The United States saw some astronomical hikes in real estate prices as the world was gripped by the Covid 19 pandemic. In a bid to control inflation, there were some measures taken on a fiscal front. Foremost among that was an increase in the mortgage rates. This move has led to the cooling-off of the real estate market. Housing is becoming more and more unaffordable for buyers hence now is the time to sell off the property you wanted to with minimum expense, pocketing maximum profits. How will the sellers manage that? By going for Flat Fee MLS.
1: What is Flat Fee MLS?
MLS or Multi Listing System is an online platform where all properties which are up for sale are listed. Local realtors control the functioning of the same. Sellers or buyers cannot access MLS on their own without a realtor license because of the Code Of Ethics by the National Association Of Realtors (NAR). So traditionally what the sellers did was sign up for a full-service agent who charged around 6% commission in total on every transaction. This led to a huge dent in the savings of sellers so, the concept of Flat Fee MLS came around.
Here, sellers pay a flat fee, as the name suggests, which is pre-decided in return that the Flat Fee MLS company lists their property on MLS and in addition to this, assists them with other services helping the seller navigate through the complicated waters of real estate. Most companies have a pay-per-package system where Do It Yourself approach is encouraged and sellers pay only for services they need. This creates a win-win situation for all parties involved. So instead of a 3% commission, sellers pay only a few dollars to get an MLS listing which translates to them saving thousands of dollars.
2: Benefits of listing on MLS
Now, listing on MLS is very important for both FSBO sellers and those with full-service real estate agents representing them, the reason being: maximum exposure. There are more than 800 MLS in the country and they are the go-to platform for buyer agents to sour for properties for their clients. Not just this, if sellers sign up for Flat Fee MLS service, their listing gets syndicated with a lot of other most visited sites like Zillow/Trulia. MLS guarantees maximum exposure. Period.
Another advantage of listing on MLS is that investors if they take interest in your property, can allow you to earn profits through cash payments.
It is also proven that properties that are listed on MLS are sold much faster than properties that aren’t. Flat Fee MLS companies list properties within 48 hours or less which automatically increases your chances of selling your property faster.
3: Best Flat Fee MLS Companies in America
Here is a list of the best Flat Fee MLS Companies in America which offer services for the specific needs of sellers. Take your pick accordingly.
Highly rated for its technological support, Houzeo has one of the best ratings for its customer care too. This Flat Fee MLS company gives you an MLS listing at $299 and their premium package is priced at $999. One of the best advantages of Houzeo is that they have no hidden charges at the time of closing and are 100% transparent. Houzeo provides all services of a virtual real estate agent with their premium services. Great coverage, lightning-fast MLS listing, transparency, and app support, are a few salient qualities of this service.
Houzeo reviews claim that the sellers saved thousands of dollars with their Flat Fee MLS service. Houzeo reviews also state that their interface is easy to operate, and easy refunds and quick solutions are their USPs.
List With Freedom
Touted to be one of the cheapest MLS services in the country, their MLS listing service starts at $89 with a basic listing with a single photo and their most expensive package is $295 with additional services like online showings, 4D home tours, etc. List With Freedom reviews suggests that even though it has been promoted as the most affordable MLS listing service, hidden charges to the tune of 0.25% are levied on the sellers. They also have extra charges up to 0/1% which add up on bills depending on the state of listing. Also, there is a $50 application fee which is non-refundable. List With Freedom reviews suggests that even their interface is difficult to use.
Congress Realty is an accomplished name in the business of real estate in the country. They offer a basic package at $299 and an advanced package at $299+0.5% commission. Even though this service is expensive when compared with other Flat Fee MLS sites, it does offer extra features like Comparative Market Analysis Report (CMA) and unlimited changes to the listing. For buyers though the company does not offer much in terms of search features or placing direct offers.
FSBO.com gives you an MLS listing at just $99.5 but it is just that, without any other services. This one is for experienced sellers who are confident about cracking a deal without much support but just an MLS listing. One factor which goes in favor of FSBO.com is that it does not charge extra even though it has limited-service options. Newbies in this field should avoid FSBO.com.
Fizber.com has two main packages: $295 and $395 which offer MLS listing and agent matching services. One pro is that sellers on a budget can avail of this service but the con is that Fizber.com is manual and low on tech. This is a hindrance for sellers who want fast and effective transactions.
To conclude, paying for a Flat Fee MLS service is one way out to save thousands of dollars worth of commission. Not only do the sellers get to control the transaction but also decide to avail services that they need and pay only for that. Furthermore, services like Houzeo help you navigate the red tape associated with real estate in a few clicks while sitting in the comfort of your house. It is easy on the pocket plus it is highly customizable too.