Flat Fee Listing Questions
What is a Flat-fee MLS listing?
Flat-fee listings give sellers the best of both worlds. You can sell the home yourself - AND have the Realtors work for you by being in MLS at the same time! If you find a buyer, and if no other agent is involved, there is no commission. Alternately, if a Realtor sells it, you still save 3% (minus our listing fee).
Sellers pay a flat fee to be included in the local Multiple Listing Service (MLS). GoDirect is responsible for submitting the listing to the MLS and taking care of all administrative items, and the seller is responsible for everything else.
With a Flat-fee MLS listing, will I have to pay a selling commission if I find my own buyer?
No! The provisions of an Exclusive Agency contract allow you to maintain the right to sell your home on your own (as long as your buyer is not working with a Realtor and there is no other Realtor involved.)
Where do I get the forms to fill out to get my property listed on the MLS?
We have all the forms needed to list your property on our website. Typical forms we use are the “Listing Agreement”, the “Property Data Form”, “Seller Property Information Report”, “Agency Disclosure Form”, and a “Lead Based Paint Addendum” (if built prior to 1978).
With a Flat-fee listing, will I show my property?
In the Flat-fee MLS listing, you will instruct the Realtors how to show your property. You could have a lockbox to allow them access; you could be there to let them in, whatever you decide is best for you.
How long will my MLS listing be for?
Our Flat-fee listings are for 6 months. You can withdraw your listing at any time as long as you are not involved in any negotiations with a buyer or Realtor.
With a Flat-fee listing, who will be my listing Broker/Agent?
A licensed Broker with GoDirect Real Estate or an affiliate agent will handle the initial listing paperwork and submit your property into the MLS. The comments on the data sheet will indicate that this is an MLS GoDirect listing which means all showings and all negotiations are done through you - the seller. GoDirect represents the seller, even if it is for limited services.
Why would GoDirect Real Estate want to list my home if they’re not going to receive a commission when it sells?
For a full service listing, our office charges 6%. The Listing Agent receives 3%, and the Selling Agent receives 3%. In a Flat-fee listing, we eliminate the 3% listing commission for a low, upfront fee. So, any Agent who sells your home will receive the 3% you’ve agreed to pay, and GoDirect will be happy to sell it for you if we have a buyer.
What does the buyer broker’s agent typically do when they present an offer?
The buyer broker’s agent represents the buyer and looks out for their best interests – not yours. The agent may present the offer in person, fax, e-mail or phone. They typically fill out the necessary paperwork that accompanies an offer. We recommend waiting to respond to the offer until you have received a signed offer by the buyer with price, terms, and conditions completely spelled out with a deposit check. If you would like a professional to represent your interests, or to look over the paperwork, a GoDirect Agent can help you for an additional fee.
With a Flat-fee listing, when an offer comes in with a deposit, who holds the deposit money?
Seller’s have a few options. You can either have your attorney hold the deposit or the real estate office which brought in the offer will hold it if you wish.
General Questions
Can I upgrade my service whenever I want?
Yes, you can upgrade to any additional service at any time you wish.
What is the Multiple Listing Service (MLS)?
The Multiple Listing Service (MLS) is the primary data system that most Realtors® use to market and sell property. On a National basis, 75% of all properties sold are through the MLS system. Realtors® control the Multiple Listing Service (MLS) as members who pay dues.
How quickly can I list my property in MLS?
After we have received all of the necessary paperwork, your home will be placed in the local MLS system within 1-2 business days. It may take up to 5 days to reach Realtor.com.
What is the longest my property can be listed in MLS?
GoDirect listings are for 6 months, but can be renewed in MLS for up to 12 months.
Is it necessary for me to hire an attorney in order to sell my own home?
In Vermont, most buyers and sellers hire a real estate attorney. A real estate attorney can handle every aspect of your real estate transaction. While not mandated by law, GoDirect highly recommends the use of a Real Estate attorney to protect your interests. Attorneys can act also as escrow agents for down payments. When selecting an attorney, choose one that specializes in real estate transactions.
Is my property going to be seen on the popular national real estate Web site Realtor.com?
Yes! When your listing appears on Realtor.com, it will also be seen on AOL, MSN, Netscape, Excite, and iWon. The standard Realtor.com package (Plan A) includes your main property photo, and may take up to 5 days after activated in MLS.
Why is my seller contact information not present on Realtor.com?
Any listing shown on Realtor.com does not allow seller information to be displayed on their site because they have strict guidelines regarding property listings. Additionally, they make money by selling advertising and marketing packages to Realtors®. Realtors® purchase these services based on the promise that they’ll receive buyer leads directly. Realtor.com is solely designed to push business to the Realtors.
