Jennifer Schmidt is a freelance writer based in Vancouver, Washington, who specializes in real estate, human resources, and technology. When not writing, you’ll find her scanning real estate listings for the latest housing trends and decorating ideas.
Richard Haddad , Executive Editor Richard Haddad Executive EditorRichard Haddad is the executive editor of HomeLight.com. He works with an experienced content team that oversees the company’s blog featuring in-depth articles about the home buying and selling process, homeownership news, home care and design tips, and related real estate trends. Previously, he served as an editor and content producer for World Company, Gannett, and Western News & Info, where he also served as news director and director of internet operations.
You’re a weekend warrior who enjoys tackling home projects to save money. So, why not apply the same approach to selling your home? By using a flat fee MLS listing, you could save thousands of dollars in real estate commissions*, keeping more money in your pocket. But is selling your house yourself truly worth the time and effort?
If you’re considering going the For Sale By Owner (FSBO) route and enlisting the help of a flat fee MLS listing service instead of a real estate agent, this guide will help you navigate all the pros and cons.
*Agent commission percentages are expected to change following a landmark NAR settlement that will “decouple” seller and buyer agent compensation.
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A flat fee MLS is a limited service that helps sellers get their FSBO homes on the local multiple listing service (MLS). The MLS is a private directory of for-sale homes that real estate professionals use to share home details with each other.
Because the local MLS is one of the best ways to market your home to potential buyers and get maximum exposure, it’s vital to list your home on the local MLS.
Although typically only licensed real estate agents can access and post listings on a local MLS, there are a number of different services that provide MLS services for a flat fee. These flat fee MLS companies enable FSBO sellers to bypass the traditional agent and get their home included on the MLS.
Saving on real estate commissions sounds appealing to most people, but you might still be unsure about taking on the role of a real estate agent yourself.
“If you have somebody who just wants MLS access and is very competent, understands the legal ramifications and process of selling a home, might understand some construction things, has the time to have showings, deal with the phone calls, and the back and forth that is part of that process, maybe have some sort of marketing background as well, you might not need the services of a real estate agent,” says Joe Bourland, a top-selling agent in Peoria, Arizona, with more than 23 years of experience.
Bourland explains that while a flat fee service can save you money up front, it comes at a cost. You may lack the expertise and effort required to negotiate effectively, potentially leading to less savings in the long run.
On the other hand, you might like being very involved and are confident that no one else fully understands all the features of your home. But doing the majority of the work yourself means you’re also directly responsible for the results. As you consider your options, here are some of the benefits and drawbacks of using a flat fee MLS listing service.
Using a top real estate agent involves more than just getting your home listed on an MLS site. This is the first step in a marketing strategy designed to attract a specific pool of buyers to your home, setting it apart from other available properties. A top-rated agent who has sold dozens or even hundreds of homes in your area has the advantage of knowing current market trends, and how to sell faster with the best results.
So, how do you find a top agent? HomeLight can connect you with agents in your market who fit your selling situation. Our research shows that the top 5% of real estate agents nationwide typically sell homes for as much as 10% more than average real estate agents.
Using a top real estate agent involves more than just getting your home listed on an MLS site. This is the first step in a marketing strategy designed to attract a specific pool of buyers to your home, setting it apart from other available properties. A top-rated agent who has sold dozens or even hundreds of homes in your area has the advantage of knowing current market trends, and how to sell faster with the best results.
So, how do you find a top agent? HomeLight can connect you with agents in your market who fit your selling situation. Our research shows that the top 5% of real estate agents nationwide typically sell homes for as much as 10% more than average real estate agents.
