Traditional Realtors vs. PurpleBricks
Posted Feb 3rd 2021
Many new flat-fee services are popping up and disrupting the more traditional ways of how we sell our homes. This new approach to selling has its advantages and disadvantages. Read this before you pay for a flat fee MLS (Multiple Listing Service).
What Is A Flat Fee MLS?
A flat fee MLS allows you to sell your home without the help of a real estate agent. The biggest challenge that you face as an independent seller is exposure for your listing. So how does an independent seller achieve this? The answer is by using a flat fee MLS.
An MLS will allow sellers to list their homes on an MLS, which is the same online directory that real estate agents use to list their properties and share them with other agents. There are many local MLS databases that handle listings in different areas.
Only agents are allowed to list on an MLS, so this is why you pay an MLS to do the same. The main benefit is the ability to get your listing in front of millions of homebuyers.
While this might sound convenient, there are so many other things that are not taken care of when you choose to independently sell your home without the help of an estate agent. You will be responsible for:
- Preparing your home for the sale.
- Pricing your property correctly.
- Staging your home.
- Marketing your home.
- Vetting qualified buyers.
- Communicating with prospective buyers.
- Negotiating the deal.
- Hiring a real estate lawyer.
- Finalizing and filing the correct paperwork.
Being able to list on an MLS is only the tip of the iceberg!
Keep in mind that going with an MLS flat fee agent is not for those who are not very tech savvy, as they do require more work on the computer, responding to emails and posting pictures of your home, etc.
The Advantages of Hiring an Agent
The main advantage over flat-fee services that a real estate agent brings is the fact that you will have full support for all of your needs. Agents take care of everything mentioned above and more. This will result in a more stress-free process when selling your home.
Your real estate agent might also be able to negotiate a higher sales price because of their extensive background knowledge and expertise. This could net you more profit than if you had tried to save money using an MLS.
The most commonly discussed negative that comes with working with a real estate agent is their commission, this is the main factor that home sellers want to avoid listing through brokerages. While flat-fee services can help you avoid paying out commission, it brings with it a host of other tasks that must be completed by you. Also the old saying “you get what you pay for” comes to mind. Realtors are there to get you the highest price possible. You may be paying a little more commission but chances are you are going to be achieving a higher sales price.
It’s up to you to weigh the pros and cons of each approach. Potentially save money with an MLS, or you can avoid the headaches of listing on your own with the help of a real estate agent.
To learn more, contact the Baird Team with Royal LePage today!