If you do decide to sell your home there are several ways you can go about it. Most people just entrust the task to an agent and do nothing more than sign the contract. However, this convenience comes at a significant cost. The commission for a real estate deal is usually between 5% to 6%which is split between the buyer's representative and the seller's representative. If your home is worth $ 500,000, the commission can go as high as $ 35,000 Median Wage in the usa. That's a tremendous amount of money, and you could easily find a ton of uses for it. To keep this money, you need to bypass both the seller and the buyer's agents and get a deal. While avoiding the latter is not entirely within your control, the decision regarding the seller's representative is yours alone.
So can you actually sell your home without the help of an agent? And how effective will your efforts be? Read on to find out.
What is Flat Fee MLS Listing?
With a flat fee on MLS, you can join the MLS without paying a fat commission to a real estate agent or broker. But first things first. What is MLS? Multiple Listing Services is an independent website that lists all of the properties for sale in the country. The MLS does not endorse or give preference to an agent and does not receive any commission if a sale occurs. There is only one fee. Getting listed on MLS gives you wide visibility of your home. This is the best way to let buyers know that your home is for sale. There are also several MLS. Some are aimed at specific areas, types of homes, etc. Once you are on the MLS, your home will also appear on all relevant listings. It is also published on sites like Realtor.com and Zillow.
However, you cannot register your home in the MLS yourself. You need to have this done by a licensed real estate agent. The broker lists the home in lieu of a commission when the home is sold or for a flat fee also known as an MLS flat fee. Here is one Infographic from isoldmyhouse in case you want a more comprehensive explanation.
Who are flat-fee MLS services for?
Flat fee MLS services are ideal for those looking to save money. But that includes everyone! So let's say it's best for people who also have the time and energy. Since there is no real estate professional involved, you have to do everything. From the description and photos on the listing pages to the negotiations and sales deeds, you run the show.
Benefits of selling homes with package deals
If you use an MLS flat fee, your home is considered an FSBO (For Sale By Owner). In addition to the obvious savings in commissions, your home will become a magnet for those looking to save money too. This is because buyers know that an FSBO seller will be more open to negotiation. Why wouldn't you agree to a $ 5,000 reduction when you saved $ 25,000 in commissions? In addition, people are often more comfortable with the salesperson than with a business-like agent. And if you're saving that commission money, here are some tips on how to better budget it.
Disadvantages of selling houses with package deals
Real estate agent I've lived in the field for decades, looking at hundreds if not thousands of homes. Replacing this expertise is your greatest challenge. Selling a home isn't rocket science, however. There are a variety of resources that, along with common sense and a willingness to learn, should help you face the occasion. A workaround is to purchase additional services with the listing if needed. For example, demonstrations could be added to the MLS package deal. Or maybe legal services.
Flat Rate MLS Vs Flat Rate Broker
So you don't want to pay a massive commission. However, you want a broker to go through the process. How's it going? Go for a flat-rate agent. Such brokers work for a fee, not a commission. They also work on volumes. By closing multiple deals, they make up for what they lose in commissions. Of course, it will cost you more than a flat MLS fee. But it will get a lot of expertise on your part. If you are planning on bundling some services along with the flat fee, this is an option to consider.
How much does it cost to use a flat fee MLS service?
A flat-rate MLS package can be purchased from just $ 99. However, watch out for websites that offer a subpar experience. Always check the more specific details of the business – the websites your home is listed on, the number of photos you can upload, etc.
Having a good online reputation is also a must, as with the Better business office. A flat fee is the best way to sell your home and pocket the proceeds at the same time. Sure, using an agent comes in handy. However, if you think like a hustler and put some effort, you will make a handsome profit. And if you're having fun, here are more options. Do you opt for an MLS flat fee? Let us know in the comments below.
