flat fee broker

[Anonymous]

Has anyone used one of these lately and can recommend? How does it work with the lockbox? Did you co-op with buyer's agent and what commission did you pay them? I have heard that 6% commissions are fewer now, but does buyer's agent still expect 3% or is 2% or 2.5% common/OK for them?

Last time I sold there was not this level of internet action where buyers could check craigslist or even flat fee broker could get listing in MLS. Thanks for some advice here.

[Anonymous]

We used a flat fee broker to sell by owner. Basically we paid about $400 for them to list us on the MLS and we did everything else. We did offer 2.5% - 3% to buyer's agents - certainly not 6%. We were under contract with multiple offers within a week.

[Anonymous]

You could use Frankly MLS to browse the listings in your area to see what level of buyer's agent commission is typically given.

I suggest Frankly specifically because I don't think the other services list the commission.

[Anonymous]

We used DC Homebuzz. we close next week but so far so good. They did all the things a traditional realtor would do--offer advice, photograph, market, negotiate offers--and then some (semi-staged the place). Under contract in 6 days with multiple offers (more a reflection of the market but they certainly did their job). We offered 2.5% to buyers agent which she suggested in our market and price range (800k).

[Steve]

Here's snippet of tips I'm writing:

Other Tips for the DIY’er

1. Offer buyer agent commission: If you don’t offer a buyer agent commission, your house will most likely be illegally and unethically boycotted by real estate agents. Unless your home is in a very hot area, you’re going to want to offer commission to the buyer agent. The norm in the DC area is 3% but 2.5% is becoming more and more common. Anything less than that and you risk a greater potential that your home will be boycott.

2. Get a lockbox: This is where you will store an extra copy of your key so that real estate agents can access your home and show It to their clients when you are not home. It can be purchased for about $20 at the hardware store.
Use the Centralized Showing Service (CSS): Control access to home showings through this service. When an agent wants to see your home, they will call the CSS for showing instructions. CSS will call/txt/email you for showing confirmation before allowing the agent to retrieve your lockbox access code and enter your home. They also keep track of which agents request a showing and allow the agents to leave feedback through the system as well.

3. Use a Google Voice number: If you’re trying to sell a home on your own, agents may try to harass you for your listing. Use Google Voice or a temporary, disposable number as an easy means to block them. Further, if you decide to take your home off the MLS at a later date, you will receive calls for weeks soliciting your home listing. Google Voice makes it easy to turn off/block/screen these calls.

4. Try to avoid using a “For Sale By Owner” sign: This is a red flag for real estate agents. Many are not aware that “For Sale By Owner” sellers may still offer commissions to buyer agents and they’ll avoid your house altogether. They’re not supposed to but they can steer clients away from your home by suggesting other homes to tour.

[Anonymous]

Thanks, PP, for thee great tips. You make it sound like we almost do not need a broker at all. But how else do we get into the MLS?

[Steve]

Anonymous wrote:Thanks, PP, for thee great tips. You make it sound like we almost do not need a broker at all. But how else do we get into the MLS?

You're welcome. Thanks for reminding me to update my post about how normal people can get on the MLS: http://www.dcurbanmom.com/jforum/posts/list/0/475296.page