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Flat fee multiple listing services (MLS) provide sellers with the opportunity to list their homes on the MLS. Real estate agents use MLS to list their properties and share them with other agents that also belong to the local MLS. Sometimes, this is called an “entry only” listing. In this service, the buyer knows that the agent entering the listing will not perform any other task for the seller. For example, the buyer cannot contact the agent to arrange a visit. The benefit of listing your house on the MLS is that the system is linked to many websites. When a listing goes live on the MLS, it automatically gets listen on sites like https://getlistedrealty.com/flat-fee-mls/ (website to be updated). The only way to get on that site is through an MLS. Here are three facts about using a flat fee listing service to sell your home.
When to Use Flat Fee Listing.
If you are selling your home, you should consider the flat fee listing. The service will expose your home to other buyer’s agent and several online platforms. Therefore, you will reach a large number of buyers through one channel. You should know that when you list your home with MLS, you would have to offer some commission to the buyer’s agent once they deliver a buyer. Mostly the commission is 2-3 percent. The payment may seem like you should opt to sell the house on your own, but it saves you 3 percent if you would have paid a listing agent. Listing your home on the MLS and paying the commission does not mean that you cannot sell the house to other unaffiliated buyers and keep the 3 percent commission to yourself. MLS is a way to play both sides. Another advantage is that the buyer’s agent will help you out with the legal paperwork.
Your Responsibility as the Seller.
Flat fee MLS will list your home on your local MLS. You will have to tackle the showings, escrow management, and closing the deal. Buyers’ agents will post your contact information on the “Showing Instructions” section of the MLS listing. The agents will contact you directly if they want to show your house to a seller. On the customers’ website, they will list the brokers’ number. Any question will be forwarded from the broker directly to you. Once you decide to use the service and get hooked up with a brokerage, you will have to sign an “Exclusive Agency” agreement. The MLS has a law that two different companies cannot list the same property at the same time.
What to look out for.
Make sure that the listing service allows you unlimited revisions to the listing at no extra cost. Ensure that the listing service offers ample customer support in case you are stuck on something. They all promise to have customer support, but if they do not provide you with a phone number, the chances are that their support is poor.
Search for a company’s review on Google before signing up for any service. Do not forget to make sure that the company is local to your listing area.