Is a Flat Fee MLS Listing the same as a regular MLS Listing
Is a Flat Fee MLS Listing different from a regular MLS Listing?
The quick answer to this question is a flat fee MLS listing is no different than a traditional listing. A flat fee MLS listing looks just like all the other listings in the MLS. However, the service you are getting from the listing broker can vary depending on the agreement you have with the listing brokerage. Here are some things you should know.
About the different MLS’s
All flat fee MLS listing companies should use the local MLS to list your property. If they are not then you are not getting a true MLS listing for your location. There are national MLS’s available where your property can be listed and it will show up on 3rd party websites like Zillow and Realtor.com but it will not show up in the local MLS where local real estate agents and their buyers are looking for homes. It is very important that your flat fee listing be listed on the MLS that serves your region or it will likely not be seen by the buyers in your location. (At Team Results Realty we always list your property in your local MLS so you don’t miss any buyers)
Will my flat fee listing look the same as other listings?
YES it will look exactly the same as far as the public display goes. Nobody will be able to tell it is a flat fee listing except for real estate agents looking in the MLS. In many cases even the real estate agent will not know the difference depending on the type of service you are getting from your flat fee listing broker.
There are 3 basic types of flat fee listing.
MLS Entry Only
An MLS entry only listing is just as it sounds. Once the listing broker places your listing in the appropriate MLS their services have basically ended. Other than some price changes or certain tweaks to the listing the service is complete. In most cases you as the seller will sign a waiver of duties statement removing the listing broker from all of the normal duties they would perform as a listing agent. Once your listing is activated you will represent yourself and handle all of the duties such as showings, offers, contracts, negotiations, etc on your own. Basically you are own your own once the property is listed.
This listing is much like and MLS Entry Only except the broker may offer some additional services such as showing support or counseling on the sale. Typically you will handle your own sale with a limited service listing but the broker could assist in some ways.
Full Service Flat Fee MLS
This is a full service MLS listing just like if you hired a traditional real estate company to sell your property. While some of the listing process may be automated you will receive full representation from your listing agent. They owe to you and will perform the same duties that a traditional real estate agent will do. With a full service flat fee MLS listing you should expect the listing broker to help you with pricing, manage the showings, negotiate the sale, handle all paperwork, work through inspections, and ultimately close the sale. (At Team Results Realty we offer all three of these listing plans)
Hopefully this information helps you understand how a flat fee listing works with the MLS. A flat fee listing is a true MLS listing just like all other MLS listings. More and more people are beginning to realize that they can utilize the power of the MLS through a flat fee listing broker to sell their property and save lots of money in commissions. If you have questions about our listing plans please give us a call.