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Pros and cons of using a flat fee MLS listing service
A flat fee MLS service can be an effective way to sell your home, but it’s not the right fit for everyone. Here’s a look at the benefits and drawbacks:
Pros:
- Eliminate the listing agent commission (typically 2.5% to 3%).
- Maintain full control over your home sale.
- Pay a fixed, upfront cost instead of a commission-based fee.
- Get your home listed on the MLS and syndicated to major home search websites.
- Increase visibility to buyers and their agents.
Cons:
- You still need to offer a commission to the buyer’s agent.
- You’ll handle all negotiations and paperwork without an agent’s guidance.
- It’s a self-managed process, which can be time-consuming.
- You may face legal risks if you don’t comply with disclosure laws.
- Your home may sell for less compared to using a full-service real estate professional.
How do I list my home with a flat fee MLS service?
If you’ve decided to use a flat fee MLS service, follow these steps to get your home listed:
Step 1: Research flat fee MLS services
Compare local flat fee MLS companies, their packages, and customer reviews. Check ratings on the Better Business Bureau to ensure the company is reputable. Look for details such as how many photos are included, available forms, and additional costs for extra services.
Step 2: Register and choose a package
Sign up on the company’s website, select the plan that best suits your needs, and pay the upfront fee.
Step 3: Enter your property details
Provide a detailed property description and upload high-quality photos. Some services may offer listing assistance or disclosure forms as part of their package.
Step 4: Sign the listing agreement
Carefully read and sign your listing agreement. Check for cancellation policies and confirm you won’t owe any additional listing commission.
Step 5: Review your live listing
Once your listing is published on the MLS, it may take a few days to appear on sites like Zillow and Realtor.com. Review it carefully to ensure accuracy and completeness.
Are flat fee MLS listings effective in Montana?
A local MLS listing is one of the most effective ways to market your home. Nearly all buyers use the internet to search for homes, and real estate websites pull their data directly from the MLS. Additionally, buyers’ agents rely on MLS listings to find properties for their clients.
While listing on the MLS increases exposure, the success of a flat fee MLS listing depends on factors such as pricing, market conditions, and the seller’s ability to manage negotiations and paperwork.
Alternatives to flat fee MLS services in Montana:
If a flat fee MLS service doesn’t fit your needs, here are other ways to sell your home:
Flat fee real estate agent
A flat-fee real estate agent provides limited services for a set fee, typically ranging from $3,000 to $5,000. This option gives you some professional support while keeping costs lower than a traditional agent. Be sure to review the contract carefully to understand what’s included.
Discount real estate broker
A discount real estate broker charges a lower commission than traditional agents, usually around 1% to 2%. These brokers may offer fewer services than full-service agents, so compare plans carefully.
Full-service real estate agent
Working with a local real estate agent provides dedicated support, market expertise, and negotiation skills. While this option comes with a higher commission, an experienced agent may help you sell faster and for a higher price.
Will I save money with a flat fee MLS listing service?
While a flat fee MLS service can reduce your upfront selling costs, it doesn’t always lead to more profit in the long run. Research from the National Association of Realtors (NAR) shows that FSBO homes typically sell for 14% less than those sold with an agent. The median FSBO sale price was just over $380,000, compared to over $435,000 for agent-assisted sales.
Additionally, nearly 40% of FSBO sellers sell to a friend or neighbor, often at a lower price. These homes had a median sale price of around $345,000—nearly $100,000 less than homes sold by an agent. While a flat fee MLS listing offers cost savings, it’s important to weigh potential trade-offs in pricing and overall net proceeds.
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