Home values rose by more than 20% in 2022 but the biggest update of this year which will change a lot of trends in the industry is – an increase in mortgage rates. With buyers finding it pricey to invest in real estate, trade pundits are touting that now is the best time to sell. According to research, more than 70% of people from all age groups are looking up on the internet to buy and sell properties. It has become imperative for every person working in the real estate industry to have an online presence because that’s where all the action is.
What is the first and foremost task from the time you decide to sell? List on MLS. This is a single most key element that would enable a seller to crack a good deal and sell the property in the shortest period. Here is everything you need to know about the MLS listing.
- How does MLS work?
MLS is a Multi Listing Service that enables buyers to look at all the properties up for sale in their area. The National Association Of Realtors (NAR) has come up with common guidelines which are more or less followed by over 800+ local MLS in the United States. Buyer agents would first check out the MLS of the area before finalizing on any property. It is a consolidated list of all the homes waiting to be sold and you must get done with the MLS listing on a priority basis if you want to move forward with your transaction swiftly.
Now, who can list on MLS? Only a licensed realtor can officially list a property on the MLS. NAR is very particular that only licensed professionals will have access to MLS and no seller can directly list on MLS. Every licensed realtor pays an annual fee to get access. Hence, it is restricted to the industry people only.
- Why should you list on MLS?
MLS guarantees maximum exposure for your listing. The listing is picked up by all the major real estate sites like Zillow and automatically, there is a lot of buyer agent interest generated through it.
Buyer agents also directly get aware of the property for sale and can immediately start the process if they want to lock the deal without wasting any time. Another advantage of going for MLS listing is that buyer agent commissions could be negotiated through this platform.
It rests assured that you will sell your property much faster if you list it on MLS because facts prove that houses get sold 70% faster this way.
- Role of a traditional full-service agent
Up until recently, the most common route for sellers was to hire a full-service traditional real estate agent who would navigate this complicated red tape associated with selling. Typically, around 3% is charged as seller agent commission plus 3% buyer agent commission so the seller in total has to shell out roughly 6% from the total profits. This indeed is a lot of money. But having said that, the role of an agent starts with first listing the property on MLS and ends after closing the deal.
Though expensive, the realtor is in charge of everything related to the selling of the house from start to end. With the growing prominence of the internet, the importance of a full-service agent is becoming less and less as sellers are asking how to get an MLS listing without a realtor.
- How to get an MLS listing without a REALTOR
As mentioned earlier, it is not possible for a seller to directly list a property on MLS without a license. So, if the seller does not want to hire a full-service realtor, the next best option of course is to pay for a Flat Fee MLS service. These companies help you with the listing at a minimum flat fee starting from $99 and will give you additional services like pricing assistance, marketing, professional photographs, closing assistance, digital documentation, and online showings.
It is up to a seller to choose a package from a myriad of different sites offering a Flat Fee MLS service. There are a few considerations like ensuring that there are no hidden charges after closing while choosing a Flat Fee MLS service.
Other than the Flat Fee MLS, other options for sellers are to go for a discount broker or a low-commission real estate agent. While a discount broker will charge you around 1-2% commission, a low commission agent will list your property at a much less price than the traditional realtor. Some hybrid model brokerages have gained prominence in recent times.
- Top 5 Flat Fee MLS
The best way to list your property without a realtor is to sign up for a Flat Fee MLS service. Investing in the correct service will not only accelerate your deal but also help you pocket a good percentage of profits. It is tricky to choose a service to suit your needs. Here is a list of the Top 5 Flat Fee MLS sites today in the United States.
- Houzeo
Super-fast listing, competitive pricing, and the best part: no hidden charges. In addition to this, Houzeo’s USP lies in its technologically advanced interface. Houzeo’s package at $349 will give you an MLS listing in less than a day, digital documentation, 24 photos, unlimited listing changes, plus free syndication with all the major real estate websites for max exposure.
Their premium packages have features like online showings, 4D visual tours, closing and pricing assistance, custom yard sign, and online management of offers. You can checkout Houzeo reviews
- Beycome
Beycome has something for everyone. Their basic package starts just at $99 and goes on to $599+1% commission for their highest package. Beycome has a major online presence and sellers can handle everything in a few clicks while sitting in the comfort of their houses. Plus, they have a feature to make unlimited changes to listings and a good facility to manage open houses online. One problem with Beycome is that they demand a $25 cancellation fee if you opt for their basic plan of $99.
- Flat Fee MLS Realty
Flat Fee MLS Realty offers three packages starting from $99-$399 and offers free listing changes. They also send all the permissions, disclosures, and other key documents online to the sellers who can review, sign and submit them online. This saves a lot of legwork on the part of the sellers. There is also a provision that Flat Fee MLS Realty offers you. Your listing is live for an unlimited period, which is a great thing because it increases your chances of selling.
- Homecoin
Homecoin is for FSBO sellers who are on a tight budget. The basic package is for $95 which offers to list, free cancellation and 25+ photos to be added with the listing which is live for about a year. There aren’t many options to look beyond this scheme in Homecoin.
- Congress Realty
Congress Realty is one of the most known brands in the field of real estate. They have a great reach and a good name in the business, which always helps to crack a good deal. Congress Realty has packages starting from $299 and their most expensive package is priced at $399 which is marketed as a full-service package. They give great support but they are not very hi-tech and this might pose a problem to today’s sellers looking forward to selling using for sale by owner sites.
- Conclusion
To sum up, Flat Fee MLS is the key to listing your house without a realtor. There are many options to choose from but sellers should consider the price points, services provided, technological support, and reach when choosing an MLS service. Houzeo checks all these boxes and is ranked well on Trustpilot too.
With changing market conditions, it is only prudent for sellers to act fast to list their homes with immediate effect.