The Multiple Listing Service – frequently referred to as the MLS – is the primary director of for-sale homes. The database is used by realtors and online home directories like Zillow and Redfin. The MLS was created in the 1800s so realtors could sell houses more effectively and serve clients better by going outside the listings within their own brokerages.
In a digital world, the MLS is a must as most homebuyers will first go online to start looking for homes in their area. Typically, listing your home on the MLS is something that a real estate broker will do for you. If you’re selling your home “for sale by owner” (FSBO) and want your home listed on the MLS to increase exposure, you need to find a way to list on MLS without a brokerage. Luckily, there are flat-fee services that can help. But, before you dive into that, read on for a few things to keep in mind.
A for-sale by owner home sale can require a lot of heavy lifting for the seller. One of the biggest challenges is marketing the home. When you list on MLS, you expand your buying pool. This means your home is viewable not only on online listing sites like Zillow, Trulia, Redfin, and more, but real estate brokers can see your home and show it to their clients. While listings on popular real estate websites are great, the MLS has the most accurate and up-to-date information, which homebuyers will appreciate.
In many cases, homeowners decided to sell their homes on their own to save money. Hiring a real estate agent comes with a hefty price tag, typically in the form of a commission payment. The average commission is 3% of the sale price of your home. But, in an FSBO transaction, you avoid that fee, specifically on your end. You will be required to pay any commission fees to the buyer’s agent, should they have one.
To get your home listed on the MLS, you can use a listing service. These types of services require a flat fee that is significantly less than what you pay a real estate agent in commission. While you can enjoy savings with an FSBO sale and utilizing an MLS listing service, there are some factors you’ll want to consider that could inhibit your home’s sale price.
On average, homes that are sold without an agent sell for less than homes sold with one. So, while you might save money on commissions, you could be losing money on the sale overall. Agents are equipped with the skills and knowledge to negotiate more money for your home. However, if this is a skill you’re great at, you could manage to get the most money for your sale.
Selling FSBO is not an easy task. It requires a lot of heavy lifting you’ll need to do on your own from marketing to writing home descriptions to photography to negotiations. It can be an incredibly time-consuming and demanding process. If you have the experience, knowledge, and time to handle the task, go for it. But, if you don’t know that you’re in for quite a lot of work.
Another key factor to consider when selling your home on your own is any legal risks. You need to abide by disclosure laws, which traditionally real estate agents are familiar with. Make sure you read up on any legal information you need to know before choosing FSBO.
Luckily, there is a great option for an MLS service that can take some of the burdens off your hands. HomeLister is not only a stress-free way to list on MLS, but it also provides valuable services that make FSBO selling simpler. HomeLister has three different service options so you can find one that best serves you. Their most popular service, Premium, offers useful marketing tools like professional photography and marketing collateral, and useful tools for you like paperwork management and offer review and counteroffer preparation.
Choosing a for sale by owner transaction to selling your home can be a huge benefit for homeowners, especially if you’re ready and willing to handle the task on your own. You can save a ton of money and have a lot more control over the sale. And, you don’t need to make sacrifices by not using an agent. Now that you have the knowledge of FSBO, you can choose an MLS service that gets your home in front of more buyers while saving you thousands of dollars.
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