Flat fee service

[David Jennings]

I have been thinking about using a flat fee service (MLS) to sell my first flip. I would like to hear the good and bad of these services and any recomendations. Thanks Dave

[Jonathan Minerick]

In general, the big things you want to look for in a flat fee listing are:

1. The listing MUST be on the local MLS.
There are hundreds of MLSs in the US. Sellers want to be on the MLS that covers the area where their home is located, so they can offer a commission to LOCAL buyer agents.

2. Cost to list + changes to listing.
Can range from $100-$400 for the exact same listing on the MLS. Watch out for fine print that requires an additional fee at closing. Make sure you are able to make changes to the listing after it has been posted for a nominal fee.

3. Photos on MLS.
Make sure you can upload at least a dozen photos.

4. Length of Listing.
Get at least a six month listing and be sure that there is no charge for cancellation.

5. Fine print.
You should never be required to use any closing service (e.g. escrow) provided by the flat fee service agent. This is a violation of federal law.

Ultimately, we've found that the three most important things when listing a home are 1) price, 2) pro photos, and 3) offering a fair buyer agent commission on the MLS (typically 2.5%).

Let us know if you have any questions!