Great post highlighting one of the many different options for generating revenue in the real estate business. The reality is, that regardless of dinosaurs wanting to cling exclusively to the "way it's always been done", everything (including real estate) evolves.
Hi folks. I want to talk a little bit about Flat Fee MLS Listings. There is a featured post titled "To Flat Fee or Not to Flat Fee" I'd link to it but it's "Member's Only". Anyway, the writer is asking "Why are so many agents opposed to flat fee listings?" That's a very good question.
Based on the responses she received the issues agents have are:
Now folks, is it just me, or does this sound just like every other real estate transaction? Can't reach the agent. The listing agent is clueless so we have to do all the work. The property is over priced etc...
- Can't reach the seller to show the property.
- Why should they have to do all the work for half the pay?
- The properties are usually over priced.
- The co-broke offered is usually less than "normal".
- Stuck negotiating with a Seller that has no real estate knowledge.
I recently took 12 Flat Fee MLS Listings. I had never done this before but was approached by an investment club. All showings, negotiations and communications are handled by the investor. All I did was place the properties on the market. Once the property is entered into the MLS my job is done. I make about $300 an hour on these listings.
This investor sold over 100 properties last year and has far more experience than most agents that I know. And they are paying a fair co-broke if an agent should happen to sell one of their properties. So far that has not happened as they usually sell their own. They want to sell their own properties. They have a huge list of potential buyers that they work with helping them to repair their credit. Once the buyers are ready they help them get either a FHA or a USDA loan and place them in one of their properties. It's a Win/Win.
They needed the properties on the MLS for appraisal purposes only. I'm looking forward to doing many more of these. It's a great income stream to supplement my full service brokerage activities.
I guess the point is to not lump all Flat Fee MLS Listings together. The beauty of our business is that there are many ways to conduct it. I'll take $300 an hour for entering listings any day of the week. Wouldn't you?
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