Recommended Discount / flat fee agents

[Ander M.]

Hello, looking for recommendations from BP users who have worked with flat fee real estate agents or brokers. Are you happy with your decision?  Gotchas? Recommendations for specific professionals would be appreciated. 

[Charlie MacPherson]

Here in MA, "flat fee" agents are typically what we call "entry only", meaning that they list your home on MLS and provide no other services.

That's usually the first step in the 3-step marketing program:

1. List on MLS.

2. Put up a yard sign

3. Pray

The vast majority of agencies, including mine, don't offer this service.

[Jorge Zea]

Look for a local broker (not a referral service) that you can talk to on the phone. Verify licenses (reputable Flat Fee (entry only) broker's websites will have a their licenses listed on the home page of their site. Ask to talk to the broker directly (Some company pay some broker just to use his or her license and run it without licensed supervision.  Sometimes the licensed broker is not involved in the operation (this is dangerous).

Make sure there are no hidden fees, that listing broker doesn't try to collect from buyer or buyer agent, that you get on the local MLS, that you can cancel free, that changes are free,that open house postings are free, that they work on weekends.

[Account Closed]

Self promotion.

[Jonathan Minerick]

Agree w/ @Jorge Zea In general, here's the big things you want to look for in a flat fee listing:

1. The listing MUST be on the local MLS.

There are hundreds of MLSs in the United States. 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. Some services offer a great price, but it's only for 1 photo - which is not useful for most properties.

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. 

We've found that a home selling boils down to getting just three things right 1) get pro photos, 2) offering a fair buyer agent commission on the MLS (typically 2.5%), and 3) price it right, which you'll know once you list (lots of offers = too low, no offers = too high. Either way you can adjust accordingly).