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Kat7507
2011 Feb 10, 3:52am
On two occasions, we paid this broker a flat fee to put our listing into the MLS and to assist us with the paperwork. Our properties sold. We agreed to pay a 3% commission to the agent that brought the buyer in. It saved us a lot of money.
We decided to offer a 3% commission because I spoke with this greedy realtor who told me that he refuses to take clients to see homes where the seller pays less than a 3% commission. He is doing his clients a huge disservice by not showing them other properties they may like because he won't get his 3% commission. He also told me that open houses don't sell the home and are a way for them to drum up future business. Agents are so greedy and are scum.
joshuatrio
2011 Feb 10, 4:10am
We used a flat fee service a few years ago - ended up saving us about $4k.
You pay a flat fee for your listing agent - usually between $500-1000 (depending on level of service) + 3% for buyers agent.
It can save you a pile in the long run.
You're responsible for putting the lockbox on the door (they mail it to you) and sign in the yard. That's about it - everything else, from regular showings are just like it is with any agent.
We actually found the level of service to be much higher and they were much more helpful. The flat fee service actually valued our business while an agent we interviewed acted entitled to list our property... When we closed - the title company was angry that we used a flat fee - apparently they are becoming more popular and cutting into the profit margins of some of their friends in the biz.
Just curious why these aren't used more often. Can people who are active in the market (whether on the buyer/seller side) chime in on:
1. If they use a full service realtor, what do they pay? Is it still 3% for each side or are they getting a rebate?
2. Have they used the flat fee services before (for rental property or sale property). Did it matter?
I currently rent, and I've seen my landlords use these full service ones mainly. After talking it over with them, I'm betting they won't next time since all the realtor company did was basically put the info on the MLS and colllect a commission and stand around...might as well go with the flat fee. Of course, rental units are small beans compared to sale...in this case, $250-$500 flat fee would have saved them maybe $800 versus doing a full realtor company when you factor in that they'd still have to pay the buyer realtor commission too.
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