Hey Red Oak, Texas. What is a flat fee MLS listing?

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 real estate broker who accepts a flat fee rather than a percentage of the sale price for the listing side of the transaction.

What is a Multiple Listing Service (MLS)?

Today, through more than 800 local and regional MLS 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.

What is a For Sale By Owner (FSBO)

Abbreviated as FSBO, a home offered for sale without the assistance of a real estate agent. 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.

What is the difference between a Flat Fee MLS Listing and traditional 6% listing service?

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.

What is the difference between a Flat Fee MLS Listing and a FSBO?

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 of 50% of what would have been paid to a traditional 6% agent. 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 questions should I be asking?

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 agent)
Do you provide transaction and closing assistance? (You or agent)
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)

What are my closing expenses?

It is critically important that you fully understand your costs and timing obligations before pricing your home, executing and negotiating a contract. Your agent should help you understand your closing expenses at the time of the listing based on your approximate list price. When an offer is received, contract terms can be different based on timing and terms and another evaluation is required to correctly understand the offer in hand.

How does the buyer agent get paid? Why am I paying his commission?

Buyer agent fees are always confusing. Real Estate is a unique industry in that the Seller sets and pays the representation fee for the Buyer. The compensation system was developed to encourage cooperation between Brokers and promote fairness. With this system, cooperating agents can know what earnings to expect without becoming a party to a transaction. The amount you pay is negotiated in your listing agreement.

What should I do to get my home ready to sale?

The way you sell a home and live in a home are different things. The foremost number one thing to do is, “declutter” counters, walls and rooms. I walk into showings all the time and the garage is stacked floor to ceiling with Tupperware crates of removed clutter. Clean and make attractive all rooms, furnishings, floors, walls and ceilings. Make sure the basic appliances and fixtures work and get rid of leaky faucets and frayed cords. Make the house smell great.

Should I make repairs to sell my home?

Making repairs leads to a better sales price and a faster sell. It’s not always an easy decision about what to do and how much to spend. Your market analysis and agent should assist you in making repair decisions.

How will I see where my home is shown on the Internet?

It is simple, in considering listing services, enter the property address and Google search some of their active listings. After your listing is live, Google search your property address. You will see all the major sites on the first page. 

What are the steps involved in selling my home?

When making a decision to sell your home, you need to establish an asking price and understand your proceeds. While some sellers successfully sell their homes on their own, a For Sale By Owner (FSBO) arrangement is complicated and risky requiring a great deal of personal time and expertise through the process. For this reason, most people consider the fee paid to a real estate Broker worth the investment, for the convenience, time savings, and overall guidance provided. In choosing any MLS Listing Service, make sure you understand what will be provided and at what cost.


DFWCityhomes is an established Flat Fee MLS listing Service and Full Service real estate company that represents buyers and sellers in Red Oak, Texas. Our clients receive a full service experience with agent representation at a fraction of the cost. Our simplified process is hassle free, proven, and effective.

Interested in learning more? Watch this video and click MLS Listing Services Buyer Rebate Services to see how we may help you. Contact Us or Call (214)-207-0210 and we will explain to you how our services can save you time and money.

About Red Oak, Texas

Red Oak

Red Oak, Texas, is next to Dallas yet just outside the congestion of the big city life. Red Oak offers the advantages of suburban living as well as the convenience of urban shopping. The community offers a relaxed and quiet atmosphere for family enjoyment. The mission of the Red Oak ISD is to create life-long learners who are academically and socially ready to be productive citizens by providing a safe environment with strong parental and community involvement. Red Oak is a city in Ellis County, Texas, United States. It is part of the Dallas–Fort Worth Metroplex. The population was 14,222 at the 2020 census.

See What People Are Saying About DFWCityhomes

  • Lori Snider
    Lori Snider
    2016-04-04
    Google

    Awesome to work with Todd in every step of the process.

  • Tod was referred to me by a friend who used his services and he lived up to her recommendation. He had my listing up within a matter of days from my initial phone call and used his magic camera to make my place look great. We received 2 full price offers within 36 hours of listing. He helped me select the best offer and provided his expert guidance and assistance throughout, including dealing with the seemingly inexperienced and difficult buyer's agent. Thank you, Tod, for getting it sold!

  • Karry Starin
    Karry Starin
    2016-04-04
    Google

    We used Tod to list our home using the flat fee model. At first I was a little skeptical of what level of service I would actually receive for a flat fee amount of $495 at listing and $495 at closing. Well we were beyond impressed with the quality and level of service we received. Tod did everything that any other agent would have if we would have hired them. He did his research to help us understand what homes were going for so we could make an educated decision with our listing strategy. He took amazing photos of our home and got the home listed quickly and on all of the major sites buyers look. He guided and educated us as the offers started rolling in and was there for us every step of the way. His experience and expertise was so helpful as we sorted through all of the offers and began the negotiation process. He did a great job and we are so appreciative of all of his efforts in getting our home sold for the best possible price! Even after we closed Tod was still willing to deliver great service to us. We had artwork that was painted on the wall in our daughter's nursery that we couldn't take with us when we left. After closing, Tod went over and took photos of the painting using his fancy camera so we could always have a copy of it to hang in our daughter's room!

  • Janet G
    Janet G
    2016-04-04
    Google

    Tod truly partnered with us on the sale of our house and has an eye for detail. The best part was he noticed the original MLS did not reflect the square footage on the appraisal when we originally purchased the house – this allowed us to adjust the listing in our favor. Impressive!

  • DC Frank
    DC Frank
    2016-04-04
    Google

    Tod was great to work with. I'm pretty OCD when it comes to things and I was very impressed with his professionalism in selling our house. He took excellent photos of our house and when coming back in from outside he took his shoes off. That gesture was appreciated. He was thorough through the whole process and had a very quick response time. I have told all my friends about him.

  • Selina Planty
    Selina Planty
    2016-04-04
    Google

    Tod was so professional and responsive throughout the entire transaction. I would highly recommend him to anyone that comes my way. Tod will be my first point of contact for all my future real estate needs. SUPER STAR!!!

  • Bob Joyce
    Bob Joyce
    2016-04-04
    Google

    We listed and sold our last house with Tod, so it was an easy decision to use him to market our town home. We listed on a Friday night and had 4 offers by Sunday. We went with the offer that was more than asking price. There is little question that Tod's photography and marketing savvy bought potential buyers to view the property. I would recommend DFW Cityhomes to anyone selling their home.

  • Mike Giovanni
    Mike Giovanni
    2016-04-04
    Google

    Tod was great from the beginning. He took my wife and I through the whole process step by step. Then Tod came to take the photos of the home which were fantastic. The quality was to par with the best I have seen on the web. Lastly, once the home got on the market we had wide exposure, and sold the home quickly, and for what we needed. If we had a standard realtor, and the fees to go with we would have paid extra money for the same if not lower quality of service. I would recommend Tod to anyone in the Dallas area looking to sell their home. Tod you were awesome, thanks for everything.

Frequently Asked Questions

What is a Flat Fee MLS Listing?

In a Flat Fee MLS Listing arrangement, a seller contracts with a real estate broker to list their property on the MLS (Multiple Listing Service) for a flat fee instead of paying the traditional percentage-based commission to the listing agent. This allows the seller to save money on the listing side of the transaction while still getting the exposure and marketing benefits of the MLS.

When sold, the seller is responsible for paying the buyer’s agent commission, which is typically around 2-3% of the sale price. This type of arrangement can be beneficial for sellers who want to save money on the listing side of the transaction and have some experience in real estate transactions, but it is important to note that the seller may need to handle aspects of the selling process themselves.

What is a Buyer Rebate?

When buying a home, the seller pays a buyer agent commission. Our rebate is one-third of that commission paid back to you as an incentive to do business with us. You save a lot of money and can use your rebate for anything you want.

What is a Multiple Listing Service (MLS)?

An MLS is a centralized database used by real estate brokers and agents to share information about properties for sale, providing detailed information including the listing price, property features, location, and other important details, and increasing visibility for potential buyers.

The MLS is run by local or regional realtor associations, and offers full market exposure to buyers and sellers, with more than 800 associations across the USA. According to National Association of Realtors (NAR), MLS transactions accounted for about 92% of home sales in 2020. Overall, the MLS promotes transparency and efficiency, making it easier for buyers and sellers to connect and complete real estate transactions.

MLS listings are an essential tool for both buyers and sellers in the real estate market. Buyers can use the MLS to search for properties that meet their specific criteria, while sellers can use the MLS to get full exposure to the marketplace, offering their properties to a large audience of potential buyers. Overall, the MLS helps to promote transparency and efficiency and makes it easier for buyers and sellers to connect and complete real estate transactions.

What is a For Sale By Owner (FSBO)

FSBO is a real estate transaction where the seller chooses to sell their property without an agent. The seller assumes responsibilities such as pricing, marketing, negotiating offers, and managing the closing process. FSBO transactions are typically undertaken by sellers who want to save money on real estate commissions or have experience in the real estate industry.

However, FSBO transactions can be challenging as the seller may lack the experience and resources of an agent. It is important for sellers to weigh the pros and cons before deciding to go this route. Working with a reputable and experienced real estate agent or broker can provide valuable expertise and guidance throughout the selling process.

What is the difference between a Flat Fee MLS Listing and traditional Realtor® 6% listing service?

A Flat Fee MLS Listing is different from a traditional 6% listing in how the real estate agent is compensated. In a traditional listing, the seller pays a percentage-based commission of typically 5-6% of the sale price to the listing agent, who then splits that commission with the buyer’s agent. In contrast, a Flat Fee MLS Listing involves a flat fee paid by the seller to the agent for listing the property on the MLS, with the commission paid to the buyer’s agent usually specified separately. While the fee structure is the main difference, there are also differences in the services provided.

In a traditional listing, the listing agent handles most aspects of the selling process, while in a Flat Fee MLS Listing, the seller is responsible for some tasks. It is important to research providers and understand what services are included in the fee. Using a Flat Fee MLS Listing can avoid the conflict of interest in dual agency, where an agent represents both the buyer and the seller. Ultimately, the choice of listing service depends on the seller’s goals, preferences, and comfort level with the selling process.

What questions should I be asking brokers and agents?

What are the fees and commissions?
Do you help with pricing strategies?
How will you market my property?
How will you schedule appointments?
What is your track record?
How do you provide representation?
Who is the central point of contact for buyers and buyer agents?
Do you provide transaction and closing assistance?
How long will it take to get my listing in MLS?
How are documents completed and signed?
How do you communicate with me?
Who is the point of contact?
*Some features excluded in the Limited Flat Fee listing Service

What should I do to get my home ready to sale?

The way you sell a home and live in a home are different things. The foremost number one thing to do is, “declutter” counters, walls and rooms. I walk into showings all the time and the garage is stacked floor to ceiling with Tupperware crates of removed clutter. Clean and make attractive all rooms, furnishings, floors, walls and ceilings. Make sure the basic appliances and fixtures work and get rid of leaky faucets and frayed cords. Make the house smell great.

Should I make repairs to sell my home?

Making repairs leads to a better sales price and a faster sell. It’s not always an easy decision about what to do and how much to spend. Your market analysis and agent should assist you in making repair decisions.

How will I see where my home is shown on the Internet?

It is simple, in considering listing services, enter the property address and Google search some of their active listings. After your listing is live, Google search your property address. You will see all the major sites on the first page. 

We make sure to list your home on a wide range of websites, including Realtor.com®TruliaZillow, and various real estate firms. In addition, we also post your listing on social media platforms such as FacebookTwitterPinterest, and more.

What are the steps involved in selling my home?

Selling a home requires an accurate asking price and understanding of selling options. Homeowners can choose to sell on their own through a For Sale By Owner (FSBO) arrangement, but this can be complex and time-consuming. Many prefer working with an experienced real estate broker or agent, who can provide expertise, guidance, and support throughout the process.

Steps include determining the home’s value, establishing timeline and budget, choosing a listing service, preparing the home for sale, marketing the home, receiving and reviewing offers, negotiating the sale, completing the sale, and moving out. These steps can be complex, which is why many homeowners prefer to work with a brokerage such as DFWCityhomes. Click here to Submit a Request For a Proposal.

What is a REALTOR®?

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.


Our Track Record

I’m excited to announce that after 18 years of providing dedicated service, our clients have collectively saved over $10,000,000 in commissions! Among these savings are over $1,100,000 for clients who found unrepresented buyers and were able to avoid any selling costs. On top of that, we’ve distributed more than $330,000 in incentive rebates to over 100 satisfied buyers. These remarkable achievements are a true testament to our commitment to providing high-quality, cost-effective real estate services to our clients.

Tod G. Franklin – Realtor®, Broker, Owner, and multi-million dollar producer at DFWCityhomes

DFWCityhomes is an established and highly regarded Flat Fee MLS Listing Service company in Texas. We have been providing dedicated service for almost two decades delivering personalized service to each client. As the best Flat Fee MLS Listing Service in Texas, we offer affordable and excellent service, while our track record showcases our commitment to professionalism, integrity, and customer satisfaction.

Visit our MLS listing comparison chart and Flat Fee MLS Listing Services to see a detailed breakdown of the different plans and their features.

You can Contact Us or call (214)-207-0210 to speak with a Realtor® and find out how we can save you time and money.