Using Flat Fee MLS to Sell Home Quickly in a Competitive Market

The real estate market has become very competitive for homeowners. There is a low demand and an influx of sellers in the market. Therefore, new home listings struggle to gain any traction and secure a quick sale.

A Flat Fee MLS company helps you with such a challenge. Not only does your listing stand out in the open market potentially leading to a quicker sale. But you also save 3% to 6% in commission fees compared to selling via traditional agents.

What is a Flat Fee MLS?

Flat Fee MLS services list your home on the MLS for a fixed rate. An MLS, or Multiple Listing Service is a centralized database of properties for sale. Only licensed real estate agents and brokers can assess the database. So, using Flat Fee MLS companies you save 2.5% to 3% on the listing agent’s commission.

Why Choose Flat Fee MLS Companies over a Realtor?

Source: webmaxrealty.ca

Flat Fee MLS offers numerous benefits over a realtor as given below:

• Maximum property exposure ─ MLS listings go nationwide increasing your home’s exposure. Additionally, some FFM companies also syndicate your listing details to popular real estate websites like Realtor.com, Zillow, and Trulia.
• Enhance property visibility ─ Most Flat Fee MLS offer marketing tools like yard signs and professional photography. This increases your home’s visibility and garners more attention from potential buyers.
• Gain control and flexibility ─ Flat Fee MLS companies give sellers more control over the sale process. You also get professional support during crucial stages such as paperwork and negotiations.

How Much Does a Flat Rate MLS Service Cost?

Flat fee Realtors usually charge between $100–and $400. This price depends on the packages they offer. These packages are created to cater to the different needs of the seller. It usually includes a 6-month MLS listing.

Calculate Your Savings

Source: forbes.com

Let’s see how much you can save by listing on a Flat Fee MLS website company. Here’s an example elaborating on the same:

Example: Your home evaluation is at $300,000 and you want to sell it.

Scenario 1 ─ Selling via real estate agent

You’ll have to pay a 6% commission. 3% is charged by the listing agent and 3% by the buyer agent. Hence you will pay approx $18,000 in commissions (at 6% of $300,000).

Scenario 2 ─ Selling with Flat Fee MLS company

You list your home on the MLS via a Flat Fee company and you pay a fixed fee of ~$399. Additionally, you would be paying a buyer agent’s commission of 2.5% to 3%. In this case, you would be paying approx $7899 (i.e. $7,500 + $399).

As you can see from both scenarios, you save up to $10,101 when you sell your home with a Flat Fee company.

Are There Any Hidden/Extra Fees Associated with Flat Fee MLS Listing?

Source: oakpark.com

Before you select a Flat Fee MLS service provider, you must clarify if the company charges any hidden or extra fee. Some companies offer listing at low upfront costs, although they might affix extra charges for additional services. This may include services like professional home photography, “For Sale” yard signs, or any listing updates.

Therefore, it’s important to carefully review the pricing structure. It’s recommended to enquire about any hidden fees before you sign up with a Flat Fee MLS provider.

Pros and Cons of MLS Listing Service

Pros

• You have control over the entire transaction process
• The pricing structure is transparent
• You can save the commission, if there’s no buyer agent involved
• If unsatisfied, you can cancel the listing anytime

Cons

• You need to invest a lot of time through the listing and selling process
• If there’s a buyer agent involved, you have to pay him a commission too
• If you are not good at marketing your home take the time to sell

How To Sell Your House through Flat Fee MLS?

Source: listingspark.com

The process of selling your house with a Flat Fee MLS provider requires careful consideration. To start with it, you have to fill out a new user form and make a payment on their website. Buyers can contact sellers directly through the Flat Fee MLS company’s website.

Here are the common steps you need to follow while signing up with most flat-fee MLS companies:

1. Plan selection ─ Choose from a range of plans, beginning from Basic to the all-inclusive Platinum plan.
2. Personal details ─ Fill out a questionnaire with your personal information.
3. Payment ─ Pay the required fee to complete the signup process.
4. Property details ─ Provide essential data for your listing, including house descriptions and high-quality photos.
5. Home preparation ─ Prepare your home for sale by improving the interior, enhancing landscaping, cleaning the exterior, and making any necessary repairs.
6. Buyer interaction ─ Interview potential buyers and schedule home viewings as needed. Negotiate with buyers until an agreement is reached.

How to Choose the Best Flat Fee MLS Listing Service?

Source: rismedia.com

Choosing the best Flat Fee MLS listing service is a crucial decision if you want to sell your home quickly and cost-effectively. With the plethora of options available, it can be overwhelming for you to determine which service will best meet your requirements.

• Full local MLS coverage ─ Ensure the company lists your home on all the major MLSs in your local area.
• Ample number of photos ─ Ensure the MLS company allows you to upload 22-27 photos which is the optimal number for a listing.
• A generous listing term ─ Choose a company that offers listings for at least 6 months.
• Cost-effective pricing ─ Opt for an MLS that offers a basic plan of around $300 to $500, which is a good range.

Bottom Line

Are you ready to sell your house with Flat Fee MLS? Now that you know the numerous benefits of selling with an FFM company, the next step is to choose the right MLS company. Houzeo is one of the best companies that get your house listed on the MLS with no hidden charges. Its advanced technology makes home selling and buying a seamless process.