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Has anyone used a Flat Fee MLS Listing when selling their home?
Old 05-31-2019, 07:10 AM   #1
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Has anyone used a Flat Fee MLS Listing when selling their home?

We live in a "Fairly" desirable area, not red hot, but desirable. Gated, Private Golf Club (No Mandatory Membership Required), Low HOA includes landscaping, No Age Restrictions, Well managed and cared for. The local realtors are very "cocky", they always demand one takes a full service contract with them and refuse to discount. Then they really do not do much to sell the home, 99% of the time they just seem to wait for another realtor to take the sale, they do schedule open houses. most open houses are attended by people from within the community and are just lookers, being a gated community open houses must be scheduled along with about a dozen others in the community. They have what they call loosely an open house caravan.

We are not keep on open houses for our home, the last 3 homes we has sold privately and have not really needed one. We have never thought of listing on the MLS before. But in today's embracing of the internet to look for homes, it seems prudent to do so.

We have all our own photos and descriptions and flyers that I keep up to date on Zillow. I keep them current and maintain them as just something to do.

I was wondering if a Flat fee MLS would help as opposed to simply listing as FSBO on Zillow or other on line RE service.

This post is not intended to solicit info about how important it is to use a Licensed Realtor, it is not relevant in this case. Ultimately a buyer will most likely bring one anyway.

Any experiences you have would be appreciated, Thanks in Advance, SWR.
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Old 05-31-2019, 08:57 AM   #2
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Yes I did when I sold a condo in 2016
I liked the concept of the service, I did not like the realtor I had- but I have never met a realtor I would use a second time.
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Old 05-31-2019, 09:04 AM   #3
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I did it. $300 flat. This was a few years ago. I also put 2.5% for commission rather than the area's customary 3%.


I put my phone number on the listing and had a lockbox. I was in NC and the house was in Florida. I had my sister go over and change the code on the lockbox occasionally.


When I got calls from the agents, they told me "you can't do that" and were none too pleased. Some just skulked away after saying "Well then I'll not bring my buyer to your place" and I cheerfully said "ok!", knowing they would have been a pain to deal with anyway.


In these days where all the houses in the MLS are on the Internet, a savvy buyer would spot the house that they haven't seen and ask their agent why.
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Old 05-31-2019, 10:25 AM   #4
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Quote:
Originally Posted by sengsational View Post
I did it. $300 flat. This was a few years ago. I also put 2.5% for commission rather than the area's customary 3%.


I put my phone number on the listing and had a lockbox. I was in NC and the house was in Florida. I had my sister go over and change the code on the lockbox occasionally.


When I got calls from the agents, they told me "you can't do that" and were none too pleased. Some just skulked away after saying "Well then I'll not bring my buyer to your place" and I cheerfully said "ok!", knowing they would have been a pain to deal with anyway.


In these days where all the houses in the MLS are on the Internet, a savvy buyer would spot the house that they haven't seen and ask their agent why.
My arrangement was similar- paid a flat fee to listing agent, and then lower commission.

Quote:
2% commission + $500.00 (includes co-op commission in MLS & full service)

2.5% commission + $500.00 (includes co-op commission in MLS & full service)

3% commission + $500.00 (includes co-op commission in MLS & full service)

3.5% commission + $500.00 (includes co-op commission in MLS & full service)

4% commission + $500.00 (includes co-op commission in MLS & full service)

4.5% commission + $500.00 (includes co-op commission in MLS & full service)

5% commission + $0.00 (includes co-op commission in MLS & full service)

6% if less than $100,000 list price (commission choices are related to list price)
I will say I did not notice any drop in showings- property sold in less than 2 weeks and I had 2 offers to choose from. Some agents may have skipped showing it because it lowered their pay, but this is why I think realtors are lowest form of occupation ever (cell phone salesman is a close second).
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Old 06-06-2019, 12:07 PM   #5
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We did it in 2006 with a house that was about 2x the median house price at the time. We did the 6% math and didn't think the realtor could do that much for us. But we wanted to be on MLS because that's where we thought most of the value was in the selling process.

We bought a $1500 package from a FSBO place. That got us a half page ad in their print magazine for IIRC 3 months, MLS listing, yard sign, generic advice, and RE contract forms. We intentionally listed high the first 30 days or so, then dropped the price. Got several showings and two offers. Met one of the buyers in a Starbucks and verbally hashed out details in about 20 minutes, then filled in the RE contract as verbally agreed.

I can't recall for certain, but I think we offered buyer's agents 3% (which was standard in our area at the time). The buyers we sold to didn't have their own agent, though, so there was no agent involved in that transaction.
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Old 06-06-2019, 12:58 PM   #6
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We did in 2012.
Flat fee ~$500 including electronic lock box.
We were considering listing with a realtor first until we realized they wouldn't do anything special for us. Interviewing realtors gave us a good idea of how the house should be priced.

Got it under contract with buyer after three days, we offered 3% for buyers realtor, but I think you can get away with 2-2.5%. I don't think that realtors screen the MLS listings based on their commission, so I doubt that they would prevent buyers from seeing your property.



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