What is the difference between a Flat Fee and a traditional, full service listing?
A Flat Fee MLS listing is designed and best suited for the savvy, educated Seller (Landlord), who has the experience and time to sell (rent) their home on their own.
With a Flat Fee MLS listing it is the Seller’s (Landlord’s) sole responsibility to establish the List (Rent) Price, show the property to prospective Buyers (Tenants), negotiate and execute a sale (rental) contract, and otherwise facilitate the sale (rental).
A Flat Fee MLS listing provides a Seller (Landlord) the opportunity to benefit from MLS exposure without losing their "By Owner" privileges.
A Flat Fee MLS listing provides a Seller (Landlord) the opportunity to save the Seller’s Agent (Listing Broker) portion of the commission by advertising directly to Buyer’s Agents and Facilitators.
A traditional, full service MLS listing is designed for a Seller (Landlord), who seeks the representation and expertise of a Seller’s Agent (Listing Broker).
With a traditional, full service MLS listing, the Seller’s Agent (Listing Broker) does all the work involved in selling (renting) your home, including:
- Listing the property in the local Multiple Listing Service (MLS)
- Placing advertisements in local media and on the internet
- Hosting open houses
- Reviewing contracts
- Providing advice on pricing, home inspections or other contractual terms
- Negotiating with potential home buyers and sellers
- Locating potential properties for prospective buyers
- Arranging for prospective buyers to inspect properties
- Providing prospective buyers and sellers with pertinent information about a community such as relative property values, most recent selling prices, and property taxes
- Apprising potential buyers of financing alternatives
- Assisting in the formation and negotiation of offers, counter offers, and acceptances
- Assisting with the closing of the transaction
- Closing services
For these efforts, a traditional, full service broker typically charges a commission that is five to six percent (5-6%) of the home’s sales price.