I’m often asked if there is really any difference between flat fee companies and whether there’s anything to compare, other than price, when selecting a flat fee MLS provider. The answer, of course, depends on the owner/seller’s motivation. If you just want to list or advertise your property for sale in the MLS, then cost really is your only concern. However, if you want to actually sell your home, then here are some other factors to consider:
- How long has the company been in business?
The market does a pretty good of weeding out bad eggs. If a flat-fee MLS broker has been in business for a number of years, there’s at least some reason to believe that other sellers have found them to be trustworthy and capable of doing what they say they’ll do. Especially if they’ve survived a couple of down markets and the recent real estate recession, the company has established a business that’s robust enough to succeed regardless of market conditions. Since the real estate market downturn, lots of agents have taken to flat-fee MLS listing just to be able to stay in the business. So new flat-fee MLS listing companies are poping up everyday. However, if the company just started last month and they can’t give you the names or addresses of lots of other properties they’ve actually SOLD, they probably won’t be able to provide the level of service and support you need. Their track record for successfully assisting by owner sellers hasn’t really been established.
- What kind of support do they provide?
A good flat-fee company should provide several methods of support. While most online companies want to communicate through email, this may not be the method that works best for you. Top online flat-fee MLS listing providers, like Bloomkey.com, offer telephone support, an Online Help Desk, Online Chat and dynamic FAQ’s so that you can get the support you need when you need it.
- What other websites will your property appear on and what strategic partnerships have they established? A good flat-fee company should be able to have your home or property listed on ALL of the leading real estate websites. Since over 80% of buyers now start their search for a home online, it pays to be listed everywhere buyers might be looking. While all flat-fee brokers list properties on Realtor.com and the Broker IDX by virtue of the MLS feed distribution, few have taken the time to establish relationships and proprietary RSS/XML feeds to the larger real estate portals like Trulia.com, Zillow.com, Yahoo Real Estate and GoogleBase, to name a few. Bloomkey has even created an automated posting system on Craigslist to provide your property with an HTML formatted advertisement on the world’s largest classified website.
- What other tools does the broker provide to help make sure that your property not only gets listed, but has a better than average chance of selling?
Any agent who has been in the business for any length of time (or owner who has sold a number of properties) will tell you that it takes more than a sign in the yard and an ad in the MLS to sell a home. If you take the average online flat-fee MLS company today, you’ll find that most of them offer little more than the opportunity to take your money online and stick your property’s data and photos into the MLS – never to be heard from again. They’re really more like online business cards with a cash register. Very few have gone to the expense and trouble of creating feature-filled back end web applications that give sellers access to online real estate selling tools and services to assist with the home selling process.
These are just a few of the questions owners should be asking when determining with whom to list their properties. Remember, anyone can list your home for sale, but that’s probably not where you want it to stop. A successful sale requires more than minimal effort – especially in today’s buyer’s market.
For more information on what top flat-fee MLS listing companies can provide in terms of service and benefits, visit Bloomkey.com
About the Author
Lawrence Bunnell is a partner at Bloomkey. In 1997, Mr. Bunnell co-founded the first national online real estate brokerage (and the first real estate company to ever become licensed in all 50 states). He has been responsible for creating several online flat fee real estate companies and is largely responsible for the advent of the Internet based flat-fee MLS listing segment of the real estate industry. Mr. Bunnell started his career in real estate in 1984. Prior to creating the online flat-fee MLS listing industry, Mr. Bunnell was one of the nation’s top selling real estate brokers at the RE/MAX, ERA, and Coldwell-Banker real estate franchises.
By admin
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Posted in FSBO, Flat Fee MLS, Flat Fee Real Estate Brokerage, Flat+Fee, For Sale By Owner, Real Estate, flat fee, flat fee MLS borkers, flat fee MLS brokerages, flat fee MLS companies, flat fee MLS listing company, flat fee MLS service, flat fee broker, flat fee brokerage, flat fee brokers, flat fee companies, flat fee listing broker, flat fee mls broker, flat fee mls brokers, flat fee mls company, flat fee mls listing, flat fee mls providers, flat fee realty, flat fee services, flat rate, flat rate broker, flat rate mls, flat rate realty, for sale by owner tips, fsbo guide, fsbo seller
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The “mulitple listing system”, called the MLS, gives the broadest exposure possible to homes for sale. In today’s competitive market, you need the most marketing exposure possible, but attempting to sell without the benefit of the MLS can be a like trying to sell shares of stock without the stock exchange. Or, proverbially, “like trying to find a needle in a haystack”. Advertising to the public is a high cost proposition and since you only have one property to sell, the economies of scale work against you. Realtors® have the benefit of having thousands of properties to sell. The MLS creates an efficient marketing system through which Realtors® can cooperate to assist each other in selling each other’s listings.
And through the Realtors® trade organization, the National Association of Realtors®, an MLS listing also gets exposure on Realtor.com, the nation’s leading real estate web portal, you’ll reach even more potential buyers when your property is listed in the MLS by owner. According to a recent survey, over 75% of buyers now start their search for a home on the Internet, most of them on Realtor.com.
Now you can list your home or property in the same MLS used by Realtors® without having to pay a listing commission. List by owner on the MLS with a flat fee MLS listing company like Bloomkey® and you can have the best of both worlds. More exposure to help you sell your home for the highest possible price and still retain the right to sell on your own and not pay a commission.
By admin
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Posted in Flat Fee MLS, Local MLS, MLS, MLS, MLS Service, MLS entry, Real Estate, by owner, flat fee MLS borkers, flat fee MLS companies, flat fee mls broker, flat fee mls brokers, flat fee mls company, flat fee mls listing, home sale, home sales, home seller, home sellers, home selling, home selling alternatives, limited service providers, limited service real estate, list house, list property, listing agent, listing broker, low cost real estate, mls entry only, mls listing, mls listing service, mls listings, mls only, multi list, multiple listing, multiple listing service, mutliple listing service
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Tagged by owner mls, Flat Fee MLS, mls listing, real estate marketing
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Flat fee MLS is one of the best ways if you are planning for a sale of your property. Believe me, for I did it and had got a positive result while selling my house. If you want a price that is worth your home or you are in search of home owner rebates, then the flat fee MLS is surely going to help you in a big way.
Some of the advantages of flat fee MLS are as follows:
1) It is comparatively cheaper to the traditional real estate listing.
2) You can share wide information about the property you are intending to sell
3) The viewer will be able to see the property live as it allows posting of photographs
4) The people from the real estate will also be aware that your home is under the ‘for sale by owner’ category. This makes the sale faster
5) You will have the option to post open houses too through flat fee MLS
6) On sale of your property, you are not required to make payments to the agent of the buyer.
7) There is also no question of payment to the agent of the seller
Try it now!
By Manager
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Posted in Find Real Estate, Flat Fee MLS, For Sale By Owner, agent, discoun mls, discount MLS, discount MLS broker, flat fee, flat fee MLS companies, flat fee MLS listing company, flat fee mls broker, flat fee mls company, flat fee mls listing, flat fee mls providers, for sale, home buying rebates, home for sale
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Tagged flat fee, Flat Fee MLS, flat fee mls agent, flat fee mls online, For Sale By Owner, MLS, Real Estate, real estate agent
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When people like you decide to sell their home, they find that they have a few different options. They can sell on their own and worry that people won’t find out that their home is on the market. They can sell with a real estate agent and know that people will be aware that their home is available but have to pay a 3% commission to the agent who listed their home. Or they can sell with flat fee MLS.
With flat fee MLS, there’s no guesswork about whether or not people will know that you’re home is on the market. Just like with selling with an agent, your home will appear in the multiple listing service database – you just won’t have to pay a commission for listing it there.
With flat fee MLS, you’re selling on your own, but people know that your home is on the market.
In other words, with flat fee MLS, you don’t have to wonder whether or not buyers’ agents will know that you home is available for their clients. With flat fee MLS, you won’t have to worry that buyers who are searching for a home online won’t know that your home is on the market. And, if you take advantage of marketing tools that are available, you’ll know that you’ve got flyers, lawn signs and even newspaper ads to market your home in your town.
Flat fee MLS takes the guesswork out of home exposure.
Flat Fee MLS & Realty
See how flat fee MLS exposes your home to the market.
Internet Home Services Real Estate Blog
New laws make the home listing process more confusing
Minimum service laws have now been passed in over a dozen states across the nation in efforts to slow the evolution of flat fee MLS companies and limited service providers. Even though these minimum service requirements vary from state to state, the result is the same, leaving consumers confused and curious. Laws are requiring listing brokers to disclose which services will and will not be provided, consumers to waive services unwanted, or mandating agents perform specific services. The shameful reality is "we all know the real issue is protecting…the full service agencies from these so called ‘limited service’ providers," as stated by Brian Jones of Century 21. These laws are detrimental to the end user, and not protective of consumers in the least bit – the waters are only muddied with increased paperwork and industry jargon. These dubious laws have gotten the attention of the Department of Justice who is working to determine what effect this will have on the competitive nature of the industry and overall consumer choice. The bottom line is consumers need to be heard!
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New laws make the home listing process more confusing
Minimum service laws have now been passed in over a dozen states across the nation in efforts to slow the evolution of flat fee MLS companies and limited service providers. Even though these minimum service requirements vary from state to state, the result is the same, leaving consumers confused and curious. Laws are requiring listing brokers to disclose which services will and will not be provided, consumers to waive services unwanted, or mandating agents perform specific services. The shameful reality is "we all know the real issue is protecting…the full service agencies from these so called ‘limited service’ providers," as stated by Brian Jones of Century 21. These laws are detrimental to the end user, and not protective of consumers in the least bit – the waters are only muddied with increased paperwork and industry jargon. These dubious laws have gotten the attention of the Department of Justice who is working to determine what effect this will have on the competitive nature of the industry and overall consumer choice. The bottom line is consumers need to be heard!
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Flat fee MLS changing the field
The Multiple Listing Service (MLS), the internet, and a For Sale sign are the three most important marketing aspects to getting your home sold.
Real estate commissions have always been negotiable, but now flat fee MLS brokers and discount realtors have added some pressure to the real estate commission structure. Home sellers can eliminate a minimum of 3 percent in commissions by eliminating a listing agent - in the traditional sense. Flat fee MLS companies serve as a licensed agent willing to list your home in the MLS for a one-time low fee.
The MLS will provide marketing exposure you cannot otherwise attain as a for sale by owner. The home will receive exposure on hundreds of real estate related websites, like Realtor.com among a plethora of others. And agents cannot by law refuse to show homes listed by another agent because of anti-trust laws. If this does occur you should report such instances to the DOJ.
Even with discounters and flat fee you can publicize open houses, but only 3-4 percent of sellers find a buyer through this avenue. So don’t let a traditional agent convince you of their value because they will host open houses. Is a 3-4 percent success rate worth thousands of dollars? I didn’t think so.
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Internet ads increasing, print ads decresasing
A new television commercial addresses the rapidly changing marketing methods used by real estate agents. When the agent is asked by the home owner what papers the home will be advertised in, the agent responds by saying "54 percent more people today use the Internet over newspapers to look for homes." The agent says she will use multiple photos and an in-depth description in the home’s online listings. As the trend changes toward online advertisement, sellers have to ask themselves what advantage a full service brokerage offers them.
With most metropolitan MLS’s listing information is displayed on a bevy of public websites like Realtor.com, Yahoo!, MLS owned regional websites, and other brokerage websites. If a detailed description and multiple photos are the extent of what a full service broker is going to offer with their listing, then flat fee MLS is the best alternative. With most flat fee MLS companies a seller can customize their own MLS description as well as the description that appears on Realtor.com, add multiple photos, and get realtor assistance as it is needed. You can receive all of these services for a fraction of what it would otherwise cost with a full service agent offering the same marketing methods. It is an absolute travesty that multiple photos and an “in-depth” home description warrant a home seller to pay 5-6 percent in realtor commissions. Moreover, it is utterly unbelievable that state senate continues to pass laws eliminating low cost alternative models. There does not seem to be a better example supporting the need for competition than this 30 second commercial. There is just no way any agent can justify the listing fee they receive to simply put the home in the MLS and add photos. Consumers need to speak up and contact local government to ensure they do not fall victim to anti-competitive laws.
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Another state eliminates consumer choice
The decision of the Michigan State Senate to pass the DOJ opposed bill effectively removes the opportunity for home sellers to take advantage of low cost real estate alternatives. The new bill mandates licensees who enter into service agreements with clients must provide certain services for that client, including acceptance and delivery of offers and counteroffers; assistance in developing, communicating, negotiating and presenting offers, counter-offers and related documents or notices; and furnishing or causing to be furnished a complete and detailed closing statement.
How can laws be passed that stifle competition? The notion that these limited service laws are created out of concern for consumers is absolutely ludicrous. Even though proponents of these minimum service laws maintain that the laws remain neutral with respect to alternative models, that just is not true. The laws increase both the responsibility and liability of the listing broker forcing a change in the existing structure and business model of limited service brokerages. These brokerages include flat fee MLS companies and other discount brokers. Consumers should be empowered with choice and these laws do the opposite. These laws will most likely lead to an increase in fees associated with the home sale.
Enough just cannot be said about how outrageous these laws are!
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The future of the real estate industry
Is there an easy answer to the question about where the real estate industry is headed? It doesn’t seem that way at this point. With the anti-competitive legal battles continuing between the DOJ and the National Association of Realtors (NAR), it’s hard to determine exactly what the future may hold. Although, it seems NAR is not going to lie down and allow flat fee MLS and discount brokers to have the same effect on their industry as discounters had on the stock brokerage and travel industries. But, lucky for discount brokers, it seems this is a double edged sword for NAR, as the harder they fight the more press they draw to alternative listing models, the outrageous commission structure that has been in place forever, and "fixing" that seems to take place in real estate. Isn’t weird that, theoretically, an agent is doing the same work for a $100,000 listing as they are for a $500,000 listing but will be compensated five fold for the latter? As flat fee MLS companies and discount brokerages continue to assume a larger market share, one must wonder if NAR is fighting in vain to prevent change. A homeowner should be afforded the opportunity to decide what services are needed in order to sell the home, not obligated to sacrifice 6 percent for a bundle of unwanted services. It is no secret that the exposure created through an MLS listing cannot be attained as a for sale by owner, so why not allow consumers to utilize a real estate professional who is willing to unbundle the services and offer them on an a la carte basis? To me it’s simple, NAR is attempting to eliminate competition and it is up to consumers to voice their opinion and concerns. Don’t get stuck without a choice!
Maximize your marketing efforts without sacrificing thousands in commissions
A recent article published by CNNMoney.com provided tips for home seller and home flippers, but to my disappointment was very outdated and stale. As a proponent of choice and alternative to the traditional real estate model, I had to completely disagree with the advice to hire a full service agent. One thing I do think she was right about is homeowners "hate the idea of parting with 6 percent of [their] home’s value." Especially when there is growing awareness of discount realtors and flat fee MLS companies that serve as a much better avenue for home sellers to capitalize on marketing exposure in a "tougher environment" while maximizing their equity. When a home owner has to fork over 6 percent of the sales price of their home at closing you better believe that is being reflected in the asking price, which as the article stated is the most important aspect to getting the home sold. Because flat fee MLS charges a low, one-time fee to list the home in the MLS, homeowners are saving 3 percent at a minimum during the sales transaction freeing them to price their home far more competitively than anyone listed with a full service broker.
While a full service agent may run classified ads or send postcards to neighbors, flat fee brokers provide an MLS listing whereby the home will get the same marketing exposure through public websites like realtor.com for the low fee freeing up additional pocket change for the seller to run ads themselves where they have the opportunity to attract unrepresented buyers and save on the full 6 percent of broker commissions. As the industry continues to see lower sales prices, sellers should be encouraged to seek alternative models that provide similar exposure without sacrificing thousands in commissions.
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Think-tank deliberates over the future MLS structure
From a consumer stand point both home sellers and home buyers would stand to be the benneficiaries of increased marketing exposure through a nationally consolidated MLS. The only problem is brokers are requesting protection of information and content which not only hurts a seller wanting public exposure but limits the exposure brokers would get from there own listings. But it seems if there is one constant in real estate it is agents love "to shoot themselves in the foot." In the last year the Department of Justice has questioned and filed suit against the National Association of Realtors regarding property data and the control of such information. NAR has only brought more attention to its "anticompetive" policies recently by implementing minimum service requirements of a broker listing a home. The suits filed by the Department of Justice have raised consumer awareness of alternative listing models bringing attention to the current MLS structure, commission structure, and restrictive display of information. Flat fee MLS companies and real estate discounters are gaining market share all the while thanking the broker associations that got the attention of the DOJ. A nationally consolidated MLS could benefit the masses if created as a consumer-friendly database that is broker controlled.
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