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  1. #1
    Join Date
    Apr. 22, 2003
    Location
    Lexington KY
    Posts
    542

    Default Flat fee/MLS only Realtors?

    Anyone have any experience listing and selling a property with a limited service Realtor? Basically they charge a flat fee of under $500ish to put your house on the MLS then a buyer's agent calls you directly to set up showings. Sort of FSBO but on the MLS.

    Thinking that we could offer a more appealing list price by saving the $15,000 or so we'd have to give a listing agent, the DH and I took the plunge and enlisted the services of one these to sell our farm. I figured that since I was a Realtor at one point 8 yrs ago (although in Canada) I'm familiar with the process and don't need a Realtor to hold my hand. Also know from experience that pretty much all a full price Realtor will do is put it on the MLS anyway.

    My major worry, especially in a small town like Lexington, is that agents will "boycott" the listing. DH thinks that as long as it's on the MLS a buyer will ask their agent to see it if interested. As a former Realtor the Flat fee/MLS Realtors were just starting to emerge as I left the industry and I know agents were NOT happy about loosing business to them. But really 6% (3/3) is a big chunk of change to hand over.

    I have a bad feeling about it, but agreed to give it a good go for DH. So far it's been on the MLS two days and we have had two showings. The one Realtor did sound very confused and off-put about the listing situation though.


    Anyone have luck using this method of selling? Stories to either put my mind at ease or confirm my suspicions?



  2. #2
    Join Date
    Dec. 31, 2000
    Location
    El Paso, TX
    Posts
    13,297

    Default

    Most flat fee companies still have you pay the buyers agent 3%. If you don't do that, agents will boycott it.



  3. #3
    Join Date
    Apr. 22, 2003
    Location
    Lexington KY
    Posts
    542

    Default

    Yes- we are definitely offering 3%.



  4. #4
    Join Date
    Dec. 31, 2000
    Location
    El Paso, TX
    Posts
    13,297

    Default

    Then they will show it just like any other property.


    1 members found this post helpful.

  5. #5
    Join Date
    Nov. 20, 2010
    Location
    Upstate New York
    Posts
    4,343

    Default

    Another former broker here. I think it depends on where you live. In my neck of the woods, there are still agencies who won't join NAR or the local MLS, and refuse to show any except their own listings. Open listings still exist!

    But I think if it's on your local MLS, and meets a buyer's criteria, shouldn't be any reason not to show it. Consider a broker's open as well, with goodies, and nice complete showing brochure - including lots of details about the barn, working portion, etc. so you don't feel you have to show them the whole property.

    Good luck!
    Being right half the time beats being half-right all the time. Malcolm Forbes



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