Flat Fee MLS (Upfront) Model
A flat fee MLS service charges an upfront fee to list your home in the MLS for a period of time, regardless of whether the home sells or not. These types of services range anywhere from $99 to $799 depending on the number of services and features that come with it. The types of services that may, or may not, come with it include signage, lockboxes, photography, contract paperwork, and negotiation assistance.
Be sure you know what you’re signing up for with a flat fee mls listing service. If you’re confident your home will sell, and don’t mind putting in a little work, these are a great way to save thousands in commission fees.
Flat Fee at Closing Model
Real estate commissions are usually split between the listing agent and a buyer agent, and paid when the home sells. In a traditional 6% listing, 3% is paid to the listing agent, and 3% goes to a buyers agent. With a flat fee commission paid at closing, the 3% commission that goes to the listing agent is simply replaced with a flat fee.
Flat fee commissions charged at the closing can range anywhere from $2000 to $3500, while offering all the same services as the traditional 3% (out of 6%). REALTORs® are highly competitive these days, and use cutting-edge technology to increase efficiencies and pass these savings onto their clients (you).
What if a Buyer Agents Isn’t Involved?
If you choose a flat fee listing service to sell your home, be sure to ask your agent about the buyer agent commission. Is it still charged if a buyer agent isn’t involved? You should be able to negotiate the ability to waive that portion of the commission if you find the buyer on your own. Flat fee listing services are often utilized by previous for sale by owners, so this is a normal request.
