What exactly is a flat fee MLS listing?
A flat fee MLS listing or an “entry only” listing is marketed in the MLS without the representation of a seller’s agent. You, the seller, manage the transaction as a for-sale-by-owner deal. Your responsibilities include, but are not limited to, showings, open houses, questions, negotiations, offers, and contracts. A flat fee listing appears in the MLS the same as a full-service listing.
While the MLS requires you to offer a commission to a buyer’s agent in a flat fee listing, this type of listing saves you half of the cost of a traditional full-service listing. Potentially it can save you the amount of a full commission if the buyer is not represented by an agent as well.
What are the duties of a flat fee listing agent?
A flat fee or entry only listing agent lists your property in the MLS for a flat fee with no commission earned. The flat fee listing agent performs any edits, forwards all leads, and keeps the MLS updated. In order to keep the properly MLS updated, you must notify your flat fee agent as soon as you receive a signed offer, or purchase and sales agreement, and as soon as papers have passed.
Total commission savings
|Sale Price||Traditional 6%||Buyer’s Agent 2%||Total Savings|
This is an example of the savings between a traditional 6% Full-service Listing and our FSBO Flat-fee MLS Listing. The MLS requires you to offer a buyer’s agent a commission, typically between 1%-3%. Although we use 2% as an example here, you are allowed to choose the amount. You do not pay a commission if the buyer does not have an agent.