(Newswire.net — March 16, 2022) — Hiring a professional realtor to sell your house means that you will have to set aside 6% of the final sales price as commission, split between your agent and the buyer’s agent. Property prices in Virginia have averaged around $300,000 in the past year. This means that you will have to fork out about $20,000 in commission fees alone. No seller wants to lose such a whopping amount from the profit of the sale of his home. That’s why many people opt to sell their houses on For Sale By Owner websites. An FSBO sale is completely managed by the seller, starting with the yard sign till finalizing the deal and signing over the property to the buyer. Sounds simple? Yes, if you have any experience in such matters. Otherwise, you are bound to run into trouble, especially with the legal side of the sale. This is where FSBO sellers abandon the traditional path and go after something that has been gaining popularity in real estate over the past few decades – flat fee real estate.
Flat fee MLS vs Traditional Real Estate
Traditional real estate is where you hire a full-service real estate agent to list your home for sale, find a buyer and complete the sale, in return for a percentage of the sales price as commission. However, flat fee MLS listing is a practice in which the seller and the real estate agent enter into a listing agreement for listing your property on the local MLS, in return for a fixed fee or flat fee. This flat fee is determined before the sales process and is not dependent upon the final sales price. Therefore, it is considerably less than the commission owed to traditional realtors. Flat fee MLS companies in Virginia can be located on several For Sale By Owner websites.
Advantages of Flat Fee MLS Listing
Listing services: The most obvious advantage of flat fee MLS listing in Virginia is that you will be able to list your property on the MLS. The MLS or Multiple Listing Service is a database that contains all information related to properties for sale. However, since only licensed real estate agents can list properties on the MLS, FSBO sellers turn to flat fee real estate agents for this service.
Good exposure: Listing your property on the best flat fee MLS in Virginia means that it will be exposed to a large pool of potential buyers, from individuals looking for a new home to online companies like Zillow and Realtor.com as well as other real estate agents.
Savings on commission: Flat fee MLS listings in Virginia typically cost anywhere between $200 to $400 whereas a traditional agent’s commission is calculated to average around $20,000. Now, that’s a hefty difference in profits for you, the seller!
Control over transaction: In flat fee real estate, despite engaging a professional agent, the sale essentially remains FSBO. The agent merely helps you list your property and may also carry out additional services as per your requirement/package plan chosen. All other associated tasks including meeting with buyers and finalizing a deal are done by the seller.
Professional support: Flat fee MLS listings provide the perfect balance of professional support and seller control while selling a property. The agents are always available to offer you valuable advice like comparative market analysis, deciding on an appropriate listing price, etc.
Additional services: Most flat fee MLS companies in Virginia offer services in addition to listing your property on the MLS. Some of these come at no extra cost while others are available only in high-end packages or for an additional cost. Typical additional services provided include pricing advice, professional photographs, scheduling open houses, arranging virtual tours, etc.
Top Flat Fee MLS Companies in Virginia
Listed below are the top flat fee MLS companies in Virginia listed on various For Sale By Owner websites, along with their pros and cons.
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Houzeo
Pros: It uses cutting-edge technology, and everything can be done online. Several For Sale By Owner websites give them a 5-star rating for customer support.
Cons: Most services other than listing are available only as a la carte options.
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FSBO.com
Pros: There are no hidden fees and you can also upload one video in the basic package.
Cons: There aren’t many a la carte options. You will have to hire a real estate attorney and a professional photographer.
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Net Realty Now
Pros: Their basic listing package comes with marketing insights and pricing guidance. You also get unlimited text editing of your property listing.
Cons: They do not provide home valuation and their upgraded packages are quite expensive.
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Virginia Flat Fee MLS
Pros: Even the basic packages include a lot of services with no additional cost. High-end packages also offer a virtual tour on Realtor.com.
Cons: Much of the paperwork is done manually and might delay the sales process.
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Flat Fee Group
Pros: They have no hidden fees and the properties listed are also syndicated to other websites like Zillow, Trulia, and Realtor.com. They also provide contracts, addendums, and disclosures as part of their packages.
Cons: Their additional services are very costly. They are not very up to date in technology, so much of the paperwork will have to be done manually and will take time.
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Home Discovery Realtors
Pros: The entire procedure is online, conducted via their website alone. They provide unlimited listing terms, so it’s the best option for properties that take longer to sell.
Cons: They have only one package which is also expensive when compared to other basic packages offered by their competitors.
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Cottage Street Realty
Pros: You can upload 150 photos in all packages, a big plus for homeowners with large properties for sale. You also get extra guidance from their listing broker, for a little extra.
Cons: You can e-sign contracts only in the premium package. Their basic package offers only a 6-month listing period.