December 1, 2008 – 6:52 pm
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Flat fee MLS changing the field
The Multiple Listing Service (MLS), the internet, and a For Sale sign are the three most important marketing aspects to getting your home sold.
Real estate commissions have always been negotiable, but now flat fee MLS brokers and discount realtors have added some pressure to the real estate commission structure. Home sellers can eliminate a minimum of 3 percent in commissions by eliminating a listing agent - in the traditional sense. Flat fee MLS companies serve as a licensed agent willing to list your home in the MLS for a one-time low fee.
The MLS will provide marketing exposure you cannot otherwise attain as a for sale by owner. The home will receive exposure on hundreds of real estate related websites, like Realtor.com among a plethora of others. And agents cannot by law refuse to show homes listed by another agent because of anti-trust laws. If this does occur you should report such instances to the DOJ.
Even with discounters and flat fee you can publicize open houses, but only 3-4 percent of sellers find a buyer through this avenue. So don’t let a traditional agent convince you of their value because they will host open houses. Is a 3-4 percent success rate worth thousands of dollars? I didn’t think so.
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Another state eliminates consumer choice
The decision of the Michigan State Senate to pass the DOJ opposed bill effectively removes the opportunity for home sellers to take advantage of low cost real estate alternatives. The new bill mandates licensees who enter into service agreements with clients must provide certain services for that client, including acceptance and delivery of offers and counteroffers; assistance in developing, communicating, negotiating and presenting offers, counter-offers and related documents or notices; and furnishing or causing to be furnished a complete and detailed closing statement.
How can laws be passed that stifle competition? The notion that these limited service laws are created out of concern for consumers is absolutely ludicrous. Even though proponents of these minimum service laws maintain that the laws remain neutral with respect to alternative models, that just is not true. The laws increase both the responsibility and liability of the listing broker forcing a change in the existing structure and business model of limited service brokerages. These brokerages include flat fee MLS companies and other discount brokers. Consumers should be empowered with choice and these laws do the opposite. These laws will most likely lead to an increase in fees associated with the home sale.
Enough just cannot be said about how outrageous these laws are!
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The competition between traditional agents and limited service companies increases
With the slowing real estate market nationally, the battle for listings is getting more intense. Consumers have more options than ever before and are weighing them before making any decisions. It is no longer a given that homeowners are going to enlist the services of a full service broker as the number of online flat fee MLS brokers, real estate discounters and for sale by owner forums have increased drastically over the last 5 years. With all the choices the debate begins which method is better? Full service brokers argue they offer a more focused marketing campaign, while flat fee MLS brokers argue the sellers are paying too much for the negligible marketing difference. Flat fee brokers save sellers thousands in equity, but full service agents claim they are worth the 5-6 percent. Ultimately, the debate will be settled by home sellers over time and only then will we see what the end effect of technology has had on the industry.
