In a nutshell, a Seller will have the opportunity to save thousands of dollars in commissions with a Flat Fee MLS Listing, whereas with a Traditional Listing the Seller is contractually bound to pay the entire agreed upon commission even if the Seller procures their own Buyer. Our real estate company, Ohio Broker Direct, offers traditional listing services in certain parts of the state of Ohio and Flat Fee MLS Listing services throughout all of Ohio. There truly are certain situations in which a Seller should consider utilizing a traditional listing in lieu of a Flat Fee MLS Listing. Every Seller should evaluate all options and strategies to determine the one that best suits their needs
A Traditional Listing with many national real estate brokerages as well as numerous regional and localized brokerages may require the Seller to sign a 6 month listing agreement without the option to cancel at any time, and the Seller agrees to compensate the brokerage six to seven percent of the sale price at closing regardless of whom procures the Buyer. A Flat Fee MLS Listing allows the Seller to dictate what they are offering as compensation to the Buyer’s brokerage, while reserving the right to sell the property to an unrepresented Buyer paying zero commission. For this Service the Seller may choose from a variety of Flat Fee MLS Listing options based upon the level of service they desire, yet ensuring they have all the benefits of marketing exposure in the Realtor Multiple Listing Service (MLS). Listing in the MLS offers numerous benefits including rollover to numerous sites that pull directly from the MLS and appear on websites such as Realtor.com, Zillow, Trulia and the same national, regional and local brokerages that only offer traditional listing services.
The Department of Justice website clarifies competition in the real estate market offering a wealth of information for savvy Sellers to consider. When researching Flat Fee MLS Listing services, a Seller must consider the various terms used to describe such brokerages. Common phrases include entry only, limited service, fee for service, virtual office website, ala carte, discount brokers and more. It is important for a Seller to understand that not all Flat Fee MLS Listing services are alike. Some Flat Fee MLS service brokers will require a 6 month listing agreement without the option to cancel, they will charge a fee for every change you want to make to a listing and will charge backend fees at time of closing, where as other Flat Fee brokers such as Ohio Broker Direct will allow the Seller to cancel at anytime and does not charge fees to facilitate changes or charge backend fees at closing.
It is imperative a Seller verify whether the Flat Fee MLS Listing brokerage is reputable. Does the Flat Fee MLS Listing service brokerage have a website specific to your state and is it informative, up to date and user friendly? Is the Flat Fee MLS Listing service broker a member of various MLSs in your state? Do they have positive Flat Fee MLS Listing reviews and testimonials? Can you talk to a human or are you routed through a vast array computer generated links that ultimately land in a mystery voicemail box? Do you have access to talk directly with the broker? How many transactions have they facilitated via their Flat Fee MLS program? What is the level of experience and skillset of everyone (broker and / or agents) you will be working with? Will they provide you with the contact information of previous clients so you can interview them directly? Do they forward all leads directly to you or do they work the Buyer leads themselves? Will they arrange for facilitation of escrow and settlement? Will they review the Settlement statement on your behalf prior to closing? While Ohio Broker Direct meets all of the aforementioned criteria, not all other Flat Fee MLS Listing brokerages can say the same. Prepare a list of questions and verify all of the answers.
Selling your home on your own without the assistance of a traditional service Real Estate Brokerage will require both commitment and due diligence for which you may be rewarded by saving thousands of dollars in commissions. Maximizing marketing exposure is key. I have been in this industry for 4 decades, have SOLD well over a BILLION DOLLARS in Real Estate & Saved Sellers Millions of Dollars in Real Estate commissions. Please contact our team to learn how the For Sale By Owner Flat Fee MLS Listing Options at Ohio Broker Direct will enhance your marketing exposure to ensure a more expeditious sale, yielding a higher price with better terms that suit your specific needs. Reach out to us directly, visit our blog page or sign up for our newsletter to receive the latest information to ensure you have the knowledge to maximize your profit.
Joan Elflein, Broker / Ohio Broker Direct Ohio Broker Direct & its Brokers or Associates assumes no responsibility or liability for any errors or omissions in this blog, we advise all participants engaged in the buying or selling of Real Estate to enlist the services of a Real Estate Attorney.