What is a Flat Fee Listing in Real Estate?
A FLAT FEE LISTING can be either an MLS ONLY LISTING or a FULL-SERVICE LISTING FOR A FLAT FEE. You will want to make sure you know which one is which when you sign up and what you get for what you are paying for.
To see what an MLS ONLY listing is, please visit the BLOG located HERE.
The flat fee listing option can help save you money with a reduced rate of commission to get your home sold, but you will want to look at the terms. There are companies that charge a flat fee and the payment is due at the closing, but there are companies that collect the flat fee when you sign up for the services and it may or may not be refundable if the property does not sell – typically it is not refundable and not contingent upon the house actually selling. You will want to read through the flat fee contract thoroughly before signing.
Legit flat fee real estate companies do what they promise. They work toward the goal of getting your home sold. They promote it using all the modern tools from social media to email to text marketing, along with open houses, and agent to agent connections. Real estate companies do not want a ton of properties that get listed and then get withdrawn. This will not look good when potential customers do their homework on the Realtor or Broker. Not every property will sell during the contract period, but when more do not sell, than sell under a Realtor or Broker, there typically is a problem with how they handle their business.
What is typically provided by FULL-SERVICE Realtors?
- Property review and pricing
- Sign and lockbox
- Handling and following up from showings
- Open houses
- Review of offers and negotiating/re-negotiating
- Review appraisals and inspection reports
- Monitoring the deal to keep it moving toward close
- Review of title work
- Review of closing docs
- Setting up and attending closings
- Making sure you get your proceeds
- Following up after close to make sure move went as planned
A full-service Realtor does a lot of work. There are more steps and processes that are handled, but that should give you the basics of what is considered full-service.
If you have a question about buying or selling your home, please reach out to Mitten Realty Group at 248-294-7850 or via email at email@example.com
Scott Fader and Gary Brincat
Mitten Realty Group, LLC
Mitten Realty Group is a veteran owned company located in Michigan. Scott Fader and Gary Brincat are two of Michigan’s multi-million-dollar top producers. They have been working in real estate as brokers, Realtors, investors, property managers and real estate company owners for over 20 years. Together they would like to share their experiences, knowledge, success and failures to help buyers, sellers, Realtors, brokers and anyone else in the real estate and business, so that together we can grow as a community.