What Is Flat Fee MLS Listing
The typical full-service listing process is when an owner pays a commission fee (which is typically 6% in Georgia) to a listing agent for selling their property. If a buyer has an agent, then the buyer’s agent receives 3% of that commission fee for finding the buyer. If the owner is renting, then they usually pay one month’s rent to the listing agent for renting their property. If the renter has an agent, then the renter’s agent receives a percentage of the first month’s rent which is determined by the listing agent.
In the real estate industry, flat fee refers to a property owner entering into an "à la carte” limited service transaction agreement with a real estate brokerage firm. The broker accepts a flat fee and/or a smaller commission fee for selling a property rather than charging the owner the typical fees involved with a full-service listing.
In a flat fee, limited agreement transaction if a buyer has a real estate agent, then the property owner will pay the buyer’s agent a commission fee. In Georgia, the amount is usually 3% but the owner can choose whatever commission amount they want to pay the agent. Most owners decide on an amount based on the price of the property. If the buyer (or renter) does not have an agent, then the owner pays no commission fees for this side of the transaction.
The flat fee MLS service has become a popular option with FSBO clients. From a marketing and advertising standpoint, one of the most important features a real estate agent can provide to owners listing their property for sale is having it listed on the MLS. The MLS is and always has been the #1 way to get a property exposed to the largest audience of buyers and renters. No other advertising medium can give property owners this type of marketing exposure.
There are also a number of other important perks, features, and distinctions that come with listing a property on the MLS that no other advertising medium can offer an owner. For example, websites like Zillow and Trulia get the majority of their property listings directly from the MLS databases. These and countless other real estate websites use information from MLS systems across the world. When owners list their property on the MLS, there is no need to post, update or track individual listings on different websites. We use a platform that manages the complexities of online advertising across a wide variety of targeted real estate websites that is only available to real estate agencies.
Also, listing your property on the MLS will allow you to reach the entire real estate agent community with access to people actively looking to buy and rent properties immediately. This is important because many real estate agents are still only showing their clients properties that are listed on the MLS.