When selling your home, it’s natural to think of how much equity you’ll actually get to keep. If you don’t want to pay a large real estate commission to a listing broker, one alternative is flat fee MLS listing services. When you choose this route, you only pay a fixed upfront fee to have your property listed on the Multiple Listing Service. This means that (1) you won’t have to pay a percentage of your home’s selling price to a full-service broker and that (2) you keep more control over the sale while deciding how much of the process you want to handle yourself.
All that said, you’ll want to know the exact cost of a flat fee MLS listing along with any hidden fees before you sign up, so that you don’t get caught by surprise charges.
What to expect from a flat fee MLS service
A flat fee MLS listing service allows you to list your property on the MLS for one upfront price. Since the MLS feeds listings to popular real estate websites like Zillow and Realtor.com, your home can gain much broader exposure than it would through a simple yard sign or social media post.
Because only licensed brokers can place listings on the MLS, a flat fee MLS company acts as your listing broker while allowing you to remain in control of the sale.
You’ll find basic packages often starting at around $99 or $149, while plans that include additional marketing tools or broker assistance may range from $300 to $1,000 or more. Even premium packages costing around $2,500 are often less expensive than paying a traditional listing commission on a mid-priced home.
At Real Estate Corners, our FSBO package starts at just $399 and already includes a wide range of features designed to make selling your home easier, including:
- MLS listing for six months
- Simple online forms and electronic signatures
- Up to 24 listing photos
- Buyer phone calls and email leads sent directly to you
- Featured listing on RealEstateCorners.com
- Required state disclosure forms
- Broker listing support throughout your sale
You can get optional services for additional fees
Choosing a flat fee MLS listing service could help you save money, but you have to do everything else, such as staging your home and deciding on the asking price.
Of course, you don’t have to do everything alone. If you’d like extra support, Real Estate Corners offers optional services that let you choose the help you need without paying for a full-service listing.
For additional fees, you can include these services to your flat-fee FSBO package:
- Extend your MLS listing to 12 months
- Full-color brochures
- A professional 6-foot yard sign
- Email marketing to local Realtors
- A comparative market analysis
Are there hidden fees?
So-called hidden fees are not always malicious: some of these extra charges are actually standard, but they seem to come out of nowhere because they weren’t clearly explained before you signed up.
Many flat fee MLS listing services are sold as “basic” packages with optional upgrades. There’s nothing wrong with paying for extra services if you want them, but it’s important to understand exactly what’s included before you sign up.
Some common upgrades include:
- Additional listing photos
- Longer MLS listing periods
- Showing management tools
- Marketing materials and yard signs
Take a closer look at what’s included in the advertised price and which features cost extra before choosing a service. A transparent company should clearly explain those details from the beginning.
What about the buyer’s agent commission?
One cost that might surprise you especially when it’s your first time going FSBO is the buyer’s agent commission. However, this isn’t actually a “hidden” fee.
If a buyer is represented by an agent, that agent may ask you to pay their compensation as part of the purchase agreement. However, they should negotiate this with you during the sale so you can pay them at closing. It’s separate from the flat fee you paid to have your home listed on the MLS.
One important change is that buyer’s agent compensation is no longer displayed on the MLS as it was before the NAR settlement. Instead, a buyer’s agent may request that the seller pay some or all of their agreed compensation, with any seller-paid amount negotiated outside the MLS.
Watch for closing and administrative fees
Some brokerages also charge you additional fees that aren’t included in the advertised listing price for their flat fee MLS service, such as transaction fees and other regulatory charges. That’s why it’s always worth asking if you’ll owe anything else at closing besides the published listing price.
Understand the cancellation policy
Cancellation fees are another area that may catch you by surprise. Some companies charge a fee if you withdraw from their flat fee MLS listing service, while others make the initial listing fee non-refundable even when you fail to sell your home. So, always check for cancellation fees and other policies that might lead to additional costs later.
Choose honest real estate brokers
One of the easiest ways to avoid surprises is to ask for a complete breakdown of every fee before you sign up for a flat fee MLS listing service.
At Real Estate Corners, transparency is a priority. Our licensed real estate professionals explain all costs upfront, so you’ll know exactly what you’re paying before your listing goes live. Plus, you won’t have to worry about hidden fees, even if you cancel our service.
If you’d like to learn more about our flat fee MLS listing service in Minnesota, give us a call at (612) 483-1230.
