Flat Fee Listing – Get on MLS without paying commissions!
Flat Fee Listing
Using a Realtor can definitely be beneficial to a seller, especially if they have no experience selling real estate or understand the paperwork involved. Real estate agents have experience with pricing and marketing homes to sell.They understand all of the paperwork involved, and how to fill it our completely and accurately.
But perhaps the biggest advantage to having a Realtor list your property is having it listed on the Multiple Listings Service. A realtor will advertise your property on the Multiple listing service which is where 90% of individuals go to search for a home to purchase.
For performing this service, the Realtor will charge you a commission on the back end. Typical Realtor fees run about 6% of the sales price. So if you sold a property for $100,000, then $6,000 would be paid out to the Realtors. Many folks want to avoid paying these types of fees and still want to market their properties on the MLS. Unfortunately for unlicensed sellers, one cannot place a property for sale on the MLS unless a Realtor is involved.
Flat Fee Listing
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For sellers who want to sell their own house and understand marketing, negotiations, and the paperwork involved but just want the Realtor to get the listing on the MLS, they can engage a Realtor for a Flat Fee Listing. A flat fee listing service allows you to pay a one time fee for putting the property on the MLS without having to hire a Realtor to represent you or having to pay them full commission. While fees vary, the average price of a Flat Fee MLS listing is $299. Also, some Realtors will still charge you a lower commission on the back end of around .5%
Given the earlier example, if you have sold the property for $100,000 using a flat fee listing instead of a conventional Realtor agreement, the instead of paying a $6,000 commission, you would only have paid the buyer’s Realtor commission of 3%, your Realtor’s commission of .5%, and $299 for a total of $3,799, saving you $2,200. The more expensive the home, the more significant the savings can be.
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