Flat Rate Real Estate Facts
What is a Flat Fee Brokerage Service?
Flat rate brokerage service is concept where the services available by a brokerage are unbundled completely or bundled into packages offering a wider variety of options to you, the home seller. You pay for the services you need or want without having to purchase the services you do not want (unless required by TREC). In traditional brokerage service the home seller will pay a percentage at closing for the brokerage services whether they used all of the services the broker can provide or not.
How does the MLS work?
The MLS was created by real estate professionals as a method to share information about available properties with one another as well as information about the commission that is being offered to the buyers broker. It is the most power tool for marketing residential properties available. The public is unable to list property in the MLS without the assistance of a Real Estate professional who has access to the MLS through their professional licensing.
The definition of MLS according to wikipedia is “A multiple listing service (MLS, also multiple listing system or multiple listings service) is a suite of services that enables real estate brokers to establish contractual offers of compensation (among brokers), facilitates cooperation with other broker participants, accumulates and disseminates information to enable appraisals, and is a facility for the orderly correlation and dissemination of listing information to better serve broker’s clients, customers and the public. A multiple listing service’s database and software is used by real estate brokers in real estate, representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller’s broker in finding a buyer for the property or asset. The listing data stored in a multiple listing service’s database is the proprietary information of the broker who has obtained a listing agreement with a property’s seller.”
How does the Multiple Listing Service help me?
It puts your home in front of buyers who are working with realtors to find a home PLUS buyers who are searching for homes to purchase online without the help a Realtor.
Why do you need MLS?
You will significantly increase the number of people who know your home is available for sale if you list in the MLS: MLS is generally referred to as the real estate market. Being listed in MLS means all the area real estate agents can find your home in their MLS database, and all the buyers can find your home when searching on Zillow ®, Trulia® and thousands of other websites that display MLS listings. The MLS is responsible for over 90% of all home sales.
What is the downfall of doing a For Sale by Owner (FSBO)?
You are limited in the number of buyers you are able to reach, you don’t have access to the MLS and you are seen as less serious in your efforts to sell your home. Also, you have less comparative data available to you to help price your home appropriately for the market.
What are the benefits of a Flat Fee Realtor vs Full Rate Realtor?
You save money and you actually get the services you are paying for. Whether you decide to go with our basic package or our top package, there is a menu of services that Solid will provide to you. If you do not see a package that fits your needs CALL US! If your suggestion make sense for both parties, we would be happy to do business with you!
What written information will I need to provide to Solid Realty Group?
- Written description of your property
- MLS data input form
- Showing Time Instruction Form
- Property Survey
- Seller Disclosure Notice
Why are pictures necessary on MLS?
At least 3 of photos are required by the MLS. Homes with few photos or photos that do not accurately represent the home get passed over while buyers are doing their online home searches.
Why do I need a lockbox?
Other realtors will use the lockbox to access your home, this is the realtors full time job, they work around the schedule of their client, the buyer, when their client is ready to view homes the homes need to be available, using a lock box will allow you to make the home available regardless of your schedule.
Should I do my own home inspection before I list my house for sale?
A pre listing home inspection can show you what problems there currently are with your home so you are not hit with surprises after you have negotiated a sales price and the buyer comes back with their inspection wanting items repaired. It is not necessary but it can be helpful.
We always recommend our buyers get a home inspection. In fact, we require our buyers to sign a buyers home inspection form if they do not choose to get a home inspection done. They will also need to sign a Buyers Final Walk Through Form before closing that also indicated they chose not to get the home inspection done.
How can I properly stage my home for sale?
Please see our page on preparing your home for sale. Everything you need to know is listed there.
If you still feel that you need more help with staging after reading these home seller staging tips and conducting a virtual consultation with a Solid Realty professional, then we are happy to give you the contact information for a professional home stager in your area.
Can I list my property in more than one MLS?
The short answer is yes it is possible to list your home in more than one MLS system.
How do I set up a showing if I use a flat rate listing service with Solid Realty Group?
If the prospective buyer has a real estate agent representing them the real estate agent will set up the showing usually through CSS who will contact you, to make sure the home is available to be shown.
If the buyer does not have a real estate agent representing them, you can agree to show the buyer yourself or request that they have a real estate agent accompany them in order to view your home.
Should I stay in my house for a showing?
If the buyer is accompanied by a real estate agent NO, you should not. If not, then yes, you should be prepared to show the buyer around your home yourself.
Can Solid Realty Group represent me if I want to buy a new home?
Yes. Not using a buyer’s agent can hurt you. Remember, the seller agent represents the seller, NOT YOU!