Are you planning to sell your house in 2023’s bad market? Don’t let the market conditions discourage you! Say goodbye to traditional high commission fees and hello to the revolutionary concept of Flat Fee MLS.
Flat Fee MLS companies charge a standard rate to list your home on the Multiple Listing Service (MLS). These companies provide an alternative to selling your home with a realtor or brokerage firm. You can list your home at a fixed charge through a Flat Fee MLS company and save thousands!
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- Write a captivating property description that highlights unique selling points and appeals to potential buyers.
- Show off your property’s best features through high-quality, professionally taken photographs.
- Set a competitive and realistic price to attract buyers and generate interest in your property.
- Stay on top of inquiries and showing requests, ensuring quick responses to potential buyers’ questions.
What Is a Flat Fee MLS Listing Service?
A flat fee MLS listing service will list your home on the MLS at a flat rate. The Multiple Listing Service (MLS) is an online regional database of homes for sale. Your listings get syndicated to real estate websites like Zillow, Realtor.com, and Redfin.
Only licensed real estate agents and brokers can access and list on the MLS. Flat Fee MLS companies provide listing services for a fixed charge. You save 2.5%-3% on the usual commission that a listing agent charges.
If you’re a home seller, getting your house on the MLS will increase its visibility. More exposure means attracting potential buyers.
What Does a Flat Fee Listing Service Offer?
A flat rate MLS listing service typically offers the following:
- MLS Listing: The service will create an MLS listing for your property. This listing includes all the essential details such as property description, square footage, amenities, and high-quality photographs.
- Exposure on the MLS: Your property will be listed on the MLS database. Real estate agents and potential buyers use this platform to search for properties. The exposure increases the chances of finding interested buyers.
- Syndication to Real Estate Websites: Many flat fee MLS services also syndicate your listing to various popular real estate websites including Realtor.com, Zillow, Trulia, and others. This expands the reach of your property listing beyond the MLS database.
- Additional Marketing Tools: Some flat-fee MLS services offer additional marketing tools and resources for an extra fee. This may include staging help, virtual tours, professional photography, and more. These additional tools can help enhance the visibility of your listing.
- ✍️ What is Houzeo? Houzeo is a tech-centric For Sale By Owner website and real estate platform that gives you access to tools only real estate agents have. Here’s how Houzeo works to maximize your savings and exposure.
Why Use a Flat Fee MLS Service?
41% of buyers looked at properties online in their home-buying journey. Apart from this, there are several compelling reasons to use a flat fee service when selling your property:
- Cost Savings: One of the primary reasons for using a flat fee MLS service is cost savings. By paying a flat fee instead of a traditional agent’s commission, you can potentially save thousands of dollars.
- Control and Flexibility: With a flat fee listing service, you can have more control over the selling process. You can manage showings, negotiations, and paperwork or choose to seek professional assistance.
- Transparency: Flat fee listing services typically offer transparent pricing and services. You know what you are paying for. This eliminates any surprises or hidden costs.
- Customization: Flat fee services often offer different service packages to cater to varying needs and budgets. You can choose the package that aligns with your requirements. This way, you only pay for the services you truly need.
How Do Flat Fee MLS Listings Work?
Once you decide to list your home on the MLS through a real estate multiple listing service, you get to choose one of the packages offered by them.
After receiving all the required details of your house, the fixed fee listing agent will make your listing live on the MLS and other real estate websites.
Subsequently, the buyer agents can view your property on the MLS and recommend it to prospective buyers.
» How to List on MLS: All You Need to Know
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Is Flat Fee MLS Legal?
Yes, listing your home on the MLS for a flat fee is legal.
In fact, the DOJ of America recently updated their bulletin highlighting the benefits of Flat Fee MLS for For Sale By Owner.
However, as a seller, you need to take care of all the mandatory disclosures and paperwork to avoid legal problems in the future.
» For Sale By Owner Contract: Check out our detailed guide on drawing up a For Sale By Owner Contract
How Much Does It Cost to List Your Home on MLS for a Flat Fee?
It depends on whether you’re working with a full-service or a Flat Rate MLS service like Houzeo.
A full-service agent generally charges you around 2%-3% real estate commission. On the other hand, you can potentially save a lot by using a flat fee listing service.
The following costs are associated with a Flat Fee listing:
- Upfront Flat Fee: This is the amount you’ll pay to get listed. Typically it is between $300 and $500.
- Fees at Closing: Most Flat Fee services will not charge any additional fee unless you are in a minimum service state.
- Hidden Charges: Many unscrupulous brokers will reel you in with a $99 listing. Beware – that’s just the start. You’ll be paying $500+ in hidden fees. A $50-yard sign will be sold you to for $135. Some brokers may demand extra charges at closing when it would be too late to do anything.
Flat Fee MLS vs. Full Service Agents
What Are the Best Flat Fee MLS Listing Services in America?
Houzeo is an online real estate platform that allows you to list your homes for as little as $349. You also get access to advanced tools that enable you to list quickly and sell your home with ease.
Houzeo offers 4 Flat Fee MLS packages. Each package includes unique services such as social media exposure, documentation assistance, professional photography and many more.
» Houzeo Reviews: Houzeo is 100% online. You can finish listing formalities in less than 60 mins
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Beycome has the 2nd best technology, after Houzeo. If you are looking for affordable deals, Beycome is a good option. Their basic flat fee option is a great buy at $99, but it’s only available in eight states. But, do remember since it is a DIY real estate service, it might be difficult for first-time sellers.
Beycome’s prices are reasonable, and their technology is useful. But they have limited coverage. The $99 package requires a mandatory $25 cancelation fee. The virtual full-service package has a 1% commission which adds up your expenses.
» beycome Reviews: Read our in-depth review on beycome.
Homecoin is a tech-centric, Flat-Fee MLS platform registered in San Diego, California, and now offers its services in 9 other states. You can list your home on the local MLS and websites such as Zillow, Redfin, Trulia, and Realtor.com within 24 hours for as little as $95.
However, do not let the too-good-to-be-true $95 upfront fee sway you. Homecoin will charge you extra for features like showings management and yard signs. You can end up paying thousands more for these.
» Homecoin Reviews: Is the $95 MLS listing fee too good to be true?
Why Choose Houzeo?
Houzeo is by far the best MLS listing service for the following reasons.
- Maximum Exposure: Houzeo’s flat-fee service gets your property automatically syndicated to different national portals/brokerages such as Zillow, Redfin, Trulia, and hundreds more.
- Fast Listing: With Houzeo, you can expect your listing to be active in just 2 business days. In the states of North Carolina, Florida, Georgia, and Tennessee, listings get activated within 24 hours.
- Save on Commissions and Expenses: With Houzeo, you only pay a flat fee to get listed. There are no hidden costs at closing. Houzeo’s affordable listing plans are packed with tools and needed services to provide you with the best results.
- 100% Online and Automated Listing Experience: Our IntelliList Listing Management system is a user-friendly feature that helps you manage and update your listing. You can request changes online. The “counter-offer” feature allows you to directly make a counteroffer on your listed home.
- 5 Star Reviews: Our Google and Trustpilot reviews got 4.9 stars overall. More than 96% of home sellers reviewed us as “Excellent”.
- Houzeo Mobile App: Houzeo allows you to check your listing, assess offers, and search for homes on sale (for buyers), all of this right from your smartphone. You can review and compare offers on your home even when you are on the go!
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Flat Fee Listing Services Near Me
Alternatives to Flat Fee Listing Services
Flat Fee companies are the best option for you if looking to retain most of your hard-earned equity in your homes.
But if you’re looking for more assistance, there are several other options.
- Hire a Discount Real Estate Broker: Discount real estate brokers offer all the services of a traditional broker for a discounted commission. Typically, low-commission real estate agents will charge anywhere between 0.5% to 2% commission to list and sell your home.
- 1% Commission Realtors: Clients save thousands by working with discount brokers at 1% commission rates.
- List With a Full-Service Realtor: You can also hire a full-service in-person Realtor for all the professional help you need. Although convenient, you are likely paying a full 5% to 6% commission. Also, note that luxury real estate brokers may charge more than 6%.
- Sell to an iBuyer: Many iBuyers, like Opendoor and Offerpad, purchase hundreds of homes in the real estate market. iBuyers can be a great option if you’re wondering how to sell your house fast.
- Sell to Cash Home Buyers: Individual cash home buyers and companies that buy houses for cash 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: FSBO websites will help you list and sell a house by owner and save thousands in listing agent commissions. Many FSBO websites will also list you on the MLS and help you with FSBO paperwork.
Frequently Asked Questions
What is the top Flat Fee MLS listing service in the US?
Houzeo is the top Flat FEE MLS Listing Service in the U.S. It offers the best combination of maximum savings, advanced technology, 5-star customer support, and listing exposure.
Do I need to offer a 2.5% buyer agent commission?
Yes. Almost 90% of homes in the U.S. sell with a buyer agent involved. So we suggest offering a competitive buyer agent commission. Chances are, offering a competitive buyer agent commission will get you strong offers.
Are Flat Fee Realtors Good?
Some home sellers are skeptical about flat-fee agents because they work for such a low price but a Flat Fee MLS listing service like Houzeo stands out with its excellent services, maximum savings, and praiseworthy customer support.
Can you list on MLS without a real estate agent?
No, you can't. Only licensed real estate agents have access to the MLS.
Will agents contact me with a Flat Fee MLS listing?
Yes. Your contact information will be included in the “Showing Instructions” section of your MLS listing. Buyer’s agents will contact you directly if they want to show your home. They may also want you to sign a commission agreement before showing your home to their buyer.
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