Pros and cons of using a flat fee MLS listing service
Pros of using a flat fee MLS listing service
- Eliminate the listing agent commission (typically 2.5% to 3%).
- Represent yourself in your FSBO sale and maintain full control of the process.
- Manage every aspect of your home sale, from pricing to negotiations.
- Pay upfront, transparent costs for the listing service with no hidden fees.
- Get your home listed on the MLS and syndicated to third-party real estate websites.
- Increase your home’s exposure to traditional buyers and their agents.
Cons of using a flat fee MLS listing service
- You still need to offer a commission to the buyer’s agent.
- You’re responsible for handling any issues that could delay or jeopardize the sale.
- It’s a self-managed process without the expertise of a licensed agent.
- You may face legal risks or liability claims if you miss critical details.
- Your home may sell for less than it would with the help of a real estate professional.
How do I list my home with a flat fee MLS service?
Follow these steps to get your FSBO home listed on the MLS:
- Vet the flat fee MLS service
Research local services, comparing packages, rates, and features. Check Google reviews and the Better Business Bureau for company ratings. Look into how many photos you can upload, what forms are included, and whether there are extra charges for add-ons. - Register and select a plan
You can sign up on the flat-fee MLS company’s website, choose a package that fits your needs, and pay the upfront fee. - Enter your property information
Provide a detailed property description and upload high-quality photos. If available, complete any disclosure forms provided by the service. - Read and sign your listing agreement
Carefully review and sign the listing agreement. Ensure you can cancel without penalties and won’t owe a listing commission. - Review your live listing
Once published, your listing will appear on the MLS and third-party sites like Zillow and Realtor.com. Check your listing for accuracy, but note it may take a few days to appear online.
Are flat fee MLS listings effective in Colorado Springs?
Flat-fee MLS listings in Colorado Springs can be highly effective because they give your home exposure on the same platform real estate agents use to find properties for their clients. Since most homebuyers search online and major real estate websites pull directly from local MLS databases, your listing will reach a wide audience. This makes the MLS one of the most powerful marketing tools for sellers looking to attract serious buyers.
Alternatives to flat fee MLS services in Colorado Springs:
If a flat fee MLS service doesn’t fit your needs, consider these options:
- Flat fee real estate agent
A flat fee real estate agent lists and sells your home for a set rate, typically between $3,000 and $5,000. This option offers limited services but gives you more professional guidance than a basic MLS listing. Be sure to review the contract for any extra fees. - Discount brokers
A discount real estate broker charges a lower commission than traditional agents but still provides some professional support. While more expensive than flat fee MLS services, they can offer a balance between cost savings and agent expertise. You’ll still need to cover the full buyer’s agent commission. Learn more about the pros and cons of low-commission agents. - Full-service, experienced real estate agent
Hiring a local real estate agent provides full-service support, from pricing and marketing to negotiations. Experienced agents have local market knowledge, strong networks, and proven skills to help you sell faster and for the best price.
Will I save money with a flat fee MLS listing service?
While a flat fee MLS service can help you save on commission costs, it may not always lead to higher profits. According to the National Association of Realtors, FSBO homes sold for about 23% less than those sold with an agent. The median sale price for FSBO homes was just over $300,000, compared to more than $400,000 for agent-assisted sales.
A flat fee MLS listing can be a useful tool, but it’s important to weigh potential savings against the risk of a lower sale price.
What if I need to sell my Colorado Springs home fast?
If you need to sell quickly, you have a few options. You could work with a We Buy Houses company or an iBuyer, both of which can purchase your home in almost any condition, often within days. However, these companies typically offer less than what you’d get on the open market. While you may sacrifice some profit, this can be a good option when time is a priority.
HomeLight’s Simple Sale can also speed up the process by providing a no-obligation cash offer or connecting you with a top local agent. This gives you the flexibility to choose the best option for your timeline and financial goals.
