalf of their clients. The MLS serves as a centralized hub that inserts your listing into major real estate portals. With your home in this database, you increase the chances of someone seeing the listing and buying your property.

When you choose FSBO, you can list your home on many different websites. However, an MLS has a much broader reach and is the top place sellers list houses for sale.

To access the MLS as an FSBO seller, you’ll need to pay one of the following:

  • Limited service real estate agent – Inputs your listing to the MLS and may provide a few additional services.
  • Flat-fee MLS listing service – Creates an MLS listing for your property.

Once your house is listed, you’ll need to monitor activity daily and answer any communications received. You can find more information on workflow rules on ISoldMyHouse.com CRM’s help pages here.

What to Know About Flat-Fee MLS

When you use a flat-fee MLS, you pay one amount and no more. You can save about 50% of the commission you would typically pay to a real estate agent.

However, what you receive can vary significantly from one company to another. For example, with one flat-fee MLS, an agent may schedule your open houses and update your listing over time. Another might not provide this assistance.

You’ll need to do your homework to understand just what services you’re getting with the flat fee. You may also want to discover if there’s a flat-fee MLS in your region that’s considered primary or most effective.

Beware of companies that say they’ll list your home on the MLS for little or no payment. Such offers typically aren’t legitimate or don’t include adequate customer service. They may also have hidden service fees.

Take the time to read and understand any agreement before signing. If you ignore the fine print, you can end up losing a lot of money.

Take Away

When you sell your home, there are several options for listing it. If you choose FSBO, you’ll want to make sure you have access to an MLS to get your property seen by as many potential buyers as possible.

A flat-fee MLS allows you to pay once to have your home listed; then, the rest of the work is yours. If you choose this route, you’ll want to make sure you have all the details about what’s included. In this way, you can truly save money by selling your house without an agent.

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