Flat Fee MLS – a concept that is felt “too good to be true” by many home buyers and sellers – comes along with various myths and misconceptions. Flat Fee MLS listing is a concept that offers you services that are similar to that of a real estate agent. They just cut down the agent’s commission (typically 5-8%) and charge you a one-time flat fee, depending on the services you choose.
“How can I save thousands of dollars by listing on a Flat Fee MLS listing service?”, “Is this even genuine?”, “What if there are any extra fees or hidden expenses?”, “Which one offers the best service?”, and many more such questions will arise in your mind if you’re a first-time seller or buyer through such a platform.
This blog will bust all the myths and state the real facts about Flat Fee MLS listing services.
Myth 1: Representation is limited since you don’t have a typical real estate agent
Fact: While Flat Fee MLS listing gives you the liberty of having more control over your sale, that doesn’t imply limited representation. Listing agents help you step-by-step to list your property with all the necessary paperwork. These companies also offer you additional services such as professional photography to elevate your listing with photographs that appeal to buyers instantly.
Myth 2: Service will be compromised for the price
Fact: Industry giants like Houzeo, Redfin, FSBO.com function on a flat fee system. They charge you a one-time listing fee and no other hidden expenses. While this saves you thousands of dollars, the service promised is uncompromising. If you are opting to sell your house on For Sale By Owner Websites, you will have more control over your sale.
Having said that, the FSBO format demands more time and attention since you will have to do all the jobs that typically a real estate agent does – from listing, uploading paperwork, and other required details, to scheduling showings – you will be in charge of it all.
Myth 3: You get what you pay for
Fact: This may be true for cars and computers, but not in this case. This also depends on which Flat Fee MLS listing services you are choosing. Companies like Houzeo and FSBO.com offer you end-to-end help – from assigning a licensed listing agent who helps you in doing the paperwork and resolving all your queries to ensuring proper marketing for your listing – all of these and beyond within the flat fee package you opt for.
By saving thousands of dollars that you would be investing in hiring a real estate agent, you save more by paying less with a Flat Fee MLS listing.
Myth 4: The sale is relatively slower than selling through a real estate agent
Fact: This is one of the most common queries we come across. When you list your house on an MLS listing service, you not only pay a flat fee for listing on that particular listing service but also your house is listed and marketed on several other real estate websites. These websites have an intent-based visitor base of a million viewers per month. This means more eyeballs and higher attention to your listing from various sources.
Myth 5: Only experienced sellers/buyers can operate well on Flat Fee MLS listing services
Fact: This is the biggest misconception fresh buyers and sellers have. Anybody who is willing to fulfill these criteria is a perfect fit to buy or sell houses through Flat Fee MLS listing services.
- Take more effort on listing their property by filling out intricate details
- Take full ownership of the necessary paperwork
- Spending more time on keeping a check on the listing
- Scheduling showings time and again for potential buyers
- Close a deal by taking more control over the listing
With certain companies that offer end-to-end solutions, it becomes relatively easy for first-time buyers and sellers to absorb the functionality of Flat Fee MLS listing services.
Selling or buying a house is one of the most important financial decisions you will make. Read more to understand the new trends, research about what helps you save more money & get better deals, and choose what works best for you.
With the world being digitized, real estate is moving and adapting to the trends too. Slowly but surely, buying and selling homes will now be a game of a couple of clicks. And that is why Flat Fee MLS is on the way to becoming the new future of the real estate market.