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How does it work? |
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Flat fee mls works because
there are two real estate agents involved in the sale of
almost every house: the "listing agent" who works with
the Seller, and the "buyer's agent" who works with the
Buyer. |
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Listing Agent |
Listing agent tasks |
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Buyer's agent |
Buyer Agent tasks |
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1. Put home in local MLS
2. Assist in setting price
3. Provide "For Sale" sign and newspaper ads.
4. Host an open house |
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1. Search MLS for homes that
match Buyer's wishes.
2. Take Buyers to see homes.
3. Prepare offer and
assist with negotiations |
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$6,000 (3%) |
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$6,000 (3%) |
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On a
$200,000 house, the Seller typically pays 6% commission
($12,000) which is split evenly, with the "listing
agent" getting $6,000 and the "buyer's agent" getting
the remaining $6,000 (yes, the Seller pays the "buyer's
agent"). |
A flat fee listing eliminates the $6,000
that goes to the "Listing Agent"
and replaces it with a "flat" fee of $199 - $599
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The Seller is still
obligated to pay the Buyer's agent but in most areas
the Buyer's agent will accept 2.5% or $5,000 in our
example of a $200,000 house. Instead of $12,000, the
Seller pays $5,000 plus the listing fee for a
savings of over $6,000
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| No Free Lunch:
For his relatively small fee, the "listing agent"
performs only one task: he puts the home in the local
MLS. He or she does not assist the Seller in
setting a selling price. He does not provide a
"for sale" sign for the front yard. He does not
place ads in local newspapers and he does not
host an "open house" for local realtors and prospective
buyers. |
LISTMEFORFREE.COM will place your
property on the MLS for FREE!
Sign up by
placing your property online
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