|Real Estate Information|
Flat Fee MLS Listings - Is this the future of real estate
Realtors are all a buzz about this new form of listing houses on the MLS multiple listing service. Some feel it creates more work for the buyers agent, while others see this as a way to tap into the For Sale By Owner market.
It use to be when you made the decision to sell your home, you essentially had two methods available to you. You could list your home with a traditional real estate company and pay 6-7% commission or you could try selling on your own "for sale buy owner".
Research shows that nearly 50% of all home sellers start out trying to sell their property on their own. Although some home owners are successful with FSBO, according to the National Association of Realtors NAR home seller survey, only sixteen percent of sellers actually sell their home without exposure on the MLS. And many of them end up giving away their commission savings to the buyer to close the deal.
Realtors tend avoid for sale by owner properties because they are working with buyers and have no written agreement to be compensated. If the seller has not agreed in writing to pay a commission to the agent, the buyer could cut the agent right out of the deal and negotiate directly with the seller. It happens....
With flat fee MLS service, the seller has agreed in writing to pay a commission, usually 3%, to the buyers agent. This motivates Realtors to bring the seller a buyer.
How it works:
Real estate commissions by law are negotiable. In a flat fee listing, the listing agent agrees to a flat fee instead of a percentage of the sale price. This can be anywhere from $300-$600 for the service of adding your house to the MLS. Then you choose how much to pay the buyers agent in commission for bringing you a buyer typically 3%. So in the sale of a $200,000 house you would pay $6,000 plus the flat listing fee, saving a close to $5,700 in commissions. The plus side is in the listing agents contract, the right to continue advertising you house FSBO. So in the event you find a buyer without an agent you save on all commissions and only pay the flat listing fee.
For real estate agents this can be an opportunity to increase revenue by listing more homes. There are many people who refuse to use realtors because of the 6-7% commissions, but are more than willing to pay 3%. With the increase of internet marketing, realtors can reach more people because all they are offering is to list the house on the MLS. Services are minimal and the listing agent really wont be trying to find a buyer for you, but rely on the buyers agents. This allows them to list properties in a larger area and in some cases in other states.
With the increase of house prices, is the 6% sales commission going to survive or will flat fee listings be the wave of the future. Only time will tell...
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Organizing The Information
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Internet & Mortgage Calculations
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The Angry and Sometimes Grumpy Children of the 1950s
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Marketing Your Automated Testing Team
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Credit Repair Companies and Credit Counseling
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Why You Should Invest In Real Estate
Why real estate, or why property, some people ask when looking for an investment. Well, as far as I am concerned, real estate/property investment is, and always has been, the most powerful type of investment for building wealth. It has been said that over 90% of the worlds millionaires got there by owning property. The reason property is such a powerful way to build wealth is due to one key concept: leverage.
Tips on Getting Your Mortgage Loan Approved
What is important to lenders
Negotiating the Real Estate Contract
Negotiation is the process of communication back and forth in order to reach a joint agreement. There is no "one size fits all" strategy of negotiating a real estate contract. Many of our clients have been very experienced negotiators, and we have learned a great deal from them, as well as from books on the subject. We would like to share some of our thoughts on negotiating with you:
Networking - Its Important!
Networking opportunities are everywhere. Dont let them pass you by.
Empire State Building – A landmark
This is a story of structure that remained tallest for 42 years. It is one of the best known structures of the world and has been admired by all of us. So much so that each of us knows its name. This building not only became an icon but a symbol of twentieth century mans attempts to achieve the impossible. But how did this gigantic icon get built- Chandra Bhushan, Architect
The Power of a Home Equity Loan to Pay Down Debt
Households across the country are finding themselves in a similar situation. They lack the financial funds to make the necessary changes to their home and need to find a way to fund upgrades and eliminate debt. A popular way of financing these changes without killing themselves is by taking a home equity loan to pay down their debt.
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