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Pros and cons of using a flat fee MLS listing service
Using a flat fee MLS service can be a cost-effective way to sell your home, but it also comes with challenges. Here’s a breakdown of the advantages and potential drawbacks.
Pros:
- Eliminates the listing agent commission (typically 2.5% to 3%).
- Gives you full control over the selling process.
- Allows you to pay a known, upfront cost for MLS exposure.
- Expands visibility to buyers and their agents through the MLS.
- Your home appears on third-party real estate websites like Zillow and Realtor.com.
Cons:
- You must still offer a commission to the buyer’s agent.
- You’ll handle all aspects of the sale, including negotiations and paperwork.
- There’s no professional guidance, increasing the risk of legal or pricing mistakes.
- The process can be time-consuming and complex for inexperienced sellers.
- FSBO homes often sell for less than agent-represented properties.
How do I list my home with a flat fee MLS service?
If you decide to use a flat fee MLS service in Kansas City, follow these steps to get your home listed and in front of buyers.
Step 1: Research flat fee MLS companies
Look into available services, their pricing, and included features. Check Better Business Bureau ratings, online reviews, and customer testimonials to ensure credibility.
Step 2: Choose a package and register
Sign up on the company’s website, select a plan that fits your needs, and pay the required upfront fee.
Step 3: Enter property details and upload photos
Provide essential information about your home, including square footage, features, and disclosures. High-quality listing photos can help attract more buyers.
Step 4: Sign the listing agreement
Review the terms carefully before signing. Make sure you understand cancellation policies and whether a listing commission applies.
Step 5: Review and publish your listing
Once submitted, your home will appear on the MLS, typically within a few days. Check major real estate websites to confirm the accuracy of your listing and make any necessary updates.
Are flat fee MLS listings effective in Kansas City?
A local multiple listing service (MLS) is one of the most effective ways to market a home, as it ensures your listing reaches buyers and their agents. Nearly all homebuyers use online tools when searching for a property, and most real estate websites pull their listings directly from the MLS.
Because buyer’s agents rely on MLS data to find suitable properties for their clients, listing your home through a flat fee MLS service can significantly increase its visibility. However, success depends on pricing your home correctly, marketing it effectively, and managing the selling process without agent support.
Alternatives to flat fee MLS services in Kansas City:
If a flat fee MLS service doesn’t seem like the right fit, here are a few other options to consider when selling your home.
- Flat fee real estate agent
A flat fee agent offers limited services for a set price, usually between $3,000 and $5,000. This can be a good option for sellers who want more guidance than a basic MLS listing but still want to save on commission. Be sure to review the listing contract carefully to understand what services are included. - Discount real estate broker
Discount brokers charge a lower commission than traditional agents, often around 1% to 2%. While they provide more support than a flat fee MLS service, sellers still need to cover the full buyer’s agent commission. - Full-service local real estate agent
A full-service agent handles pricing, marketing, negotiations, and closing details, which can often lead to a higher sale price. If maximizing profit and minimizing stress are priorities, working with an experienced local agent may be the best choice.
Will I save money with a flat fee MLS listing service?
While a flat fee MLS service can help you save on real estate commission, it doesn’t always mean you’ll walk away with more money. According to the National Association of Realtors, FSBO homes sold for nearly 14% less than agent-assisted sales. The median selling price for FSBO homes was just over $380,000, while homes sold by agents had a median sale price of $435,000.
Additionally, nearly 40% of FSBO sellers sold to a friend, family member, or neighbor, with those homes fetching a median price of $345,000—significantly lower than agent-assisted sales. While a flat fee MLS can reduce upfront costs, it’s important to consider whether the potential for a lower sale price outweighs those savings.
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