For Sale By Owner is now a part of MLS listing
For years, for sale by owner was a stand alone way to sell real estate. If you saw a FSBO sign in a yard, you knew the seller was marketing on their own or possibly through a ‘for sale by owner’ website.
Things changed in 1995 when the MLS opened their previously closed system to for sale by owners so they could too list directly in the MLS under a new classification called ‘limited service’. This new classification allows the ‘for sale by owner’ to offer a commission to all the local buyer's agents and not pay a 6% commission.
This new form of by owner marketing is called flat fee MLS. The reason why this new form by owner marketing makes so much sense is because 95% of all for sale by owners will cooperate with buyer's agents at a 3% commission.
Many for sale by owners even post that exact message on the yard sign which reads “brokers welcomed”. That advertisement is synonymous with being listed flat fee in the MLS because flat fee sellers only pay 3% to buyer's agents and a small flat fee to the listing broker.
A for sale by owner chance of selling increasing 10 fold by being listed in the MLS because 86% of all homes sold are sold by Realtors. It only makes since to offer a 3% commission to get these buyers to see your home.
Marketing by owner in the MLS does not restrict the seller from selling 100% by owner and paying no commission at all. Because of this, by owner MLS sellers have the option of selling for sale by owner or through a Realtor.
And, if listed with a reliable flat fee MLS broker, the Internet marketing is excellent. For example, at GetMoreOffers.com, we advertise on Realtor.com, AOL, MSN, Yahoo, BargainNetwork, Homes.com, and many more sites.
We have all the forms on our website to write a contract, seller's disclosures, mold disclosures, lead-based paint disclosures, and the professional broker advice if you need it.
This article is filed under For Sale By Owner. View other articles in For Sale By Owner.
This article is filed under Flat Fee MLS. View other articles in Flat Fee MLS.