How would a Greenville seller benefit from a flat fee MLS service?

A flat fee MLS service can benefit Greenville sellers in several ways. If you want to save on the cost of a real estate commission, using a flat fee MLS service allows you to avoid the listing agent’s commission (2.5% to 3%) and pay a one-time fee instead. This option is ideal for sellers who have a desirable home in a strong market, as it may attract multiple buyers and competitive offers, even without a listing agent.

It should be noted, however, that on March 15, 2024, the National Association of Realtors (NAR) announced a landmark lawsuit settlement that will change the way real estate agent commissions are handled in the future. These changes will “decouple” seller and buyer agent compensation. Industry experts predict that this decoupling will likely lower agent fees and give buyers the ability to negotiate commission amounts directly. Learn more.

Additionally, a flat fee MLS service is perfect for those who prefer to be very involved in their home sale. Whether you’re experienced in selling homes or simply want to take full control of the process, an FBSO sale could be your chance to shine. However, you’ll need to invest time and energy into tasks normally handled by a licensed agent.

Even with a flat fee listing service, when selling FSBO you’ll typically need to:

1. Use market data to set the best selling price for your home.
2. Write a listing description that appeals to buyers and their agents.
3. Take professional photos of your property.
4. Market and advertise your home.
5. Make the state and federal required disclosures.
6. Coordinate showings and open houses.
7. Review offers and make counteroffers.
8. Negotiate the sales price.
9. Understand and negotiate the terms of your contract.
10. Calculate your closing costs and your net proceeds.
11. Navigate any issues that may come up with the appraisal or inspection.
12. Handle any local real estate transfer taxes.
13. Get the required documentation together.

Pros and cons of using a flat fee MLS listing service

Pros:

• Eliminate the listing agent commission (typically 2.5% to 3%).
• Represent yourself in your home sale.
• Control all aspects of the sale from start to finish.
• Pay known costs for the listing service upfront.
• Get your home listed on the MLS and third-party websites.
• Helps expand your exposure to traditional buyers and their agents.

Cons:

• You’re still required to offer a commission to the buyer’s agent.
• You’ll be responsible for handling any issues that may delay or kill the deal.
• It’s a self-serve process that you’ll navigate without the guidance of a local expert.
• You may be exposing yourself to liability claims and other legal risks.
• Your house will likely sell for less than it would with a traditional real estate professional.

How do I list my home with a flat fee MLS service?

Once you’ve decided to list your home with a flat fee MLS service, follow these steps to get your FSBO home on the MLS:

Step 1: Vet the flat fee MLS service: Research the local service you’d like to use, including packages and rates. Look up Google reviews and check out the company on the Better Business Bureau. Know how much information you can list, how many photos you can post, what forms are available free of charge, and what add-ons come at an additional charge.

Step 2: Register and select a plan: Register on the flat fee MLS company website, select the package you want, and pay the upfront fee online.

Step 3: Enter your property information: Describe your property and upload photos. If your service offers it, fill out the disclosure form.

Step 4: Read and sign your listing agreement: Sign the listing agreement. Read your listing agreement thoroughly to ensure you can cancel without penalty and won’t owe a listing commission.

Step 5: Review your live listing: Once you complete your listing, the company will publish it to the local MLS, making it visible to buyers’ agents. It will likely be posted on real estate websites such as Zillow, Trulia, and Realtor.com. Review how your listing displays on these sites to ensure it’s correct and complete.

Are flat fee MLS listings effective in Greenville?

Flat fee MLS listings in Greenville are highly effective because nearly all homebuyers use the internet to search for homes. Online tools and real estate websites rely on local MLS databases to provide the most current listings. Additionally, buyers’ agents use MLS data to find properties that meet their client’s needs, making it a valuable marketing tool for sellers looking to reach a broad audience.

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Alternatives to flat fee MLS services in Greenville:

If a flat fee MLS service doesn’t suit your needs, consider these alternatives:

Option 1: Flat fee agent
A flat fee real estate agent offers to list and sell your home for a flat rate, typically ranging from $3,000 to $5,000. This option provides more control while still offering professional guidance. Be sure to read the listing contract carefully to understand the services included and any additional fees.

Option 2: Discount brokers
You can seek out the services of a discount real estate broker. These brokers accept a reduced commission and provide some of the basic services of a full-commission agent. Keep in mind, that you’ll still need to pay the full buyer’s agent commission. Learn more about the pros and cons of low-commission options.

Option 3: Full-service, experienced real estate agent
List with a local real estate agent who provides dedicated, full services. An experienced agent leverages local market knowledge, connections with contractors, and proven skills to sell your home faster and for the best price.

Will I save money with a flat fee MLS listing service?

Though you will save on commission fees, you might lose out in the long run. Research from the National Association of Realtors shows that FSBO homes sold for around 23% less than those sold by an agent. The median selling price for an FSBO was just over $300,000, while homes sold by an agent had a median sale price of just over $400,000.

While a flat fee MLS can be an effective tool, it’s important to remember that selling your home FSBO could result in less overall profit once the sale is completed.

What if I need to sell my Greenville home fast?

If you need to sell your home quickly, you have options. Consider working with a We Buy Houses company or an iBuyer. These companies will purchase your home in almost any condition, often in just a few days. Be prepared to accept a lower price, as they typically pay less than you would get on the open market. However, when time is of the essence, these can be a good solution.

HomeLight also offers Simple Sale, which can expedite the process or connect you with a local agent to provide more options. Simple Sale ensures a quick sale while giving you flexibility and support throughout the process.

What else should I know about selling a house in Greenville?

While there are no strict rules for using flat-fee MLS listing services, sellers must comply with local disclosure laws. Although not mandatory, hiring a real estate attorney is advisable for FSBO sellers to navigate the complexities of disclosures and contracts and avoid costly legal issues post-sale.

Key points to remember:

• Flat-fee services are paid upfront, regardless of whether the house sells, unlike traditional agents, whose fees are contingent on the sale.
• Some services may change names frequently, complicating the tracking of their success rate.
• Often, these services include the seller’s contact info directly in the listing, shifting more communication responsibilities to the seller.
• There may not be a dedicated individual to assist sellers through the listing service, a stark contrast to traditional agents.
• While flat fee services charge a fixed rate, traditional agent fees can be negotiated.

Ready to sell your Greenville home?

Consider whether a flat fee MLS service is right for you. HomeLight can connect you with a local agent to help you navigate the process and potentially achieve a higher sale price.

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