What is a Flat Fee MLS Listing?
A “Flat Fee MLS Listing” refers to the practice in the real estate industry of a seller entering into a service agreement with a Realtor® that accepts a flat fee rather than a percentage of the sale price for the Listing side of the transaction.
Today, through more than 800 local and regional MLS Realtor® associations across the USA, brokers share information on properties they have listed and invite other brokers to cooperate in their sale in exchange for compensation if they produce the buyer. Sellers benefit by increased exposure to their property. Buyers benefit because they can obtain information about all MLS listed properties while working with only one broker.
Abbreviated as FSBO, a home offered for sale without the assistance of a Realtor®. As a FSBO, you’re responsible for everything from start to finish. Pricing, staging, Listing, marketing, negotiating, forms, contracts, legal compliance, and closing the transaction are your responsibility. FSBO’s receive a ton of calls from agents trying to get an MLS Listing.
The cost of the Listing is a fixed amount not a percentage.
Upfront set up fees are common with Flat Fee MLS Listings.
Features are bundled differently and vary with different providers.
Flat Fee MLS Listings avoid conflicts of interest.
We know the FSBO seller does all the work to avoid agent fees and commissions. For starters, to market any property in MLS, you have to pay a buyer agent commission. Typically, that is 3% or 50% of what would have been paid to a traditional 6% Realtor®. When you go the bare bones Flat Fee MLS route, the broker at a minimum is responsible for creating the Listing, scheduling open houses and making any updates. If you want additional help with pictures, lock box, signs, flyers, showing service, negotiating, closing, market analysis, you may pay more.
What are all the fees and commissions? (Avoid hidden fees)
Do you help with pricing strategies? (Get a market analysis and explanation)
How will you market my property? (MLS, photos, web sites, sign, flyer)
How will you schedule appointments? (You or a showing service)
What is your track record? (Past performance, how many deals are you working)
How do you provide representation? (Who is the point of contact, who handles negotiation)
Do I have to speak to buyers and their agents? (You or Realtors® )
Do you provide transaction and closing assistance? (You or Realtors® )
How long will it take to get my Listing in MLS? (Days or weeks)
How do you communicate with me? (Email, text, phone, help desk)
Realtor® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. The terms Agent, broker, and Realtor®, are somewhat used interchangeably in our lexicon.
DFWCityhomes is a member of MetroTex, the largest Realtor® association in North Texas and fourth largest real estate association in the USA. MetroTex operates its MLS and provides programs to its over 20,000 member professionals involved in all aspects of real estate.
Notice: This website contains general information about possible legal and financial matters. The information is not advice, and should not be treated as such. You must not rely on the information on this website as an alternative to legal or financial advice from your attorney, accountant or other professional legal services provider. If you have any specific questions about any legal and financial matter you should consult your attorney, accountant or other professional legal services