Posts Tagged ‘MLS’

Flat Fee MLS

Flat fee MLS listing gives home sellers an cost-effective method for reaching the most home buyers. A listing in the Multiple Listing Service (MLS) is the best advertising a seller can get. Over three quarters of properties sold nationwide sell through the MLS system. The MLS is to real estate what a stock exchange is to securities.

Getting listed on the MLS wasn’t always as easy as one might suspect. To be able to post property listings in the MLS you must be a licensed real estate broker. Licensing is required in order to gain membership to the MLS. Additionally, most MLSs require membership in the National Association of Realtors® the trade organization for real estate agents and brokers. In the past, a property seller had no alternative other than paying a commission of 6% of the property’s value to a real estate broker in order to gain access to the MLS.

With the advent of the Internet, information about real estate for sale or lease became more readily accessible to consumers. Real estate brokers have come to realize that they no longer control the access to property for sale and lease information in the way they once had. In order to remain viable many real estate brokers have migrated to the Internet and begun offering ‘a la carte’ real estate services and products. One of those services is a listing on the MLS.

Now Internet based real estate companies like Bloomkey.com offer by owner real estate sellers low cost, flat fee real estate selling tools and services including an introduction to flat fee brokers who can provide advertisement in the MLS for a flat fee. With a flat fee MLS only listing on the MLS, by owner home and property sellers handle all other aspects of the sale for themselves while being able to gain access to the valuable pool of ready buyers only available through the MLS. That way they can keep control over their entire real estate transactions, including when the property can be shown, while retaining far more of their home’s equity than sellers paying a full commission to traditional real estate brokers.

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MLS Board Requires Out of Town Broker’s Attendance

Interesting article on Inman News about the Triad MLS Board of Directors (read traditional real estate brokers) in Winston-Salem, NC requiring all member real estate brokers’, agents’ and staffs’ attendance at a training session for using a new version of MLS data input software. Lots of great points and counter-points from the traditonal and alternative model Realtors®.

As I see it, the problem isn’t whether or not Realtors® like Ryan Gehris have successfully represented thousands of sellers all over the country (he has). So obviously, to answer the question posed in one comment, yes, he CAN represent sellers without physically being there or ever visiting Winston-Salem. The problem IS that the Boards that make these decision are, without exception, controlled by traditional, full-service, full-commission local agents and brokers who don’t really care if low cost or alternative model competitors are put out. Heck, they’d probably love it if we quit the MLS over it.

It’s just one more example, and there are MANY, of how subtle rules and decisions affecting all Realtors® get twisted in favor of those with power to make it more difficult for innovative business models and new forms of competition (so that they can hang on to the old ways of doing business in the face of growing consumer dissatisfaction). (whew, what a sentence ;-)

A good portion of the Realtor® community still tend to think in their own terms as to what’s best for consumers. After all, many Realtors® truly believe that a home seller NEEDS and should be required to HAVE to pay for all of the possible services a Realtor can bestow. But, the fact is, that many intelligent consumers have decided that they want something else. NAR surveys showed that between 2002 and 2006, entry-only models had grown from almost 0% to nearly 10% of the market. With the current housing market conditions, you can bet that number’s climbed even higher since then. It’s fast growing for a reason, because it’s what the customer wants! – not necessarily what the Realtor® wants or thinks is best.

As an online, flat-fee broker, I have a degree in Information Systems and, with over 25 years in the business, have attended countless hours of Tempo MLS software training. I don’t say this to be bragadocious, but I doubt there’s anything so complicated as to REQUIRE my physical attendance there next week. If there is, then to piggy-back on Philip’s comments, the software vendors aren’t making the MLS software intuitive and user friendly enough and it must take some kind of ‘expert’ hand holding to figure it out. If so, I blame the Board members who approve such poorly designed software purchases.

In this economic environment I simply can’t believe that a tech-company, MLS software vendor would rather have to pay to send their people to Winston-Salem for a week for this type of training – (so it can’t be their idea). I’m sure they would agree that a webinar is a sensible answer (even for the local Realtor® folks who may have trivial conflicts). Why cause 5,000+- Realtors® to have to gas up their cars, leave their businesses, converge on the Association headquarters, sit in a classroom for hours just so they can ‘learn’ about something they can probably figure out on their own. Especially when a simpler, more time and cost efficient method exists. This is a day trip for me, but it requires an overnight stay for some. Even some local Realtors® will probably have to get babysitters or leave children at home or otherwise interupt a perfectly good day. What a waste…

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Advantages of flat fee MLS for selling your house

Planning to sell your house? Then go straight for flat fee MLS. It will definitely help you getting a buyer who is going to give the price that your house is worth of.  The competitive market of real estate demands a proper marketing of properties. Flat fee MLS listing is one of the best marketing tools to sell your home. It has got several advantages. Some of them are given below:

  • By putting your home in the flat fee MLS listing, you can relax for about 6 months or so as it allows your property to be there on the list for that time period.
  • You can save to a great extent by going for flat fee MLS listing as you are not involving any realtor and paying a flat fee to appear on the list.
  • MLS listing markets your home in a much better way for a large number of people from the real estate world gets to know that you want to sell your property. It saves you from the uncertainty related to ‘for sale by owner’ sign that might not be noticed by a passerby.
  • Above all, it is a cheaper way of selling your home, as Internet is a cost-friendly medium.
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Listing Your Home in the MLS

It used to be that there was only one way to list your home in the MLS: selling with a real estate agent. If you were selling on your own, it used to be impossible to get your home listed in the multiple listing service database – unless, of course, you yourself were a real estate agent.

When your home is not listed in the MLS, it’s difficult to ensure that your property has the exposure that it needs in order to sell. After all, buyers who are searching for homes online tend to look at sources like Realtor.com – a website that features properties listed in local MLS directories. Buyers’ agents are likely to spend most of the time that they are looking for homes for buyers scanning the MLS from their office.

Listing your home in the MLS is essential if you want to sell – and if you’re trying to sell your home, you ultimately want to make the sale.

Fortunately, thanks to flat fee MLS services, those who are selling without the help of a real estate agent are likely to find that they are able to sell with all of the same benefits – but with far less expense. You don’t need to be a broker to list your home in the MLS and you don’t need to work with one either: flat fee MLS lets you sell like a pro while you sell on your own.

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