For Sale By Owner or FSBO, with Flat Fee MLS Listings! The best of both worlds! A Flat Fee MLS Listing is where the seller pays a small flat fee at the time the property is listed. This Flat Fee up front as opposed to paying the traditional 6% or 7% typically charged at closing. Some people call this Flat Rate MLS Listing, but the more common term is Flat Fee MLS Listing. The Seller is listed but essentially also has For Sale By Owner, FSBO benefits.
The MLS is the "Key to the door" so to say. Once a property is listed in the Local MLS, it should datafeed to most all other major sites like www.trulia.com, www.realtor.com, www.zillow.com, www.homes.com and many other sites.
There is little else even a great buyer's agent can do to sell the property once it's listed in the MLS. Most of the time the buyer comes from a buyer's agent anyway. Utilizing a Flat Fee MLS Listing, the seller saves about half worst case scenario. If the home seller finds their own buyer they save the entire commission less the up front fee doing Flat Fee MLS.
Sellers doing Flat Fee MLS Listings are still required to sign a listing agreement offering a commission to a buyer's agent. This "Cooperative fee" is usually half or about 3%. If you try to offer less than the standard cooperative fee the seller runs the risk of buyer's agents avoiding them. All sellers listed in the MLS have to sign a listing agreement.
With Flat Fee MLS Listings a home seller has choices as far as the "Level of Service". This means the seller is not obligated to have the listing agent (Flat Fee MLS Listing Broker) provide all of the services a "Traditional" agent does. This saves the home seller a considerate amount of money.
We do offer "Full Service" for the sellers who desire that level of service. Full Service means offers are emailed to not only the seller but us too as the listing agent. We help the seller negotiate to get top dollar, help with inspection, pre-approval, title insurance and appraisal. So, utilizing full service with a Flat Fee MLS Listing gives the home seller the same great service a traditional agent does for a fraction of the cost!
The main differences flat fee MLS listing and traditional services, flat fee allows the seller to sell as a for sale by owner FSBO and not pay a commission. With traditional commissioned real estate agents, if you sell your own property, you will own the agent a high commission. Flat fee listing allows the customer to sell as a FSBO and with an agent, having the best of both worlds.
To summarize, a Flat Fee MLS Listing gives a home seller the same, great exposure as if listed by any local, top producing agent. The seller has For Sale By Owner privileges with all of the benefits of being listed in the local MLS.