Flat Fee MLS. Any recommendations?

Question

Hey BPers,

I would like to know if anyone has used a Flat Fee MLS to sell their property?  Any recommendations of which company you used? 
Looking for sites with the easiest access. Meaning, posting more than 4-6 pics, adding and changing open house dates. Things like that.
I have a great attorney who handles dealing with the bank, title, offers...
Thanks

Account Closed · Answer

So many of the sites, including  http://www.tucsonflatfeemlslisting.com/
do not make clear that there is (probably) a requirement by the person who actually does the listing that the seller sign a listing agrement with that listing person. 
http://www.tucsonflatfeemlslisting.com/ finally mentions it in the terms of service this way: "Neither TucsonFlatFeeMLSListing.com nor FSBO MLS Listed, LLC are a party to the listing agreement unless specifically signed by an authorized representative of the company"...
they go on to say, "...Customers should confer and confirm terms with the local affiliate before signing the listing contract. MLS Names are trademarked names used for description purposes only. There is no ownership, endorsement, or affiliation with these companies or trademarks.  Neither TucsonFlatFeeMLSListing.com nor FSBO MLS Listed, LLC own or operate the Licensed Real Estate Agency which will provide this service.  An Independent licensed real estate broker serving your area will be providing the advertised MLS Listing Services. Additionally, the MLS service may or may not be the main MLS system for the customerâ€™s property being listed and it is up to the customer to be sure to their satisfaction that the MLS service being offered to list the property for sale."
So you have to pay BEFORE you can read t he contract, and it is very difficult to get a refund (minus $95 at least.) To me, that's not being open, aboveboard, honest and forthright.
I did find "At Home Tucson Realty" and just sent an email to him about the listing contract/papers. 
If that doesn't work out, I'll look for others in Tucson and also try the Buyself site. 
Thanks, Byran.

Joel Owens · Answer

Oh please don't get the value of a broker/agent debate started again. It gets really old.

Bottom line is some sellers are professionals and sell many homes and some are not.

When a broker/agent sees that a MLS lister put in the MLS they know 2 things.

1. They will not be dealing with another broker/agent for a high chance of a smooth closing on the other end.

2.They know that many times the MLS lister will be nowhere to be found.They got their money and could care less. This leaves the buyer broker/agent in a compromising position with the seller.

This can create an unintended "implied agency" with the seller when you represent the buyer.

There are plenty of MLS listed property companies out there.

If there is a listed property with a broker/agent giving full representation on the listing side with a similar priced house and co-op the broker/agent will take the path of least resistance.

Michael Quarles · Answer

Think of it like a dance.  Naturally a professional can take a non professional onto the dance floor and dance.. There will be some feet getting tangled up and frankly the professional wont look at good and wont be as satisfied as they would if both danes were professional dancers.

Not to mention the fiduciary responsability the agent who is representing the buyer has to the seller.

BTW I am all for hiring the Flat fee agent in certain markets. Just not the one we are in.

Michael Quarles · Answer

In the Broker world there is a HUGE difference between Required Governmental Disclosures and those "required" by the Brokerages. About the difference between 3 or 4 forms and 40 -50 forms

Absolutely you will have an agent show a non listed home. The issue is how strongly they convince their buyer not to buy... Those who are strong enough will have you sign a listing agreement prior to showing your home even if the listing agreement was for that buyer or that showing time.

In that case youre paying full commission.

The reality is Agents have a lot of pull on the buyer pool. DOnt discount that fact and reality also shows that a Listed home sells for more than an unlisted one.

Back to the fee for service listing. As a Broker I use to own a Flat Fee Service. In a Sellers market it makes a ton of economic sense however in a buyers market it doesnt.

IMHO

Michael Quarles · Answer

One important consideration to ponder prior to using a fee for service company is that most MLS' require the listing office to indicate within the listing information the scope of services included within the listing.

Limiting the scope of service tells the selling agent that the documentation aka disclosures required by the Brokers from the seller will now have to be written by the selling agent although that selling agent isnt being compensated for that duty. Thus some selling agents will not write offers on these types of listings or becasue this type of listing is an open relationship they will require you to pay the traditional commission for the transaction.

Certainly you will eventually sell your property as long as it is priced right. However this business is all about turning our resources, one of which is time. If you listed it with a top rated full service agent at 95% value I bet within a years time the extra 3 % plus 5% discount will be more than offset by the turning of resource.

Account Closed · Answer

ofgift:

what's wrong with this site??

http://www.tucsonflatfeemlslisting.com/

Account Closed · Answer

a flat fee guy here charges me 199 bucks...i get 8 photos, and he puts in onthe mls, as well as several other websites..i'm sure if you google flat fee and your city, optinos like this will pop up

Account Closed · Answer

I'm in NJ so this may not be helpful, but before you sign any agreement to list even Flat fee, why not just ask them for a copy of all the paperwork? In NJ no MLS will allow you to list without filling out their listing agreement, and every MLS has a different form. Most MLS listing agreement has language about agency relationship, compensation, dates the agreement begins and expires, and most importantly how many days after the listing expires can you still owe the broker a fee in case someone tries to go around the broker. Many Flat Fee brokers also add additional agreements to protect themselves. My brokerage offers flat fee and our agreement is 2 pages long. I met an investor who used one of our competitors and their agreement is 29 pages long plus they charge for every little change or extras. You should find out what the paperwork is and what exactly they will do for you for the flat fee before signing on. Good luck!

Account Closed · Answer

Other than your saying "In the Broker world there is a HUGE difference between Required Governmental Disclosures and those "required" by the Brokerages. About the difference between 3 or 4 forms and 40 -50 forms"
Okay, I did not know that.

Other than that, what am I not understanding? 
If I pay a flat fee lister to put the house on the mls (and websites), and I am offering a 3 per cent commission to the agent who brings the buyer, PLUS a bonus for his pocket, why would they talk a person out of buying my house? That agent would be paid the commission at closing by the title company. Either I would, or the title co would aslo pay the bonus I stated I would pay.

"As a Broker I use to own a Flat Fee Service. In a Sellers market it makes a ton of economic sense however in a buyers market it doesnt. "

You may be absolutely right. We are just entering our buying time. It will run several months. Houses seem to stay on market about 2-3 months now. If it doesn't sell, I have an agent in mind to list with. 
On my previous FSBO, I took 12% less than my asking price, rather than local standard of about 18%. I thought that was pretty good. 
I appreciate your points and will keep them in mind.

Account Closed · Answer

Interesting point.
Some states (AZ Included) has the disclosure forms on line, so maybe that isn't a problem. I also used my own contract and title company without a problem. I did sell to a not agent represented couple, and used guidance from the title company as to what they (title co) needed. 
Perhaps in the notes for agents, it is possible to indicate that the seller has the disclosures (and contract).
I also have hoa stuff to include.

several agents did show my house. One offer came in via agent, then buyer pulled it. The size of my house was a consideration, I think, even though that was taken into account in pricing. Even the people who bought it said though they wanted a bigger house, they wanted to stay in the neighborhood more.

Flat Fee MLS. Any recommendations?

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