WHAT MAKES PR FLAT FEE MLS DIFFERENT?

PR Flat Fee MLS is a realty company providing a “smarter selling solution.” We provide a seller the opportunity to list their real estate in the MLS for a flat fee, potentially saving thousands of dollars in commission.

Traditionally, when an owner sells his or her property, he or she contacts a real estate agent. That agent works on selling the owner’s property and does so for free until the property sells. After the sale, the agent is finally paid – normally 6% of the purchase price – and that commission is split with the buyer’s real estate agent – usually 2.5% of the 6% commission. Unfortunately, this payment system may promote quick sales because an agent will receive the same commission regardless of the time he or she spends actually selling the property. Furthermore, the agent may merely act as a middleman because he or she may not actually “sell” the property at all – the MLS may actually facilitate the transaction.

I’ve detailed the traditional real estate transaction in the following easy steps below:

  1. Seller → finds Realtor to list property on MLS (called the Listing Agent).
  2. Listing Agent → lists property on MLS and offers a buyer’s agents a cooperative commission to bring in a buyer (keep in mind that only brokers can list on the MLS and this has traditionally been done on a commission basis, payable to the agent once the property closes).
  3. Buyer / Buyer’s Agent → looks for property on MLS (only realtors have access to the MLS but everyone can view property listed on the MLS though something called an IDX, or Internet Database Exchange, used by many real estate websites).
  4. Buyer / Buyer’s Agent → finds property on MLS & calls contact number (i.e. – Listing Agent). Buyer’s agent has an incentive to bring in a buyer, since he/she knows he/she will be paid a cooperative commission from the Listing Agent.
  5. Listing Agent & Buyer’s Agent → shows your property to a potential buyer at a showing (sometimes the Listing Agent doesn’t show the property, and merely leaves the Buyer’s Agent with a lockbox code, or instructions to the Buyer’s Agent to access the property.  If the potential buyer likes the property, the agents negotiate a purchase price, and, hopefully, sell the property to the buyer.
  6. Listing Agent receives percentage of purchase price in commission and splits it with Buyer’s Agent.

PR Flat Fee MLS cuts out the Listing Agent, or the middleman, in the above transaction because it’s our opinion that a Listing Agent is not always needed to sell a property. Under this belief, we provide you with the tools to list, show, and negotiate the sale of your property, with us helping navigate the transaction. In the end, you will save thousands of dollars, and we will be there to answer your questions or even jump in if you are having problems.  We’ll always comply with the Illinois minimum service laws.

PR Flat Fee MLS is an online solution for people looking to sell their property on their own. We essentially put you in the same shoes as a real estate agent! You list, you market, and you sell. We give you all the necessary tools that a selling agent would use and we do it for a flat rate. This way, in the end, you keep the equity in your home because you don’t have to pay commission to us as your Listing Agent. Keep in mind that the buyer’s agent will be paid a commission for his or her services; however, this is a percentage that you decide and you control, and is only required if a buyer’s agent procures the individual that ultimately purchases your property.

We’re available 7 days a week and are experts in everything Chicago real estate! Plus, all our add-on features are a la carte.

WHY WE BELIEVE IN A FLAT FEE MLS BUSINESS MODEL

Times are changing, and in this day and age the real estate market is changing too. The growth of the Internet has helped educate people on the real estate sales process, making the entire process more transparent. Buyers can now conduct extensive research about current listings with the touch of a button. People now realize that they don’t always need a Listing Agent to sell their property for them because of the technology available at their fingertips. In fact, a recent (2013) National Association of Realtors (NAR) survey found that 92% of homebuyers used the Internet as an information source during their home search, which figure was up from 80% in 2006 and 71% in 2003. These statistics beg the question: is the Listing Agent actually “earning” his or her commission, or is the property, through the Internet, selling itself? We’ve seen similar transformations in other industries as well, such as travel reservations and even buying or selling stock. Ask yourself, when was the last time you called a travel agent to make an airline reservation? Probably not for quite some time…

We don’t believe that selling real estate is as complicated as a commission-based realtor may try to tell you. When it all comes down to it: a seller needs to find a buyer. And access to the MLS is the key to unlocking this property exchange. Gone are the days that a real estate agent should charge thousands for merely holding someone’s hand through this relatively simple process. For a flat rate, PR Flat Fee MLS will list your property on the MLS, provide you with strategies and marketing tactics necessary to help sell your home, and give you access to all necessary selling documents – all on a single website. Your flat rate access to the MLS will also place your property listing on numerous other websites, through the IDX I mentioned above, such as Realtor.com®, Move.com®, Trulia.com®, Google.com™, and Zillow.com®, just to name a few.

ASK THE EXPERTS

Real estate broker commissions are strangely unrelated to either the quantity or quality of the service rendered … consumers would benefit most from a fee-for-service approach.

AEI-Brookings Joint Center for Regulatory Studies, October 2006

Consumers are paying almost 25 percent more for brokerage services, after adjusting for inflation, than they did in 1998.

United States Department of Justice Antitrust Division, October 2007

New sales models can reduce consumer home sales costs by thousands of dollars.

United States Department of Justice Antitrust Division, October 2007

An agent keeps [their own property] on the market an average ten extra days, waiting for a better offer, and sells it for over 3 percent more than [property owned by a client] … a nifty profit produced by the abuse of information.

Freakonomics by Steven D. Levitt and Stephen J. Dubner

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