Flat Fee MLS Service: What It Is, Benefits and Costs

June 20, 2024

The rate at which home prices have increased in 2024 has reduced, with several areas witnessing a dip. Nevertheless, the median home price has increased marginally by 3.6% since 2023 to $439,000. So, you still stand a chance to profit from your home sale if you sell now.

But wait. The traditional 5% to 6% agent commission could take away all that profit, leaving you barely enough money to cover the downpayment for your new home. What’s the solution? Flat Fee MLS listing companies.

Listing your home with a Flat Fee MLS service can help you save the 3% listing agent fee. Additionally, you get access to all the tools available to real estate agents at a fraction of the cost, saving you thousands of dollars.

Let’s take a deeper look at some of the best Flat Fee MLS companies and their cost.

What Is a Flat Fee MLS Listing Service?

A Flat-Fee MLS listing service allows you to list your home on the MLS for a flat rate. The MLS is a regional database of homes for sale accessible only to licensed real estate agents and brokers. Properties listed on the MLS get syndicated to top real estate websites like Zillow, Realtor.com, and Redfin, giving them more exposure.

Best Flat Fee MLS Listing Services in America

1. Houzeo

Houzeo.com is America’s #1 ranked Flat-Fee MLS service. The company offers maximum savings, 5-star customer support, and advanced technology. It has 4 affordable flat-fee listing packages ranging from $399+ to $449+.

If you’re a first-time home seller on the MLS, Houzeo’s offer management and showings tool will help you ace your real estate journey like a pro.

2. Beycome

Beycome offers budget-friendly MLS listing packages ranging from $99 to $599. The company offers legal forms, seller disclosures, an open house scheduler, and customer support.

Beycome's Concierge Service provides virtual support throughout the sale process. For this, they charge a flat fee of $599 upfront plus a 1% commission on the final sale price. However, it is currently only available in 11 states.

3. Homecoin

Homecoin is a For Sale By Owner website that offers a single Flat Fee MLS package, priced at $95. At additional costs, you can also purchase their rental lockbox, professional real estate photographs, or signposts at additional costs.

Homecoin is available in California, Florida, Georgia, Michigan, Missouri, New York, North Carolina, South Carolina, Tennessee, Virginia, and Wisconsin.

How Do Flat Fee MLS Listings Work?

With a Flat Fee company, you can list your property on the MLS for a lower cost than the traditional agent commissions. After choosing a package, you provide your property details and make the payment to finalize the listing.

The listing agent verifies the documents and makes your listing live on the MLS. Your property is visible to the buyer agents and is then forwarded to potential buyers.

How Much Does It Cost?

The following costs are associated with a Flat Fee listing:

  • Upfront Fee: It usually costs $300 to $500 to get your property listed on the MLS.
  • Closing Fees: Flat-fee services usually don't charge extra at closing. However, there might be exceptions in some states with minimal service packages.
  • Hidden Fees: Some companies might advertise a low listing fee (like $99) to get your attention. These often come with a stack of hidden fees that can easily add up to $500 or more.

Benefits of a Flat Fee MLS Service

Here are several compelling benefits of using a flat fee service when selling your property:

  1. Increased Savings: You pay a fixed fee to list your property on the MLS instead of paying the listing agent a 2.5% to 3% commission.
  2. Control and Flexibility: You have more control over the selling process. You can manage showings and seek professional assistance for negotiations and paperwork.
  3. Customization of Services: Flat fee companies offer various packages to fit your specific needs and budget. You only pay for the features you will use, saving money on services you don't require.

Alternatives to Flat Fee Listing Services

Flat fee companies are the best option to retain most of your home's equity. But if you’re looking for more assistance, there are several other options:

  • Discount Real Estate Brokers: These brokers charge a 0.5% to 2% commission and offer services similar to traditional brokers. However, service quality may vary.
    • 1% Commission Realtors: Clients save thousands by working with discount brokers who charge just a 1% commission.
    • 2% Commission Realtors: At a discounted rate of 2%, they provide similar services to conventional Realtors.
    • 4.5% Commission Realtors: You can get all real estate services from your agent for a low commission of 4.5%.
  • Full-Service Realtor: Full-service Realtors charge 5% to 6% commission and offer complete in-person support throughout the selling process.
  • Cash Home Buyers: Individual cash home buyers and companies that buy houses for cash make all-cash offers, usually within 24 to 48 hours. Cash buyers let you skip the hassle of listing on the MLS, inspection, appraisal, etc.
  • For Sale By Owner: Free FSBO sites list your home on their websites and assist with paperwork. This allows you to sell your home without paying agent commissions, saving you thousands of dollars. However, you miss out on the benefit of additional MLS exposure.

Bottom Line

Selling your house with a Flat Fee MLS company in 2024 can save you thousands of dollars in commissions compared to traditional Realtors. These services offer cost savings, control over the selling process, transparency in fees, and customization of services.

However, be cautious of hidden fees and research the best Flat Fee MLS listing services to find one that fits your needs and budget.

 

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