The real estate housing market in Oregon is very competitive with several homes getting multiple offers. However, sellers usually pay a 6% commission, split between the buyer’s agent and the seller’s agent. Whether you are selling a typical ranch house or a Craftsman bungalow or single-family townhouses, a 6% realtor fee is a lot, especially after repairs and closing costs. This is why several sellers turn to flat fee MLS listings, in Oregon. However, the downside is that you will be responsible for all the tasks of listing and showing your home as well as negotiating a final deal. If that does not daunt you, read on!
One of the first steps you will need to do, in order to sell your house, is to get it listed on the Multiple Listing Services or MLS. This is a database that provides all information on local properties for sale and most buyers search for homes on this online portal. Several real estate websites also draw their data from MLS, so getting your property listed here will ensure a wider reach of potential buyers. However, you will not be able to get your house listed on MLS without an agent. This is where flat fee MLS comes in. In Oregon, you will be able to list your property on MLS by paying a flat fee which will be small compared to the hefty listing commission fee you will otherwise have had to pay. The best Flat Fee MLS Oregon Listings will allow you to choose and spend only on those services that you require – an a la carte of the traditional real estate services if you will.
What is MLS and How Does it Work?
Multiple Listing Services or MLS is a tool designed to consolidate property information for an area. Brokers share information on properties they have listed and allow other brokers to cooperate in their sale in exchange for compensation if they produce the buyers. MLS is based on a fundamental principle of organized real estate: Help me sell my property and I’ll help you sell yours.
Adding your property to MLS listings in Oregon or any other real estate market will involve paying a monthly fee which is used to build and maintain the database. Owners will also need to hire licensed agents who are the only ones that can access MLS. This is why several people have now opted for flat fee MLS listings in Oregon. In exchange for a small fee, you can get your property listed on MLS for a period of 6 months up to a year, with no hidden charges, additional fees, or cancellation fees.
How Accurate are MLS listings?
MLS databases are renowned for providing the most accurate information regarding properties for sale, mainly because of the strict enforcement of rules. In fact, fines are administered to those members who do not adhere to these strict guidelines which include:
- Timeliness: once the listing agreement is signed, members are expected to enter the full listing of properties, typically with 24 hours to 48 hours
- Accuracy: of square footage, direction and location
- Photos: of high quality and the mandated number
Why You Should Get Flat Fee MLS?
- Get listed on the local MLS as well as on Realtor.com, for no additional charges
- Set your own commission to the buyer’s agent
- If you find the buyer yourself, you get to sell the property on your own without having to pay commission to anyone else
- You can upload 25 photos of your home on the local MLS (this might vary depending on the company)
- Your professional Realtor.com listing can be shared on social media or emailed to your contacts, to widen your outreach
- Your name and contact will be displayed on MLS as the direct contact which means that all buyer leads will come directly to you
- Your house will be listed on top national websites as well as popular local real estate sites
The benefits of flat fee MLS listings in Oregon can be best explained with the help of an example. For instance, if your property is valued at $400,000, and an average property broker charges a standard commission rate of 6%, then you will end up paying $24,000 as a commission out of the total sale value. Even a listing agent will charge you somewhere around 3% commission out of the total sale value, placing the amount at an exorbitant $12,000. All this outrageous spending can be avoided by paying a modest amount between $299 and $399 for a flat fee MLS listing. This money-saver option is convenient, customized, and customer-friendly.
While it is true that the number of people opting for flat fee MLS in Oregon is on the rise, you also need to be aware of the challenges associated with this method. The main challenge is that all the tasks associated with selling your property – listing, viewing applications, scheduling visits, negotiating deals and legal documentation – all fall on the shoulder of the owner. Another is the fact that a licensed realtor will have access to more MLS listings than an ordinary individual. For Sale By Owner (FSBO) homes often sell for significantly less than those homes sold by experienced agents. You will also have to pay the buyer’s agent’s fee. In Oregon, this will amount to anywhere between 2.25% and 2.80% of the final price.
How to Select the Best Flat Fee MLS in Oregon?
When choosing flat fee MLS companies in Oregon, you need to consider their overall performance and any additional services they offer like pricing assistance, negotiation support, open houses etc. Some of the best flat fee MLS companies in Oregon include By Owner Oregon, Congress Realty, and Houzeo. BY Owner Oregon is a family-owned business known for offering several basic listing packages well below that of its competitors. Congress Realty is well-known for providing pricing assistance – a tricky area for amateur sellers. Comparative market analysis and communication are touted as their stand-out features. The best feature of Houzeo is its easy-to-use technology and online integration which makes it very simple for customers to get their homes listed and complete the key steps of the sale online.
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