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11 min read Jan 31, 2024

Discount Real Estate Brokers in Elk River, MN (2024 Updates)

Home sellers across Elk River dread the 6% real estate agent commission. Traditional listing agents charge a commission of 3% of the sale price.

The best discount real estate brokers use cutting-edge technology and stellar customer service making it easy to sell your home.

👉🏻 Key Takeaways

  • Discount real estate brokers will help you list your home for 0.5% to 2% commission. Traditional listing brokers charge 2.5-3%.
  • The discount is on the listing fee. You still have to pay the buyer agent commission, typically 2.5-3%.
  • Discount real estate brokers will save you between $5,000 to $20,000 on average.
  • Houzeo.com is America’s best discount real estate company. Houzeo offers the best combination of maximum exposure, commission savings, cutting-edge tech, and stellar customer service.

We’ve spent thousands of hours researching discount real estate brokers and compiled our list of the best discount real estate brokers.

Rankings: Best Discount Real Estate Brokers in Elk River, MN

RankDiscount Real Estate Broker / CompanyListing FeeAdditional ChargesMax Savings100% OnlineMobile App
1.Houzeo.com$349
Flat Fee
2.Home Avenue$3,495
Flat Fee
3.Redfin1.5%
Commission
4.HomeLight2.5%
Commission
5.UpNest2.5%
Commission

Reviews: 5 Best Discount Real Estate Brokers in Elk River, MN

1. Houzeo.com

#1 Discount Real Estate Service

Houzeo.com

Houzeo Logo
  • Listing Fee: $399
  • Available nationwide
  • 5 Stars 4.9/5 (8,400+ Reviews)

Houzeo is a top technology-driven real estate platform. It offers 4 different packages:

  • Bronze Package ($399): List your house for 6 months. You can upload 24 house photos.
  • Silver Package ($399+0.5% at Close): List your home for six months and post maximum photos. Unlimited open houses and listing modifications are included in this package.
  • Gold Package ($429+0.5% at Close): This gives you all the benefits of the Silver package. It also provides licensed broker assistance, contract review, etc.
  • Platinum ($449+1% at Close): This package offers virtual full-service support with a licensed broker. You can list for 12-month. Brokers assist you in negotiations, disclosures, and closing.

👉 Our Take: We recommend Houzeo to all home sellers. The company has an excellent customer rating of 4.9 out of 5 stars. It has extensive coverage across 47 states + DC, a feat achieved by only a handful of other services.

» Houzeo Reviews: Houzeo is 100% online. You can finish listing formalities within 60 minutes.

These are the key features that make Houzeo one of the top discount real estate brokers:

  • Significant Commission Savings: You will pay just a small flat fee to list on MLS. On average, home sellers who used Houzeo saved $11,490.
  • No Hidden Fees: All costs are disclosed upfront so you don’t have to worry about hidden charges.
  • Near Nationwide Coverage: Houzeo operates in 47 states and DC, with ongoing plans for expansion.
  • Max Exposure: Houzeo packages give you access to renowned MLS companies.
  • Advanced Technology: Eliminate the hassle of extensive paperwork. E-signature and online forms make house listing quick and easy.
  • 5-star Customer Service: Dedicated customer support addresses your every concern easy.
  • Mobile App: Houzeo’s mobile app lets you manage showing requests from verified buyers and buyer agents. You can either accept, reject, or reschedule showings at your convenience.

There are no dealbreakers with Houzeo.

» Houzeo Reviews: Houzeo is rated “Excellent” by 7,796+ happy customers on Google Reviews and Trustpilot!

Houzeo Reviews: With over 5,000+ happy customers, Houzeo is the most trusted discount real estate broker.

Houzeo.com is Elk River’s #1 ranked Flat Fee MLS service. Houzeo provides an unbeatable combination of max savings, 5-star customer support, and cutting-edge technology.

In Elk River, Houzeo’s Bronze package is priced at $329. The Silver package is priced at $399, and the Gold package costs $379 + 0.5% (Minimum $999) at closing. The full-service Platinum package costs $349 + 1% (Minimum $999) at closing.

2. Home Avenue

BEST LOCAL

Home Avenue

home avenue
  • Listing Price: $3,495
  • 4.75 Stars4.9/5 (80+ Reviews)

Home Avenue is a flat fee brokerage based in Minnesota. They offer services to both FSBO sellers and people looking for full-service discount brokerages.

For Home Sellers:

  • FSBO Packages ($399 – $998): There are three FSBO packages- Basic, Plus, and Showcase. Common services include listing on the MLS and other local and national portals, unlimited changes, a fast online signup process, and seller disclosure forms.
  • Full-Service Package ($3,495): This package includes services like paperwork handling, professional photo shoot for your house, lockbox, yard signs, and a lot more. You need to pay $595 as down payment and $2,900 at closing.

For Home Buyers:

  • Buyer’s Advantage: Home Avenue provides cash back to buyers that buy properties listed on their website. The cashback ranges from $1000 to $5000 as per the home’s value.

👉 Our Take: Home Avenue is a great option for home sellers and buyers. They offer good services at a great value.

Home Avenue offers several advantages:

  • Market Exposure: Apart from listing your house on MLS, Home Avenue will also list it on Zillow, Trulia, Realtor.com, and all the best real estate websites in Minnesota.
  • Home Search Feature: Home Avenue’s website has a dedicated home search feature that buyers can use to find new listings near them that meet their criteria.
  • Powerful Marketing: They offer diverse marketing tools including professional photoshoot, 6 feet yard signs, laser printed home brochures, and new listing email blasting.

In our research, we have found a red flag associated with Home Avenue. 

  • Poor Customer Service: Some customers have complained of a lack of response from buyers after listing and neglect from customer support regarding queries and listing cancellations. These factors can delay the home selling process.

Home Avenue has an average rating of 4.9 out of 5 on Google.

Home Avenue is a Flat Fee Realtor based in Minneapolis, MN. It is a local real estate firm offering both FSBO and Full-Service packages.

However, agent responsiveness and involvement are matters of concern that can affect customer satisfaction.

3. Redfin

Best-In-Class Agents

Redfin.com

Redfin
  • Listing Fee: 1% of Sale Price
  • Available in 80+ U.S. Markets
  • 3.3 Stars 3.4/5 (135+ Reviews)

Redfin is the largest discount real estate company. Its premier agents, with years of experience, help you buy and sell high-end homes. 

  • Listing Price: Redfin charges a 1% listing fee if you want to sell a house and buy your next one with them. It charges a 1.5% listing fee if you decide to just sell your house with Redfin.

👉Our Take: Redfin is a technology-based platform. You can expect transparency and an accurately managed database. However, you may not get complete attention due to their high customer volume.

» Is Redfin Legit? Check the legitimacy of Redfin’s discount broker services

Redfin offers:

  • Competitive Pricing: You pay a listing fee of 1% if you decide to sell and buy with Redfin.
  • Updated Technology: Redfin provides a mobile app, 3D walkthrough, relevant filters, etc. This makes the real estate transaction seamless.
  • National Presence: Redfin covers 80+ markets in the US.

» Redfin Pros and ConsRead about the advantages and drawbacks of Redfin services.

The disadvantages of using Redfin are:

  • Pricing Inaccuracy: Many sellers have complained about certain factors like, lot area, a gated compound, or a city location not getting considered during valuation.
  • Long Time for Listing: As per Redfin’s agreement, it takes almost 15-18 days to verify the seller’s property and list their house.
  • Lack of Customer Service: There has been negative feedback about lack of personal attention by Redfin salaried agents.

Redfin has an average rating of 3.4 out of 5 stars on Yelp and average 3.7 out of 5 stars on Google.

» Redfin Reviews: The reality of 1% fees, pros, cons, and alternatives!

Redfin connects you with real estate agents in your area by utilizing technology and market data. However, your savings are not guaranteed.

You need to buy a house through Redfin within a year to get back 0.5% of the listing fee. If you do not opt for that, you lose out on the refund.

4. HomeLight

GOOD AGENT COVERAGE

HomeLight

Homelight Logo
  • Listing Fee: 2.5% of sale price
  • Good agent coverage
  • 4.75 Stars  4.6/5 (237 reviews)

HomeLight has a network of thousands of successful real estate agents and brokers. It is an agent-matching tech-platform. 

  • Standard Commission: HomeLight is a free agent-matching platform. The agent you get through this platform will charge the standard commission of 2% to 3% for listing.

👉 Our Take: HomeLight provides decent agent-matching services. However, the standard listing commission means zero savings for you.

» HomeLight Reviews: The Truth You Need To Know

HomeLight offers a number of advantages to both sellers and buyers:

For Home Sellers:

  • Free Agent Matching: The agent matching service from HomeLight is free for home sellers. HomeLight furnishes details of the best real estate agents in your neighborhood. Depending on the agent, the traditional 5% to 6% commission is charged.
  • Estimators and Calculators: HomeLight offers Home Value Estimator, Best Time To Sell Calculator, Agent Commissions Calculator, and Net Proceeds Calculator to home sellers.
  • HomeLight Simple Sale: HomeLight has  a network of pre-approved buyers. If you want to sell your house fast, this option allows you to sell it to a cash buyer within 7 days.

For Home Buyers:

  • Home Search Feature: Buyers can search for homes by city, zip code, or address.
  • Estimators: HomeLight offers estimators like Home Affordability Calculator, Down Payment Calculator, and Closing Costs Calculator for home buyers.

In our research, we have found some red flags associated with HomeLight. 

  • Inconsistent Agent Quality: The agents they assign may not work at your convenience. Even the listing speed will be based on the agent selected.
  • Off-market Restriction: Registering on HomeLight will get you offers from agents instantly. Although the process is fast, only homes that are off-market are allowed.

HomeLight has an average rating of 4.6 out of 5 from 237 reviews on Sitejabber.

HomeLight offers a range of services for buyers, sellers, and agents all under one roof. It claims to be a straightforward alternative to a DIY search for a real estate agent.

However, you may end up spending a lot more and the quality of agents and services would still be questionable.

5. UpNest

Negotiable FEES

UpNest

Upnest logo
  • Listing Fee: 2.5% of the Sale Price (or as decided by the agent)
  • Available in all major cities
  • 4.75 Stars  4.7/5 (295+ Reviews)

UpNest is a marketplace that connects home sellers and buyers with local agents.

  • Pricing: UpNest does not charge you any upfront fee. It allows their agents to discuss the pricing with you like commission, fees, discounts, etc.

👉 Our Take: UpNest introduces you to 2 to 3 agents once you register on their platform. You may face trouble in evaluating these agents concerning their experience and knowledge.

» Is UpNest Legit? Find out if UpNest can be the best option for your house sale.

UpNest offers certain advantages:

  • No Fees: UpNest does not charge you an upfront commission. Instead, you are introduced to an agent to discuss the services and commissions.
  • User-Friendly Dashboard: It has a user-friendly dashboard which makes it easy to compare agent profiles.
  • No Obligation Service: UpNest connects you with multiple agents as soon as you sign up with them. If you are not satisfied, then you can simply walk away.
  • Nationwide Coverage: Prevu offers service throughout the US. It connects you with the local agent who has current market insights.

» What is UpNest? Read the comprehensive study for UpNest to learn more details!

UpNest has certain disadvantages:

  • Lower Savings: The commission depends on your negotiation with the agent. A higher commission fixed would make you pay more.
  • Uncertain Customer Service: Some customers share feedback of agents being extremely helpful and knowledgeable. However, less experienced agents struggle to answer simple questions.

» How Does Upnest WorkAgent-matching at UpNest is pretty straightforward. Check it out!

UpNest has a rating of 4.7 out of 5 stars on Google.

» UpNest Reviews: How Much Will it Save You in 2023?

UpNest connects you with agents in your area by utilizing technology and market data. They partner with top agents from leading national brokerage firms across the U.S.

However, your savings are not guaranteed. Your ability to negotiate would be the key factor in the deal. In other words, you may end up paying more commission, or discount rates won’t go low as you expected.

What Are Discount Brokers and Companies?

Discount real estate brokers are companies or agents who sell your home for less than the standard 2.5% to 3% commission. Sellers receive basic real estate services at a pre-negotiated fee of 0.5% to 2% or even a flat fee.

The reduced fee can easily save sellers thousands in commissions.

You may be now wondering if their services are comparable to those of a traditional Realtor at this point. Discount real estate brokers typically offer the same services as full-service brokers. The key difference is in pricing.

    🤔 Do you offer buyer agent commission to discount brokerages?

    YES! Most real estate discount brokers and brokerages will recommend you pay a full buyer agent fee. It is typically between 2% and 3% in most states.

    It is vital to pay a competitive commission to the buyer’s agent. This will ensure you sell your home quickly while still receiving the best price possible.

Types of Discount Brokers

Find a discount real estate broker that fits your budget and saves you the most money! The four major types of real estate discount brokerages and companies are as follows:

1. Flat Fee MLS Companies: Flat Fee MLS companies get you on the MLS for a small flat fee saving you thousands in commissions. Best Flat Fee MLS listing companies like Houzeo can get you on the MLS within 48 hours, or even faster!

2. Flat Rate Full-Service Companies: These companies charge a fixed fee instead of the regular 3% commission. This amount can be anywhere between $3,000 and $5,000. A flat rate Realtor is perfect for homes priced on the higher end.

3. Low Commission Estate Agents: Low commission discount brokers offer full-service packages. These are usually priced at 1% or 2%. They cover everything from listing, negotiations, and pricing.

4. Virtual Full Service: A virtual full-service discount broker handles everything online. Companies like Houzeo, also provide full-service options that are 100% online. All services including price negotiation and marketing support are at no additional cost.

Pros and Cons of a Discount Realtor

The primary benefit of working with discount real estate brokers is that they have lower overhead costs. However, a discount broker may not have as much time to communicate. They juggle many clients and may not be available for your queries.

Pros

  • Reduced Fees: You’ll pay less for listing costs. While standard brokers typically charge at least 3%, discount brokers may charge as little as 0.5% to 1%.
  • Full Access to Basic Real Estate Services: You receive the same basic services as you would with a traditional agent. They provide assistance with pricing, marketing, and negotiations.
  • Streamlined Process: A low-cost Realtor facilitates the selling process. They are motivated to work efficiently and eliminate all unnecessary steps from the sales process.

Cons

  • Not Enough Savings: Some discount brokerages may charge hidden fees or sell their services a la carte. This might add to your expenses.
  • Not for First-Time Sellers: Most discount real estate brokerages are digital, so you almost never have to talk to anyone in-person. A first-time seller or buyer who needs some hand-holding may not be able to benefit much.
  • Lack of Personal Attention: Discount Realtors handle multiple clients at once to make up for the reduced commission rate. They may not be able to provide personalized services.
  • High Cancellation Fee: A discount realty company can charge a minimum withdrawal fee within a specified period of time. Remember to carefully review the terms and conditions of the contract before signing.

Discount Real Estate Brokers to Avoid

Some agent-matching websites advertise themselves as “free”. But in reality, they keep a portion of the commission received by the discount real estate brokers. Because you pay the commission, this amount comes out of your pocket.

For example, List With Clever promotes itself as an informational real estate website that matches sellers with discount realtors. Even though Clever claims to be “free”, 25% to 40% of your commission will be directed to Clever as a “Referral Fee”.

» Clever Real Estate: Check out what you lose when you sell or buy with Clever!

💸 Save Thousands in REALTOR Commission



Sell your house with Houzeo.com for a small flat fee – as low as $349!


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How to Choose a Discount Realtor or Company?

It is essential to select the right real estate agent for your home-selling journey. The following are a couple of pointers to assist you with picking the ideal discount broker or company.

1. Savings: Discount real estate brokers in Elk River, MN have a variety of pricing structures. So, choose one that maximizes savings while still providing all of the services you require.

2. Technology: Choose companies that use cutting-edge technology, offer online paperwork, and have a mobile app.

3. Customer Reviews: Check for online customer reviews. This helps you to get an idea of the kind of services you are going to receive.

How Much Can I Save With a Discount Realtor?

As a seller, you can save anywhere between $1,632 and $ 6,680.

Typically, home sellers pay 6% of total realtor commissions. The total commission is divided between the listing agent (3%) and the buyer’s agent (3%). Discount real estate brokers pre-negotiate a reduced listing agent commission of 1% to 2%.

Therefore, you save a commission of 4% to 5% on your home sale.

As a home buyer, you get a buyer’s rebate – a type of cashback received after the sale. A typical buyer rebate is 1% to 2% of the home’s purchase price. For example, Redfin offers a buyer rebate of 0.5%.

However, in order to qualify for this buyer rebate, buyers must fulfill specific requirements. The most important is the minimum price range.

    🤔 What is a home buyer rebate?

    A Realtor rebate is a type of cashback you receive as a buyer. Some brokerages and agents offer these rebates as an incentive to attract more buyers. Buyer rebates are allowed in 40 states.

Who Should Use a Discount Broker?

Discount Brokers are ideal for sellers and buyers who want to focus on savings.

  • Sellers on a Tight Budget: Homeowners who wish to save money might list with a low-fee Realtor. This can help them save big. 
  • Real Estate Investors: Real estate investors who frequently trade can benefit from low-commission discount brokers.
  • House Flippers: Home flipping is a strategy where an investor purchases a property to renovate it and sell it for a profit. Home flippers can save thousands on agent commissions by selling via discount brokers.

Alternatives to Discount Real Estate Brokers in Elk River, MN

Here are some options if you do not want to opt for a discount Realtor in Elk River.

  • Flat Fee MLS Companies: Flat Fee MLS Minnesota companies list your property on your local MLS for a flat fee of a few hundred dollars. You can save on commissions and also take advantage of their technology for a faster sale.
  • List With a Full-Service Realtor: If you need hand-holding, we recommend you hire a full-service in-person Elk River Realtor. You’ll get all the professional help you need, but you will end up paying a full 5% to 6% commission.
  • Sell to an iBuyer: Many iBuyers, like Opendoor and Offerpad, purchase hundreds of homes in Elk River and other Minnesota markets. iBuyers can be a great option if you’re wondering how to sell my house fast in Minnesota.
  • Sell to Cash Home Buyers: Individual cash home buyers and companies that buy houses for cash in Minnesota make all-cash offers, usually within 24 to 48 hours. Cash buyers let you skip the hassle of listing on the MLS, inspection, appraisal, etc.
  • Sell For Sale By Owner: For Sale By Owner websites will help you list and sell a house by owner in Elk River and save thousands in listing agent commission. Many FSBO websites will also get you listed on the MLS and help you with FSBO paperwork.

» Best FSBO Sites in Minnesota: We’ve researched and reviewed all the best For Sale By Owner sites in Minnesota. See our rankings!

Savings Calculator

Here’s how much you can save with Houzeo.com!

New!

Savings in Elk River, MN!

Enter Your Home Sale Price

$ Please enter your home price
  • Listing Fee
  • Traditional Agent 46877

    $15,000

  • idealagent

    $10,000

  • houzeo

    $349

houzeo

Your savings via Houzeo

$14,705

Houzeo saves you $9,705 more than Home Avenue!

Start Your Free Houzeo Listing Now

Are Discount Brokers Worth It?

YES! There are various advantages to using a discount real estate broker. Using a cheap brokerage can save you a lot of money. The commission savings can be significant.

There are several discounted real estate brokers on the market today, each with its own set of advantages. Examine factors such as listing fees, listing time, services provided, customer service, and coverage before you choose one.

With Houzeo, you can get your home on the MLS for a small flat fee. You get access to cutting-edge tools like offers dashboard, showings management, and many more to make your selling journey easy.

» List My House on MLS in MinnesotaThe fastest way to get on the MLS!

Eager to Know How Houzeo Works?

We’ve got you covered. Check out the following video to understand how Houzeo works and why it is one of the best For Sale By Owner websites in the U.S.

What is Houzeo?

An overview of what the platform is all about

Start Your FREE Listing NOW!

» NEED MORE CLARITY? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.

Frequently Asked Questions

What is the lowest a realtor will charge as commissions in Elk River, MN?

Discount Real Estate Brokers in Elk River, MN charge as low as 1% commission. With a flat fee service you can save even more.

Does the buyer pay the closing costs in Minnesota?

The buyer pays 1% to 3% of the closing costs in Minnesota.

Can you negotiate prices with real estate brokers in Elk River, MN?

Yes. You can negotiate commission rates with real estate brokers in Elk River, MN.

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