It’s important to start by saying that there are numerous terms used to describe different types of agents, products, and solutions. It’s very important to ask the right questions to fully understand exactly what you are getting for your money. Today we’ll discuss a topic that is often misunderstood: Flat-Fee MLS Listing.
I’ll start by saying that selling your own home, for sale by owner (FSBO), is extremely difficult. One of the biggest disadvantages of FSBO is the lack of exposure you have to the biggest pool of buyers… MLS. Your local real estate board sponsors the Multiple Listing Service (MLS) for your area. This space is where nearly all homes are listed to be bought and sold in nearly every market in the U.S. The ONLY way to get your listing on MLS is to hire a real estate agent to do this for you.
This is where a ‘Flat Fee MLS Listing’ comes in to play. When you want to sell your own home, but you also want exposure to MLS, you can hire a local agent to list your property on your local MLS for a modest flat fee. This is also referred to as “entry only” onto MLS. It’s VERY important to understand that the broker/agent does not represent you, work for you, they don’t market your listing, they don’t assist in negotiations, nor are they responsible for the information they’re given. The ONLY role they play is entering your listing into MLS and updating the status of your listing along the way.
This means you as the seller are responsible for: the accuracy of the information in the listing, showing the property, negotiating contracts, navigating the sales process, negotiating repairs/amendments, inspections, appraisals, final walk-throughs, and closing.
While we highly encourage everyone looking to sell them to hire a full-service listing agent, we understand there could be a reason to try and sell on your own. If you decide to go the FSBO route, you’d be doing yourself a favor by getting your property listed on your local boards MLS.
Before considering selling on your own, consider a real alternative to a traditional full-service listing. Find out how Texas Roadrunner Realty is different by checking out our frequently asked questions
or reading our reviews