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.
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The real estate market is an interesting thing to take a closer look at. There are cycles. There are times when the market favors the buyers, times when the sellers are the ones who benefit. There are times in which prices are great and there are times when investments pay off.
One thing that often doesn’t change is the way in which real estate is bought and sold – with one obvious exception: flat fee real estate.
In the past, buyers had two options for getting into their dream homes: they could work with a real estate agent who would do a lot of the work for them or they could go it alone. Likewise, sellers had two options: FSBO – selling their homes entirely on their own – or selling with a listing agent. Flat fee real estate changes things up a bit for both buyers and sellers.
For buyers and sellers, flat fee real estate creates the ability to have the support they need without having to sign on and work with a real estate agent. Flat fee real estate creates an opportunity for buyers to save when they purchase a home and for sellers to save while selling their home and still being able to take advantage of the best marketing tools and the tips that can guide them through the process of selling their homes.
Ultimately, flat fee real estate services allow buyers and sellers to have it all: independence, help when they need it and the chance to save in the process.
When you hear about flat fee realty, a lot of the times it’s in reference to flat fee MLS listings and associated services for sellers. But homebuyers can also benefit from flat fee realty services.
Buyers who work with flat fee realty services will be able to take on a part of the work of finding a home – searching for properties online, attending open houses and seeing properties on their own – and, as a reward, will be able to receive a home buyer rebate.
A home buyer rebate is a return of a portion of the buyer’s agent commission on the property. With a home buyer rebate, you’ll save thousands when you buy a home – money that can go toward paying down your mortgage quickly, renovating the property so that it better fits your needs, landscaping or new appliances.
Think that flat fee home buying might be right for you but don’t know how to get started? You can take comfort in the fact that it’s really a simple process.
First, register with IHS Realty. Find the right property for you, schedule a showing, then – when you’re ready to make an offer – complete a purchase form. Your broker will help you to fill out all of the paperwork, make the offer and get the best price on a home you’ll love.
It’s really that simple – see for yourself!
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Whether you are selling your home or looking for the perfect home to move into, the high costs associated with sellers’ fees and buyers’ fees can be daunting. But when you use a flat fee realty service like IHS Realty you will be able to save money.
Sellers can save by listing their home on the MLS without a sellers’ agent. Buyers can save with rebates after closing.
When you sell your home, you want to be sure that you get as much for your home – and to put towards your new home. When you buy a home, you want to be sure that you are able to get the most for your money. In either case, when you cut out the high commissions associated with using a real estate agent, you are able to save. Flat fee realty lets you do just that.
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“Consumer Protection” or “Industry Protectionism”
Brokers in Texas are facing new restrictions on the way they provide real estate services. No longer are limited service and MLS entry-only brokers able to offer an a la carte menu of services to consumers without restriction.
Because of the efforts of traditional Realtors who control the Texas Real Estate Commission and Texas Association of Realtors, legislators were convinced that the public needed "protection" in the form of stricter real estate requirements for real estate brokers.
Senate Bill 810 went into effect September 1, 2005 requiring real estate brokers to, among other things, present real estate offers directly to their customers. No longer do consumers have the choice of paying a real estate broker less for fewer services. Whether or not Texan home sellers want a broker to handle their real estate offer for them or not, they must now agree to allow the broker to present the offer (and, of course, pay for that extra service accordingly).
While the introduction of the new law was couched with the term "consumer protection" by it’s proponents, the obvious intent of these types of measures is protection of the interests of big brokers and their right to a traditional real estate commission of 5-7%. Limited service companies have made terrifc gains in the market over the past several years at the expense of traditional brokers.
So much so, in fact, that Realtor Associations in several states have called for and pushed through legislation on the unwitting public that requires them to pay for additional services they may not want or need. Aaron Farmer of Texas Discount Realty and Jack McLemore of BrokerDirectMLSTexas have both already raised their fees in response to the requirements of the new law.
It doesn’t seem like the consumer wins (or gets protected) when rates for real estate services go up in response to a new law and no benefit is derived.
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