Free Florida Flat Fee MLS? - hold your wallet!
Can the Florida Flat Fee Seller's Bill of Rights helps sell my Florida property?
Yes, because unless you know what a fair Florida flat fee MLS offer looks like, then you will be none the wiser. The Florida Flat Fee Seller's Bill of Rights helps protect Florida flat fee MLS sellers from Miami to Jacksonville and from Naples to Tampa from the unscrupulous business practices that are unbridled in all Florida Counties. This bill was initiated by the co-owners of ADDvantage™, Florida's most reliable and trusted flat fee MLS provider. Frustrated by the misleading business practices by other flat fee MLS providers, ADDvantage established the Florida Flat fee MLS Seller's Bill of Rights with the intent to aid Florida sellers in making informed choices about listing flat fee MLS. There are no Florida Laws designed to protect the Florida flat fee MLS consumer and the Florida Flat fee MLS Seller's Bill of Rights articulates what ADDvantage™ believes should be addressed by the Florida State Legislature regarding minimum disclosure laws before one lists flat fee MLS.
Free Florida flat fee MLS sounds great. But how do they make money?
Free Florida flat fee MLS providers can make more money by confiscating what should be sellers' buyer leads from sources such as Realtor.com. Any Florida brokerage company can offer a free MLS listing in the Mid Florida Regional MLS or any Florida MLS. The question that a consumer must ask is: “what do they stand to gain by doing so?” An example of a Free Florida flat fee MLS listing gimmick would be a mortgage company who uses a “sister” brokerage company to acquire mortgage prospects. Oftentimes consumers don't question the free or “too good to be true” offer because they take it at face value. Unfortunately, in many cases, this can cost the seller their most valuable commodity; their buyer leads.
Why would the Florida flat fee MLS service want your Realtor.com buyer leads?
These buyer leads are extremely valuable and equate to potential real estate commissions. The free Florida flat fee MLS service might work a buyer lead with its own agents or refer the buyer lead to an outside broker in hopes to earn a referral commission of 25%.
Why should a Florida flat fee MLS seller be so concerned about a buyer lead from Realtor.com?
One of the most significant reasons why someone lists their property using the flat fee MLS model is to retain the right to sell their property themselves (called an Exclusive Agency Listing Agreement - not an Exclusive Right of Sale Listing Agreement) and not pay a commission. If the Florida flat fee MLS seller doesn't receive buyer leads from Realtor.com and other sources, then this essentially eliminates this possibility and negates the purpose of being flat fee MLS listed in the first place. What actually happens to the Florida flat fee MLS seller is they are entering a convoluted Listing Agreement that is more analogous to an Exclusive Right of Sale Listing Agreement because the flat fee MLS seller is never given an opportunity to work an unrepresented buyer lead.
Can a Florida flat fee MLS seller trust a flat fee MLS service to forward buyer leads from Realtor.com to them?
Florida sellers need to do their homework and read the Florida Flat Fee MLS Listing Agreement carefully before listing. Buyer prospects are the byproduct an MLS listing in any Florida MLS. Every MLS listing shows up on Realtor.com. Florida flat fee MLS sellers are 100% reliant on the Florida flat fee MLS service to forward Realtor.com buyer leads to the Florida flat fee MLS seller. Realtor.com does not permit the Florida seller's phone number to be displayed anywhere on the ad.
How can a Florida flat fee MLS seller be assured that all buyer leads from Realtor.com and other sources will be forwarded to them?
Read their Florida Flat Fee MLS Listing Agreement carefully. If the Florida flat fee MLS service is a proponent of the Florida Flat Fee MLS Seller's Bill of Rights, than their listing agreement will clearly state where these buyer leads are going. If the Florida flat fee MLS service's website or listing agreement doesn't mention where these Realtor.com buyer leads go, then either ask them or choose a Florida flat fee MLS service that offers a listing agreement that clearly states these important matter, such as ADDvantage's™ Florida Flat Fee MLS Listing Agreement.
Can the Florida flat fee MLS service charge for their flat fee MLS service and then take my Realtor.com buyer leads, yard sign calls and other Internet leads from sources such as Homes.com?
Yes. The broker of record (agent who inputs the MLS listing) will be the only contact person listed as their phone number and email address are the only ones allowed in Realtor.com. Therefore, you must be able to trust that the broker of record will forward you leads that are received. This is also true for leads that come via email to the broker.
If I list my Florida home flat fee MLS, can I cancel my flat fee MLS listing at any time and not pay a cancellation fee? What if I wish to move to a full service Realtor® that says they can do a better job?
If you list your Florida home flat fee MLS with ADDvantage™, you may cancel without a fee at anytime. Many other Florida flat fee MLS companies will charge a cancellation fee.
What is flat fee MLS “bait and trap”?
This is the practice whereby a flat fee MLS company charges the Florida flat fee MLS seller a cancellation fee if the flat fee MLS seller terminates the listing before 6 months are up. This fee can be up to $500.
Why would a Florida flat fee MLS service want to hold my flat fee MLS listing for 6 months when they have already been paid for their services up front?
The answer is the reason flat fee MLS “bait and trap” works so well – there is more money in trapping a Florida seller into a 6 month listing agreement then there is in the $200-$400 collected as a flat fee.
Explain how the Florida “bait and trap” scam works…
The disreputable Florida flat fee MLS service sits back and waits until the eager full service Realtors® targets the flat fee MLS seller with promises that they can get the Florida property sold in weeks if the seller lists with them. The Florida flat fee MLS seller tries to cancel their flat fee MLS listing but realizes they can't without: (a) Listing full service with the flat fee MLS service's own agent at 6% or; (b) Agreeing to release the listing to an outside broker so long as the new agent agrees to their 25% “referral commission”. Sellers looking to list flat fee MLS need to understand that not all Florida flat fee MLS companies operate this way and it is not “standard protocol”. ADDvantage™ offers a traditional flat fee MLS service that is straightforward and has no stings attached.
Can a Florida flat fee MLS service legally charge a cancellation fee?
Yes, as long the flat fee MLS service discloses this in listing agreement. Some full service (Coldwell Banker) firms and a few flat fee MLS services actually reserve the right to lien your property for payment of the commission. MLS Realty's (sister company to Buy Owner) listing agreement may have language that allows a lien before the commission is procured.
Email ADDvantage™ your flat fee MLS question, or call us at 727-942-2929 or 1-877-232-9695
This article is filed under Flat Fee MLS>Florida. View other articles in Flat Fee MLS>Florida.