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Frequently Asked Questions

 

Q.  What is the MLS (Multiple Listing Service)?

Q.  Do I need the MLS to sell or purchase Real Estate?

Q.  What is a Flat Fee Listing?

Q.  What is the difference between selling FSBO and selling Flat Fee MLS?

Q.  Will my home sell quickly with a Flat Fee Listing?

Q.  Can I list my property on Realtor.com?

Q.  Why should I list with flatfeetopia.com?

Q.  If I list my home with flatfeetopia.com, am I listing with a Licensed Real Estate Broker?

Q.  How long does it take to list my home or property?

Q.  Can I cancel my listing upon request?

Q.  Do I have to pay a commission to the buyer’s broker?

Q.  Can I find my own buyer?

Q.  Do I pay a commission to the listing real estate agent?

Q.  How long will my home or property be listed on the MLS?

Q.  What websites will my property be listed on?

Q.  What are the Terms and Conditions and Refund Policy of FlatFeeTopia.com?

 


Q.  What is the MLS (Multiple Listing Service)?

A.  The MLS, or the Multiple Listing Service, is a national network of Real Estate databases, exclusively operated and accessed by licensed real estate brokers, and their licensed real estate agents, within the National Association of Realtors.  There are literally thousands of MLS’s within the United States, each operating within their own designated regions.  Unfortunately, if you are not a licensed real estate broker or agent, you cannot access the MLS, and therefore you cannot view the contact information regarding real estate listings.

Q.  Do I need the MLS to sell or purchase Real Estate?

A.  Yes.  The MLS has always been the gateway to buying or selling real estate.  The statistics show that 80-90% of buyers, use licensed realtors to find a home.  Realtors use only one source for their clients: the MLS.  So, if your home isn't listed within your local MLS, you're missing out on 80-90% of buyers.


But, if you attempt to sell your home or property by yourself and do not choose to add your home or property to your local MLS, and use a website such as ForSaleByOwner.com, then you should know this:  According to the December 2009 comScore Media Matrix Report, that website only hosted one half million unique visitors that month.  However, according to that same report, Realtor.com hosted 5.6 million unique visitors, Yahoo Real Estate hosted 5.1 million unique visitors, and Trulia.com hosted 2.2 million unique visitors.  Therefore, if you attempt to sell your home without the MLS, you are missing out on the marketing power of millions of potential home or property inquiries.  That is the importance of the MLS, and when you list Flat Fee through flatfeetopia.com for a small flat fee, your home or property will automatically be added to those great real estate marketing websites that host several million unique Realty inquiries each month, and you will be able to take advantage of the incredible marketing power of the MLS without paying the high realtor fees of up to 7 %.

Q.  What is a Flat Fee Listing?

A.  It’s simple: flatfeetopia.com offers you an opportunity to save thousands of dollars by listing your home for a small flat fee and allowing the homeowner to perform the duties typically done by the listing broker.  If you choose to list your home or property the way the majority of real estate brokers want you to, then you will pay 6 – 7% to be split between the listing and the buyer’s real estate broker.  By simply choosing to do the things the listing agent typically does, you can save ½ the commission!  If you list your $300,000 home at a 6% commission you’ll be paying $18,000 in commissions.  By listing Flat Fee and only paying the Buyer’s Broker 3%, you will save around $9,000!!!

What's even better: when you list Flat Fee and an individual home buyer finds your house on Realtor.com or any other popular public Real Estate website which showcases homes from the MLS, you could actually sell your home and pay NO Realtor commission.

Q.  What is the difference between selling For Sale By Owner and selling Flat Fee MLS?

A.  Selling For Sale By Owner (FSBO) is very similar to selling Flat Fee MLS. The difference is in how you are directly advertising your home for sale.  Many people are choosing to sell their homes FSBO so that they are not required to pay a Real Estate Listing Broker between 6 and 7 percent of the sales commission.  They simply put a FSBO sign in their yard and begin to advertise in local newspapers and free online classified ads.  As a FSBO, they have decided to do the work of a traditional listing Broker.  That type of work involves marketing their home, speaking with potential buyers, setting up their home for an open house, and communicating with the title company during the selling process.

The downside of selling FSBO is that Real Estate Brokers and Agents who are looking for their client's new home are not browsing those types of advertisements.  FSBO's may receive a few inquiries regarding their home, but the Real Estate statisics show that 80 - 90 percent of homes sold in today's market, are discovered on the Multiple Listing Service, by a licensed Real Estate Agent.

When a home owner sells Flat Fee MLS, they are are choosing to retain their control of the selling process by eliminating the traditional work of the listing Broker. The difference is that when selling Flat Fee MLS, they hire a Flat Fee service to list their home in their local Multiple Listing Service.  Once their home is advertised within the MLS, every Real Estate Broker and Agent in their area will receive the news of that home's availability.  Plus, once the home is listed within the MLS, it is picked up by several other popular Real Estate websites, such as Realtor.com.

The best marketing strategy for a FSBO is to advertise Flat Fee.  This way, they retain their For Sale By Owner status, and also benefit from the marketing power of the Multiple Listing Service.

 

Q.  Will my home sell quickly with a Flat Fee Listing?

A.  Yes.  Between a flat fee listing and a traditional full service listing, there is virtually no difference in average days spent on the market.  The reason for this is that the majority of real estate sales occur because of other real estate agents using the MLS to bring buyers to the sellers.


Example: Research published by the National Association of Realtors states that over 50% of real estate sales are a collaborative effort between your listing agent and another agent who discovered your home or property through the use of the MLS.  This means, the majority of the time a real estate agent other than the one you use brings a buyer to you.

Q.  Can I list my property on Realtor.com?

A.  If you list with flatfeetopia.com, your home or property will be listed on Realtor.com for millions of viewers to see.  However, if you are not a licensed real estate broker or agent, you cannot list your home on Realtor.com.

Q.  Why should I list with flatfeetopia.com?

A.  If you’re looking to list your home “Flat Fee”, then we guarantee to be the cheapest anywhere!  We have negotiated with brokers throughout the country to provide the least expensive Flat Fee listings nationwide!

Q.  If I list my home with flatfeetopia.com, am I listing with a Licensed Real Estate Broker?

A.  Yes.  We are a Licensed Real Estate Broker, and your home or property will be listed on your local MLS and hundreds of other popular real estate websites, by a Licensed Real Estate Broker.  The difference? You will only pay a small flat fee, as opposed to the traditional 6 – 7% listing commission.

Q.  How long does it take to list my home or property?

A.  When you list your home with flatfeetopia.com, your listing will appear on your local MLS and hundreds of other real estate sites, including Realtor.com, within 3 – 5 working days.

Q.  Can I cancel my listing upon request?

A.  Yes.  You may cancel your MLS listing at anytime, with no charge to you.  However, upon cancellation, your initial flat fee is non-refundable.  To cancel your MLS listing, simply contact the listing broker you will be working with.

Q.  Do I have to pay a commission to the buyer’s broker?

A.  Yes and No.  If you find a buyer for your home or property, then you do not have to pay a commission to a buyer’s broker.  However, if you or your broker are contacted by another broker, and your home or property sells, you must pay a commission to that buyer’s broker.  Traditionally, that commission has been up to 3.5%. However, the percentage of commission is up to you, the seller.  It is illegal for any broker to state what you must pay, as a percentage.

Q.  Can I find my own buyer?

A.  Yes.  Although your home or property will be listed on the MLS, and hundreds of other real estate websites, including the popular Realtor.com, you have the right to obtain your own buyer.  In this instance, flatfeetopia.com will provide you with all the necessary legal forms and disclosures that you will need.

Q.  Do I pay a commission to the listing real estate agent?

A.  No. The listing real estate agent does not receive any commission. That particular agent receives a flat fee, provided by flatfeetopia.com.

Q.  How long will my home or property be listed on the MLS?

A.  With a flat fee listing, your home or property will be published within your local MLS for 6 months.

Q.  What websites will my property be listed on?

A.  When you Flat Fee list your home or property through flatfeetopia.com, not only will your ad be placed in your local MLS network, but also on the most sought after real estate websites, such as Realtor.com, Yahoo Real Estate, AOL Real Estate, MSN Real Estate, Trulia.com, Homes.com, and hundreds more.

***

If you have not found a satisfactory answer to your questions, or have a question that we have not discussed, please contact us by email, browse our on-going blog, use our Live Chat feature, or call us direct at 1-877-FLAT-LIST.


 
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