[TrudyM]

Hi,
Did anyone who when they sold their home up north (or west) use a flat fee MLS service? It costs between $300 and $500 depending on the length of listing and if it includes any help like a webpage or more pictures. There is also Redfin that charges 1.5% instead of 3%. Now of course I would still have to pay the 3% to the buyers agent but I mean this is a difference of between 15 and 28 thousand dollars in commission.
If I price it low (interviewed realtors suggestion) and have a professional stager (realtors suggestion) and wait till April (realtors suggestion) it should sell in about a week to ten days, if this summer was any indication.
Paying out a total of $54000 in commissions for a weeks work just kills me. I hate paying the high closing fees, about $20 thousand, as well but those I can't avoid (we have a state tax of 1.78%and county excise etc ).

All advice gratefully accepted .

[pivo]

Yes Trudy; I did in Jersey it cost me four hundred dollars and saved me thousands.
the problem I experienced was that some realtors would not show my house because I didn't list with a listing realtor but I was listed on MLS and all the top listing sites. the realtors will bad mouth and not show homes that are listed on flat fees.
I saved thousands of dollars all it cost me was four hundred to be listed on all websites
and 2 1/2 per cent to their agent.

[TrudyM]

Originally Posted by pivo

Yes Trudy; I did in Jersey it cost me four hundred dollars and saved me thousands.
the problem I experienced was that some realtors would not show my house because I didn't list with a listing realtor but I was listed on MLS and all the top listing sites. the realtors will bad mouth and not show homes that are listed on flat fees.
I saved thousands of dollars all it cost me was four hundred to be listed on all websites
and 2 1/2 per cent to their agent.

Do you think it took more time than it would have otherwise?

I think I may try it when we get back here in April. In the height of the season houses were selling in 3 to 10 days. But who knows what next year will bring. A house down the street went on the market and was shown 15 times in the first two days and had a bidding war. So if some of the realtors don't want to show it then they are not acting in their clients best interest, they would also be turning their back on a huge commission as they would still get the 3% buyer bit.

[pivo]

The buyers should look on the list of houses for sale, and tell the realtor I want to look at this house your house will be listed on all the websites they have, In my case the realtor felt her commission on selling the house was good enough in my case I paid 2 1/2 percent. What happens is the owner of the realty comp. tries to discourage the agents from showing my house but again some agents didn't know I had no listing realtor, It's only a matter of time all listing will go this way, If a person is going to sell their house on flat fees they will save thousands of dollars, I did it and a friend of mine in Jersey did it he saved over twenty thousand I saved over fifteen,

[TrudyM]

I thought maybe money on professional photos might be a good spend.

[gomoho]

Originally Posted by TrudyM

I thought maybe money on professional photos might be a good spend.

Absolutely get professional photos - you need every advantage you can get to catch a buyer's eye.

[John_W]

In Maryland three years ago we went with a discount broker, they charged 5% where as the others were getting 6 to 7%. An agent from another Realtor showed it the morning after we listed and the first viewer bought our home. It was on the market for 18 hours. The buyer had a letter of guaranteed cash payment from Wegmans, so there was no worry about any loan or any other contingency.

I went on the Realtor's website and they had about 35 agents. I looked up the listing for each agent, most had 2 or 3 and one agent had 21 listings. I called that agent and had her list our home.

They had built a Wegmans across the street and the manager was in town for two days, we were the first home she saw on day two and loved our remodeled kitchen. In 2008 we had new white cabinets installed, granite countertops, stainless steel appliances, back splash and recessed lighting. A nice kitchen is a easy sell.

[TrudyM]

I can see why they were impressed.
Besides flat list I could use Redfin they charge 1.5% to list and then of course you have the 3% to the sellers agent.
Location will help I hope.----I hope we have good luck in the spring.
It is taking me forever to declutter and paint and trim. Hired a painter who did a terrible job so now I have had to sand down what he did and redo everything.
We are in one of the most coveted locations in metro Seattle as it is an island in the middle of Lake Washington so one can commute either to Seattle or to Bellevue/Redmond. Has buses from the park and ride that run every 10 min into the city. That said we do not have waterfront or shared waterfront and only a small view just the space needle and city lights.

[Advogado]

Originally Posted by TrudyM

Hi,
Did anyone who when they sold their home up north (or west) use a flat fee MLS service? It costs between $300 and $500 depending on the length of listing and if it includes any help like a webpage or more pictures. There is also Redfin that charges 1.5% instead of 3%. Now of course I would still have to pay the 3% to the buyers agent but I mean this is a difference of between 15 and 28 thousand dollars in commission.
If I price it low (interviewed realtors suggestion) and have a professional stager (realtors suggestion) and wait till April (realtors suggestion) it should sell in about a week to ten days, if this summer was any indication.
Paying out a total of $54000 in commissions for a weeks work just kills me. I hate paying the high closing fees, about $20 thousand, as well but those I can't avoid (we have a state tax of 1.78%and county excise etc ).

All advice gratefully accepted .

I used Continental Realty (a national outfit) and was very happy with the results. I ended up selling the house myself, and thus paid no commission other than Continental's $199 (at the time) listing fee. Under their "basic arrangement", Continental will not only get you on the MLS system (you pay the selling realtor, whatever % you specify-- I would recommend the standard 3% to encourage showings), but Continental also gets your property listed on numerous other internet sites and gives you access to all the downloadable forms you need for the deal. If a prospective buyer contacts Continental directly, the prospective buyer is referred to you. I.e., you will owe no commission if the prospective buyer buys your house unless the buyer is shown the house by a selling realtor. Continental's website is: Flat Fee MLS Their whole operation is very efficiently run. For more details, go to their website.

However, bear in mind that, if you use a flat-fee broker, you will have to line up a title company to handle the closing, document recording, and title insurance. In addition, the flat-fee broker will not advertise your house in the newspaper. You also will have to take your own pictures to post on the internet, write your own property description, hold your own open houses, negotiate the price and contract details, and resolve any issues that come up-- all without a listing broker to help you. I.e., I am not sure that a flat-fee broker is for someone with no understanding of real estate transactions. In other words, using one means that you will have to do the work and incur the expenses that otherwise would be handled by the listing broker.

[TrudyM]

Originally Posted by Advogado

Their whole operation is very efficiently run. For more details, go to
However, bear in mind that, if you use a flat-fee broker, you will have to line up a title company to handle the closing, document recording, and title insurance. In addition, the flat-fee broker will not advertise your house in the newspaper. You also will have to take your own pictures to post on the internet, write your own property description, hold your own open houses, negotiate the price and contract details, and resolve any issues that come up-- all without a listing broker to help you. I.e., I am not sure that a flat-fee broker is for someone with no understanding of real estate transactions. In other words, using one means that you will have to do the work and incur the expenses that otherwise would be handled by the listing broker.

I think I can handle it but was worried that agents might not show it. or that people are uncomfortable looking at a house with the owner.
About 30 years ago I briefly sold real estate. I wrote the contract to purchase on our last two houses myself as the realtor was inept. This area uses title companies for closing. I was in retail management for most of my life and negotiated contracts with vendors for Macys. So skills wise I think I am ok.
I also was thinking of having a home inspection before listing as when my son bought the fact he could look at a recent home inspection made him more comfortable making an offer. Professional photos would be important I would think. I also was thinking of getting a professional looking sign post. Doesn't Continental just provide a sign that goes on wire posts? Here everyone has big wood arm sign posts. I figured I would all told end up spending about $2500 (neighbor said they ran through 100 flyers in the first day as everyone going by stops and takes one)

People I really appreciate the time you took to respond.

[pivo]

This is so easy with a flat fee broker. you sign then your listed on mls every site their is, you take some pictures yourself and post it and you can also advertise yourself. Then when someone is interested the realtot will bring the buyer and you discuss the price, there is no need for an open house, I also advertised it on craigs list got a lot of interestrd buyers, It might sound complicated but so simple , Why pay twenty thousand when you can spend five thousand as I did.

[Indydealmaker]

Just remember that the Listing Broker's part of the fee should be largely for MARKETING. If done properly and aggressively the marketing is what gets your home sold and is worth every penny of the fee.

The actual selling agent for the most part is a taxi driver/order taker. ( I know of what I speak as a former broker)

Getting into the MLS can mean virtually nothing. You are one of hundreds, if not thousands. Marketing your home to the potential buyers before they come to you or your broker is the key.

Visit other open houses and distribute little window stickers on the parked cars with your web address and a very brief description of your home.

Visit major corporations in your area that do a lot of transferring of employees.

Post flyers on bulletin boards in grocery stores, restaurants, hardware stores, etc.

Hand out business cards with your web address to everyone you know.

Target advertising to homes in your area that are likely to from where your buyers may be coming (moving on up).

These are the things you can do that most listing brokers will not. They just publish in the MLS and wait for the phone calls from other sales people.

All this being said, if you are selling a million dollar home, don't be so cheap. List the home and go for the gusto! Just make sure your broker commits in writing to doing the marketing the way you want it.

You may pay $60k in commission. Big deal. Anyone who would pay $1million, will pay $1, 060,000. Then you not out of pocket at all and that is before tax deductions. It is called the cost of doing business. There is NO FREE LUNCH.

If you go to sell your own home, you now have a new full time job. Would you take a job paying you $60k per year? That year is what you could be investing.

Good Luck!

[pivo]

Indy:; most people and friends I know don"t have million dollar homes,
I did not have a full time job selling my house it was listed just like listing it with a realtor and all I did was wait.
If a person is looking for a home in my area or development their realtor will show the listings of homes in my development which I';m included. I also was able to put a house for sale sign on my front window which people see and inquire about it some have even contacted me . Believe me it"s easy no more work than if you listed it with a realtor.
You should know the realtor loses the listing, and selling fees so if you go flat fee they will make it sound like you need them, no way , right now in the jersey area flat fee is becoming the way to sell your home

[Indydealmaker]

Originally Posted by pivo

Indy:; most people and friends I know don"t have million dollar homes,
I did not have a full time job selling my house it was listed just like listing it with a realtor and all I did was wait.
If a person is looking for a home in my area or development their realtor will show the listings of homes in my development which I';m included. I also was able to put a house for sale sign on my front window which people see and inquire about it some have even contacted me . Believe me it"s easy no more work than if you listed it with a realtor.
You should know the realtor loses the listing, and selling fees so if you go flat fee they will make it sound like you need them, no way , right now in the jersey area flat fee is becoming the way to sell your home

I was kind of targeting the OP who was talking about $50+k in commissions. The more expensive the home, the more marketing needed unless there are significant one of a kind features or premium locations. In a healthy market and in a desirable area and in a middle of the road price range, it should be more straight forward.