Smart Ideas: Houses Revisited
What is a Flat-Fee in Real Estate? You might have heard from real estate brokerage firms offering to sell your house at a flat-fee, what this means is you pay a certain fee, typically for them to list the property in the multiple listing service (MLS). Typically, as a homeowner seeking to sell your property you would have to part with for example a 6% commission such that the agent listing your home takes 3% while the agent that brings the buyer takes another 3%. It however comes with diminished services to the seller as usually under this arrangement it is up to the seller to deal with the other issues leading to the sell with the broker only listing the property on their MLS. Once the real estate broker lists your property in the MLS it becomes your responsibility as the property owner to deal with the potential buyer’s agents who will be inquiring about it, signing the contract and finally closing the deal. Normally the flat fee is just for the real estate listing, and unless otherwise you would have to handle other necessities on your own. Traditionally, a real estate brokerage would have catered for not only listing the property but also help in setting the selling price, deal with the property buyers, showing out the property to them, handling negotiations and dealing with the contract among other services. All these services would automatically mean a higher commission usually in the ranges of 5-7%. Worth noting is the advance payment which the seller has to pay the real estate broker under this arrangement for his property to be listed. It is also non-refundable regardless of whether the listed piece of real estate sells or not.
The Essential Laws of Sales Explained
Choosing a flat-fee brokerage service comes with several advantages especially to both the property seller and buyer. It does not necessarily mean the real estate brokerage will refuse to offer other services apart from listing in MLS should you want them to. They can also do other services at an additional fee and so it is a matter of freedom of choice for the seller to pick from a menu of services. It does not limit the seller to listing services only, should he need other services they will be available to him at extra cost.
Finding Ways To Keep Up With Houses
If you are a property seller considering the flat-rate arrangement it is important to first establish the services that come with it and where necessary the additional costs that you may have to add for the other services you might need. While it may be advantageous in situation where you can sell the house on your own and make the most of it, it may sometimes take you a longer time to sell as you would have to do a number of things, which would have traditionally been done by the brokerage, on your own.