The term MLS stands for Multiple Listing Service. There is a real estate industry practice in which brokers or agents charge a flat fee. They do this in place of taking a percentage of the property selling price. This is known as Flat Fee MLS.
A brokerage engaging in Flat Fee MLS provides individual services to customers. This is in contrast to a traditional brokerage where most services are bundled. That means, you cannot approach a traditional agency for a sole job. You must pay for the entire bundle and avail all the services entailed.
On the other hand, a Flat Fee MLS brokerage lists all the properties available for sale on the MLS. You can choose the required services and pay accordingly.
The main intention behind flat fee listing is to appear on the MLS. That means you can directly deal with the prospective buyer’s agent. In this manner, Flat Fee MLS completely cuts out the commission’s listing site.
Home Prices In Minneapolis
The average price of homes in Minneapolis has reached around $200,000. This is a 13 percent increase in value from the past year. Needless to say, the market in the city is hot for house sales right now.
If you use technology for the sale of your house, you can save around $21,000 in commissions charged by real estate agents. To avail of such an opportunity, you must approach a reliable MLS listing company in Minneapolis. Look for companies that offer a holistic service till the deal is closed. Also, make sure that your company of choice has relevant expertise in real estate and market analysis.
The Cost Of Flat Fee Listing In Minneapolis
When it comes to listings on Flat Fee MLS, you should be aware of the various costs. There are 3 primary cost types –
- Closing Fee: Normally, nobody charges you any fee at closing in Minneapolis for a listing on Flat Fee MLS. However, you may have to pay extra if you have taken some added services or plans.
- Flat Fee Upfront: To appear on the MLS, flat fee payment is required. Usually, you would need to pay a $300 to $500 fee upfront.
- Other Charges (Hidden): Beware the unscrupulous brokers. Some people are out to only grab money. Brokers can charge you extra money for putting up a yard sign. The sad part is, that you will only realize the additional costs during the closing. This is why you should go for trustable MLS listing companies.
Top Minneapolis Companies With Flat Fee MLS
To help you make the correct choice, here is a list of Minneapolis Flat Fee MLS companies –
This is a web-based real estate technology firm with Flat Fee MLS for sale by the owner. Using the services of Houzeo has many advantages like great savings, the latest technology, and incredible customer support.
Any plan with Houzeo requires a less flat fee. You can end up saving thousands of dollars using Houzeo. In case your buyer does not have an agent you can even save money on that commission.
All listings on Houzeo are exposed to popular brokerage platforms like Redfin, MLS, Trulia, Zillow, and many other web portals.
With features like Houzeo showings and IntelliList Management System, you can make easy and fast listings. As Houzeo is completely online, you can even implement changes just as fast. You can also check out Houzeo reviews to know more about them.
Minnesota Flat Fee MLS
Minnesota has its own local listing service called Minnesota Flat Fee MLS. Their greatest strength is affordable packages.
When it comes to FSBO homeowners, the company offers two payment packages. The first package is available at $99 while the second one is pegged at $149.
Another good thing going for the company is that it provides exposure to your listing on other platforms for real estate. It also helps to know that the company allows you to change your status for free. To top it all up, both the payment packages come with free seller forms and disclosures.
As the company displays owner information on its platform, a buyer can directly approach the seller without going through an agent. This saves money on the commission that the buyer’s agent would have charged otherwise.
On the flip side, Minnesota Flat Fee MLS does not allow you to customize your packages.
123 Minnesota Flat Fee
Another state local listing company, the 123 Minnesota Flat Fee, has a good network of local brokers and agents. If you are looking for a local buyer, this company will provide you with ample exposure. However, 123’s services are restricted to only certain regions of Minnesota.
The company has four types of affordable packages to offer. Pricing for these packages ranges between $299 and $599. If you want their full service, you can go for their highest package of $799 + 1 percent of home selling price. Regardless of the package you pick, 123 offers an automated service and feedback for ShowingTime.
You even receive a valuation report from the company’s in-house team. 123 will expose your listing to all the top real estate portals for a better sale.
What separates Savvy Avenue from the rest is its easy-to-use interface. Most people who listed with Savvy Avenue had two major compliments to share. First, it was easy to navigate through the listings. Second, the agent was professional, experienced, and a pleasure to work with.
The downside is that Savvy Avenue serves the same bundled packages. This means people end up paying for expensive services that they do not need. For example, there are no disclosures or forms in the basic package. This means you will have to do your own research to know what is happening.
Savvy Avenue is best for experienced buyers and sellers who want a quick listing.
Real Estate Corners
There are two packages available at the Real Estate Corners. The first package contains the full service for a $600 upfront fee and $2,900 at the time of closing. The second package is for $299, but it is only for FSBO listings. However, if you pick the FSBO package, you will not get any exposure to the MLS.