It’s time to sell your home but there are so many unanswered questions.
If you have the time time and effort it takes to sell a home on your own using a Flat Fee MLS Listing Service can save you a lot of money.
But where do you even start? And what are all the steps? To better understand selling your house with this type of service, we’ve put together this comprehensive guide on listing your house with Flat Fee MLS.
What is a Flat Fee MLS Listing?
Using a flat fee mls listing service 100% works (when used correctly) and can save you a lot of money. This is because you are selling for sale by owner AND you still gain exposure to active Buyer’s that are working with real estate agents who use the MLS as their primary source for listings currently on the market.
What is an MLS listing?
MLS stands for “Multiple Listing Service. The MLS is a database of available homes for sale that licensed REALTOR®s can access to find homes for their Buyer’s and to list for their sellers.
It also automatically posts the listing to hundreds of real estate websites— some of which will only pull from the MLS.
Most REALTOR®s are considered ‘Full Service’ and will list your house in the MLS if you pay them a listing commission (1.5%-5%) and a Buyer’s agent commission (2.5%-3%).
A Flat Fee MLS Listing Service is a state licensed real estate broker that provides an ‘Entry Only’ service instead of ‘Full Service’. You pay a Flat Fee and they place your listing on the MLS, schedule your open houses and make changes to your listing as you move through the sale process.
Unlike a full-service listing, you won’t be working with an agent to handle all of your showing requests, negotiations and any other activity associated with the sale of your home. Instead, your personal contact information will be listed on the MLS listing, and you’ll handle everything yourself.
Differences between a ‘Full Service Listing’ and ‘Flat Fee MLS Listing’
- Should you hire a Real Estate Agent or sell on our own?
- How much is your house worth?
- How much do you need to purchase a new home?
- Should you hire a real estate agent or sell FSBO?
- Does your house need to be listed on the MLS and how can it help you sell?
- How can you get your home on sites like Zillow, Trulia and REALTOR®.com?
If you have the time time and effort it takes to sell a home on your own using a Flat Fee MLS Listing Service can save you a lot of money.
But where do you even start? And what are all the steps? To better understand selling your house with this type of service, we’ve put together this comprehensive guide on listing your house with Flat Fee MLS.
What is a Flat Fee MLS Listing?
Using a flat fee mls listing service 100% works (when used correctly) and can save you a lot of money. This is because you are selling for sale by owner AND you still gain exposure to active Buyer’s that are working with real estate agents who use the MLS as their primary source for listings currently on the market.
What is an MLS listing?
MLS stands for “Multiple Listing Service. The MLS is a database of available homes for sale that licensed REALTOR®s can access to find homes for their Buyer’s and to list for their sellers.
It also automatically posts the listing to hundreds of real estate websites— some of which will only pull from the MLS.
Most REALTOR®s are considered ‘Full Service’ and will list your house in the MLS if you pay them a listing commission (1.5%-5%) and a Buyer’s agent commission (2.5%-3%).
A Flat Fee MLS Listing Service is a state licensed real estate broker that provides an ‘Entry Only’ service instead of ‘Full Service’. You pay a Flat Fee and they place your listing on the MLS, schedule your open houses and make changes to your listing as you move through the sale process.
Unlike a full-service listing, you won’t be working with an agent to handle all of your showing requests, negotiations and any other activity associated with the sale of your home. Instead, your personal contact information will be listed on the MLS listing, and you’ll handle everything yourself.
Differences between a ‘Full Service Listing’ and ‘Flat Fee MLS Listing’
It is important to note that there are numerous terms used to describe these types of listings, in addition, to other discounted real estate services.
The Department of Justice often describes these as “non-traditional,” “fee-for-service,” and “menu driven,” as they contrast the traditional services offered by a licensed real estate broker when selling a property.
When it comes to listing your house on the MLS for a flat-fee and limiting the additional services provide, the term “a la carte” is often preferred, as the service is not limited but driven by more choices on the consumer’s end.
There is also some confusion caused by other nontraditional services from real estate brokerages that charge a flat fee of a couple or few thousand dollars to sell your home instead of a commission, but is not the same as a flat fee MLS listing.
When discussing the use of this service, be aware of this shifting terminology and ensure that everyone is on the same page.
How do I list my home with this service? There are a lot of options out there that are offering to list a home in the MLS for a low flat fee. Look for an agent that has a reliable network of real estate brokers that offer this service.
Working with a larger company means you get the knowledge and experience that is needed to navigate through the in’s and out’s of the process. A larger company can also get better service from their real estate broker network because they send them a lot of business and the local brokers want to ensure they keep the customers happy.
Below Are The Steps To List Your House With Flat Fee MLS
1) Find the Best Flat Fee MLS Broker That Services Your Area:
This is the first step and probably the most important for you to execute correctly. To start, you’ll need to work with a company that has a network of Georgia licensed real estate brokers that offers this service.
Make sure they list your house in the appropriate local FMLS. There is not just 1 MLS and these databases are often grouped and split by counties.
A bad company will just post your home in whatever MLS they are a member of in your state to save themselves money. It will not do you any good if they advertise your home in the wrong MLS. Be sure to investigate any company thoroughly before moving forward.
How To Verify a Flat Fee MLS Company Is Reputable
You will also need a responsive broker; MLS can and will impose fines if any status updates aren’t made within 24 hours or if any of the information is incorrect. When you put your house on the market as a “For Sale By Owner” listing, you are responsible for those fines. You also want to know that the broker will forward you any buyer leads from contacts or inquiries that they will they receive. A good MLS Listing Service will offer terms for instant cancellation should you decide not to use their service further.
2) Purchase Your MLS Listing for a Flat Fee:
Once you have identified a flat fee MLS company you will need to purchase the listing. Most of them have this capability built right into their website. Before purchasing, you should understand if there is a refund policy after you make the purchase. Most will allow you can cancel and get a full refund if they have not begun working on your listing yet.
3) Provide the Property Information:
Once you’ve purchased your listing, you will have some paperwork to fill out. The first piece of paperwork is your home's property information for correct data entry into the MLS. A good online flat fee broker will have all of this done online with a form you can easily fill out.
Most MLS’s have a lot of fields to fill out that describe your property and if you choose the right company to work with, their forms will have all these fields for you to fill out. The less reputable companies will not capture all the required information and either leave a lot of data out or worse they will take a guess. Make sure you provide accurate information about your property in these forms. You don’t want to misrepresent any of the details about your home that will just leave Buyer’s disappointed or worse you could be liable for misrepresentation if you covered up a material fact about your home.
Once your house is listed you should receive a .pdf of the listing as it appears in the MLS. This gives you an opportunity to review it for accuracy and let the broker know if any changes need to be made.
4) Upload the Photographs:
Correctly marketing your home online requires photographs that showcase your home to look it’s best. You will want to make sure the photographs you submit to your flat fee MLS broker for your listing are either professional or of the highest quality.
MLS’s don’t allow an unlimited amount of photos, most have a limit of 25-40. It really all depends on the MLS rules. Check what your listing plan that you purchased allows for and if you have more photos than the MLS allows, make sure you choose the best ones possible. Don’t leave it up to the broker to select which ones they think is the best.
A lot of flat fee MLS listing websites will have a photo upload form for you to submit your photos. Others will require you to email them or send a link to them to be downloaded. The most important part is that the photos look good, how they get to the flat fee company is more a matter of convenience.
5) Sign a Listing Agreement:
This listing agreement will state the limited terms from the broker and what amount of commission you offer to buyer’s agents on the MLS. Most real estate brokers and MLS systems offer two types of listing agreements for listings described below.
Exclusive Right to Sell – With this agreement, you pay the listing broker a specified amount regardless of whether you find a buyer through their services or on your own.
Exclusive Agency – With this agreement, it allows the seller to market their house outside of the broker and not pay a commission if they find their own buyer.
The Exclusive Agency agreement is what you want to sign and should be very cautious of an Exclusive Right to Sell listing agreement as a for sale by owner.
Want To Learn More About Selling a House With Us?
6) How Much Money Can I Save?
You’ll save a little less than 50% of the commissions compared to a full-service listing agent as commission. Broker's also take a percentage of the final selling price as their commission. When you list your home on the MLS without a REALTOR® they are not working for a commission, they are providing a limited service of just entering your home in the MLS for a flat fee, everything else is your responsibility. When a Buyer’s agent brings a buyer, you will still have to pay the Buyer’s agents commission that you agreed in the listing agreement. HOWEVER, you do have the option of finding and working directly with a buyer who is not represented by a Buyer’s real estate agent, avoiding the need to pay a commission at all! Is rare but if that happens, this can save you thousands of dollars!
The Department of Justice often describes these as “non-traditional,” “fee-for-service,” and “menu driven,” as they contrast the traditional services offered by a licensed real estate broker when selling a property.
When it comes to listing your house on the MLS for a flat-fee and limiting the additional services provide, the term “a la carte” is often preferred, as the service is not limited but driven by more choices on the consumer’s end.
There is also some confusion caused by other nontraditional services from real estate brokerages that charge a flat fee of a couple or few thousand dollars to sell your home instead of a commission, but is not the same as a flat fee MLS listing.
When discussing the use of this service, be aware of this shifting terminology and ensure that everyone is on the same page.
How do I list my home with this service? There are a lot of options out there that are offering to list a home in the MLS for a low flat fee. Look for an agent that has a reliable network of real estate brokers that offer this service.
Working with a larger company means you get the knowledge and experience that is needed to navigate through the in’s and out’s of the process. A larger company can also get better service from their real estate broker network because they send them a lot of business and the local brokers want to ensure they keep the customers happy.
Below Are The Steps To List Your House With Flat Fee MLS
1) Find the Best Flat Fee MLS Broker That Services Your Area:
This is the first step and probably the most important for you to execute correctly. To start, you’ll need to work with a company that has a network of Georgia licensed real estate brokers that offers this service.
Make sure they list your house in the appropriate local FMLS. There is not just 1 MLS and these databases are often grouped and split by counties.
A bad company will just post your home in whatever MLS they are a member of in your state to save themselves money. It will not do you any good if they advertise your home in the wrong MLS. Be sure to investigate any company thoroughly before moving forward.
How To Verify a Flat Fee MLS Company Is Reputable
- Are they members of the appropriate MLS for your area?
- Is their website user friendly and informative?
- Search the internet to check out their online presence
- Do they have positive flat fee MLS reviews?
- Are they a member of the Better Business Bureau?
- How long have they been active in the online real estate business?
You will also need a responsive broker; MLS can and will impose fines if any status updates aren’t made within 24 hours or if any of the information is incorrect. When you put your house on the market as a “For Sale By Owner” listing, you are responsible for those fines. You also want to know that the broker will forward you any buyer leads from contacts or inquiries that they will they receive. A good MLS Listing Service will offer terms for instant cancellation should you decide not to use their service further.
2) Purchase Your MLS Listing for a Flat Fee:
Once you have identified a flat fee MLS company you will need to purchase the listing. Most of them have this capability built right into their website. Before purchasing, you should understand if there is a refund policy after you make the purchase. Most will allow you can cancel and get a full refund if they have not begun working on your listing yet.
3) Provide the Property Information:
Once you’ve purchased your listing, you will have some paperwork to fill out. The first piece of paperwork is your home's property information for correct data entry into the MLS. A good online flat fee broker will have all of this done online with a form you can easily fill out.
Most MLS’s have a lot of fields to fill out that describe your property and if you choose the right company to work with, their forms will have all these fields for you to fill out. The less reputable companies will not capture all the required information and either leave a lot of data out or worse they will take a guess. Make sure you provide accurate information about your property in these forms. You don’t want to misrepresent any of the details about your home that will just leave Buyer’s disappointed or worse you could be liable for misrepresentation if you covered up a material fact about your home.
Once your house is listed you should receive a .pdf of the listing as it appears in the MLS. This gives you an opportunity to review it for accuracy and let the broker know if any changes need to be made.
4) Upload the Photographs:
Correctly marketing your home online requires photographs that showcase your home to look it’s best. You will want to make sure the photographs you submit to your flat fee MLS broker for your listing are either professional or of the highest quality.
MLS’s don’t allow an unlimited amount of photos, most have a limit of 25-40. It really all depends on the MLS rules. Check what your listing plan that you purchased allows for and if you have more photos than the MLS allows, make sure you choose the best ones possible. Don’t leave it up to the broker to select which ones they think is the best.
A lot of flat fee MLS listing websites will have a photo upload form for you to submit your photos. Others will require you to email them or send a link to them to be downloaded. The most important part is that the photos look good, how they get to the flat fee company is more a matter of convenience.
5) Sign a Listing Agreement:
This listing agreement will state the limited terms from the broker and what amount of commission you offer to buyer’s agents on the MLS. Most real estate brokers and MLS systems offer two types of listing agreements for listings described below.
Exclusive Right to Sell – With this agreement, you pay the listing broker a specified amount regardless of whether you find a buyer through their services or on your own.
Exclusive Agency – With this agreement, it allows the seller to market their house outside of the broker and not pay a commission if they find their own buyer.
The Exclusive Agency agreement is what you want to sign and should be very cautious of an Exclusive Right to Sell listing agreement as a for sale by owner.
Want To Learn More About Selling a House With Us?
6) How Much Money Can I Save?
You’ll save a little less than 50% of the commissions compared to a full-service listing agent as commission. Broker's also take a percentage of the final selling price as their commission. When you list your home on the MLS without a REALTOR® they are not working for a commission, they are providing a limited service of just entering your home in the MLS for a flat fee, everything else is your responsibility. When a Buyer’s agent brings a buyer, you will still have to pay the Buyer’s agents commission that you agreed in the listing agreement. HOWEVER, you do have the option of finding and working directly with a buyer who is not represented by a Buyer’s real estate agent, avoiding the need to pay a commission at all! Is rare but if that happens, this can save you thousands of dollars!
