Flat Fee 101 Listing: Get the facts before listing your Florida FSBO flat fee on the MLS!

Who are you going to believe about how the flat fee MLS industry works?

There are four “business models” that offer flat rate MLS listings in Florida:

one) national website: They are not licensed in Florida, but they collect money and then refer you to a Florida discount real estate broker, who receives a portion of the fees collected. National Websites are competent business companies that generally hold a real estate broker’s license in one state but not all states.

two) Florida Part Time Hobbyist Flat Fee Website: There must be about 70 of these “websites” in Florida. They are licensed real estate brokers doing flat rate listings part time or are testing the waters to see if they can make a few bucks on a flat rate.

3) Florida broker posing as flat fee: They seem like a flat fee, but their business model is not consumer friendly and I see their business practices as questionable. They can or do take their leads from Realtor.com and other sources for their own agents; or possibly charge a cancellation fee of up to $500; o hold your listing hostage until you pay ($500) by removing your listing from MLS only “conditionally” if you attempt to cancel and switch to a full service agent; Your listing will be stuck in this “conditional” status until you pay the $500 ransom.

4) Established, Trustworthy, Transparent, Paperless, Florida Licensed Flat Fee MLS Broker specializing in internet marketing and offering real customer support.
(Note: There is more than one MLS Fixed Fee Trust Firm in Florida, but there are also many firms that fall into categories #2 and #3 above.)

Flat Rate MLS requires more than simply submitting a listing to a local MLS…

1) Flat Rate MLS Sellers in Florida are 100% Control Driven. They want their MLS listing to be correct at all times.

2) Third party websites like Realtor.com, local MLS systems and IDX sources for local real estate brokerage firms need to be constantly monitored because listings fall outside of these systems. Technical failures occur frequently.

3) Sellers make adjustments to their listing, such as images, price, commission, and descriptions of their properties. Forms such as mold, lead-based paint, and property disclosures are needed.

4) The Florida Flat fee MLS broker has the responsibility of capturing leads, displaying agent requests, internet marketing, problem solving, customer service, negotiating, editing, and peacemaking. Flat fee MLS brokers should be prepared to put in their time and energy.

Flat fee MLS brokers should be prepared to spend their time and energy…

1) Taking $200 bucks and launching an MLS listing as an afterthought is not what flat fee should be about. There are more moving parts that make up a “real” flat rate MLS company than one might imagine. For example: Last week, the Orlando Regional MLS took over the Venice Board of Realtors. When they did this conversion, they removed 53 Realtor.com “shown” properties from the Mid-Florida Regional (Orlando area). It happened on a Thursday night and required the resources of the Mid-Florida Regional Vice President and Director of Operations and many phone calls to fix the main technical problem.

2) Amateur or part-time MLS “website” operators may not have the resources or experience to deal with these issues.

3) The flat fee MLS broker must be ready to back the client with support and market effectively on the internet.

4) If the MLS discount broker asks you to print, fill out and fax forms, it means they haven’t thought about or invested in online automation. This means roster changes, editing, status changes will be faxed to this, to that fax… back to the caveman days.

What to consider before posting a flat rate

1) If the flat rate MLS “website” does not show the “listing agreement”, that should be a warning.

2) Read the listing agreement carefully “from cover to cover” before giving money to any flat rate company, whether it is a national service or based in Florida.

3) Understand the process and policy on how potential buyers from Realtor.com and other sources reach you, the seller, if at all.

4) Keep in mind that many calls go to the flat fee broker. Up to 70 calls a day can go into a flat rate MLS broker. Miss one, that could be your sale.

5) Consider and check what the hours are for the flat rate MLS service.

6) Flat rate websites that offer only one marketing option are really just a “website”. There are many marketing approaches besides a basic MLS listing. What about direct marketing to Realtors®? For example, if a seller wants to offer a 4% buyer’s agent commission, does the flat fee service provide a way to promote this above-average commission? Some flat fee services offer a real estate eblast program that sends about 12,000 emails to all real estate agents in Ft Lauderdale, Miami, Orlando, and Jacksonville every 15 days. This is an effective marketing approach and real estate agents respond.

7) Flat rate sellers should think about contract representation. Contract-to-closing flat-rate programs help close the deal faster. Having an experienced real estate professional handle contract negotiations results in a smoother transaction for the seller, too, possibly leading to a higher sale. One of the most complicated parts of the negotiations is the possible subsequent renegotiations after the inspection. Negotiating an inspection report means re-roofing the house because some inspector or Realtor® says the roof is at the end of its useful life. There is an art to getting the buyer’s agent, buyer, and seller on the same page. In addition, there are some important nuances that help get more Realtor® visits, such as allowing the flat fee broker to schedule visits (more professional), using an Exclusive Right to Sell (not an Exclusive Agency Listing Agreement), and using a professional looking metal. sign.

How to Make a Florida Flat Rate List and Stay Out of Trouble

1) Read the listing agreement.

2) Call the flat rate service and ask how they handle leads.

3) Call and verify hours of operation.

4) Ask if there are any penalties or conditions if you cancel the ad.

5) Ask if the listing company will “unconditionally” withdraw your listing from the MLS if you choose to cancel and find a full service agent.