Flat Fee MLS Listing 'Model'

Flat Fee MLS Listing 'Model'
The ‘Flat Fee MLS Listing’ model works well when the following conditions are met:

Condition 1

The seller lives in, or near, the property. If a lockbox cannot be used, the seller’s schedule should be flexible enough to accommodate showing requests. If a lockbox can be used, this will assist the For Sale By Owner seller to accommodate all showing requests.

Condition 2

The seller is highly knowledgeable about his/her property.

Condition 3

The seller presents himself/herself professionally, thereby presenting the property in its best light.

Condition 4

The seller offers the Buyer’s Agent the most commonly offered commission rate in the area where the property is situated. It is important to realize that the Buyer’s Agent does a large part of the work and should be compensated accordingly.

Condition 5

The For Sale By Owner seller MUST be quick with their cell phone and email response times. Buyers’ Agents are busy, and it can be hard booking property tours. Their showing requests must be accommodated, and their calls must be answered, or at least returned quickly.

Flat Fee MLS Listing Background

Some background Info on the Flat Fee MLS Listing model: In October 2010, the Competition Bureau and the Canadian Real Estate Association agreed to allow brokerages and licensees to offer varying levels of real estate service to clients at varying levels of fees/commission rates. With this announcement, several agents and businesses have launched services that aim to satisfy the needs of individuals who are looking to sell their homes using the MLS (it is estimated that in 90% of real estate transactions, the buyer and seller were brought together through the MLS) by wanting to take on a portion of the work that a Real Estate Agent would do in return for a reduced fee paid to their agent.

Interesting Fact!

In countries or regions where different real estate business models have existed for years, the market tends to find an equilibrium where about 20-25% of property sellers opt to sell their properties using a non-traditional Realtor model, and 75-80% opt to use a full service, full commission Realtor®. In the Lower Mainland, For Sale By Owners are becoming increasingly popular.

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