Flat Fee MLS is a method of selling property without utilizing the full services of a real estate broker. The Flat Fee MLS Listing Agent/Broker provides a seller with access to the Multiple Listing Service (MLS), which database effectively markets the property on a much wider scale (especially in the online marketplace). Through this method, a seller is able to list property in the MLS for a flat fee and save on the significant cost of commission; ultimately, this increases the seller’s net proceeds at closing.
For Sale By Owner (FSBO) sellers can realize tremendous benefits by listing their property in the MLS with a Flat Fee MLS agent. The Flat Fee MLS service provides much needed resources by which an FSBO seller can promote, advertise and negotiate the sale of his/her property, all for a very affordable fixed fee. Typically, a FSBO seller can find Flat Fee MLS services ranging from $200 to $700 depending on the number of months one intends to list the property in the MLS. In this kind of arrangement, you do not pay the standard 6% commission to the real estate broker, rather, you offer a customary commission to any Buyer’s agent that brings in a potential buyer (usually 2.5%), and you only pay the Listing Agent a flat fee up front for listing your property in the MLS. This non-traditional listing process translates into huge savings for sellers.
Many sellers, in fact, are weary of the flat fee listing technique because they assume it is some sort of scam. Many sellers think: why are they getting such a great deal? It is because of this skepticism that many people sometimes doubt the validity of this kind of service, thus creating several of the following myths about Flat Fee MLS services.
- Flat-Fee MLS Service is Actually Much More Expensive Than Hiring a Real Estate Broker
Some have cautioned that after you have acquired the services of a Flat Fee Listing Agent there are hidden charges that will actually balloon your expenses, making it more expenses at the end of the day than hiring a traditional agent. However, this is a myth. Reputable Flat Fee MLS providers fully disclose all charges to a seller before the transaction begins. And these same Flat Fee MLS providers should already have the prices and the included services clearly enumerated online and/or in their listing material. As such, any hidden charges for a Flat Fee MLS listing is a myth.
- Flat-Fee MLS Service Will Leave You To Fend For Yourself After The Transaction
This myth emanated from the fact that you are only paying a small amount, thus implying the old adage that states, “you only get what you paid for.” Many people claim that after you purchase your Flat Fee MLS listing, and your property goes active in the MLS, you are on your own. However, this is not true for any reputable Flat Fee MLS service providers. In fact, most Flat Fee MLS brokers provide 24-hour customer support and will immediately help make changes to your MLS listing or answer any questions you have throughout the listing process. Likewise, the most reputable Flat Fee MLS brokers will offer unlimited changes to your MLS listing. And all Illinois Flat Fee MLS brokers will assist you in developing, communicating and negotiating all offers and counteroffers. These services indicate that the Flat Fee MLS service provider will fully represent you and your listing until you have sold your property or your listing expires.
- Flat Fee MLS Service is A Scam
Probably the biggest and most undeserving myth of them all, simply because of the huge savings that you could realize when listing your property in the MLS for a Flat Fee, is that Flat Fee MLS is a scam. This myth could not be further from the truth. Indeed, the low-cost listing process is already being utilized by thousands and continues to gain attention everyday. Moreover, for people that want to save money and keep a huge chunk of their profit after selling their property, listing your property in the MLS for a Flat Fee is actually an extremely low risk technique to utilize. Many sellers regularly post stories online about their success and obscene savings with the Flat Fee MLS process, only proving that this is not a scam and that the notion is just a myth.
Sometimes it may seem that a Flat Fee MLS service is too good to be true. But when you closely look at it, it actually just makes sense. This is why it is important to look at the facts about Flat Fee MLS services before believing in the myths.