Do I need to pay a commission? You need to offer a commission for any Realtors working with a buyer that purchases the home. If the buyer is not working with a Realtor, you pay no commission. It is highly recommended to offer 2.5-3% to buyer’s agents. The minimum buyer’s agent commission accepted is 2%.
Do I need a listing agent? Yes, the only way to get on the Multiple Listing Service is through a listing agent. We serve as your listing agent, however there is no listing side commission other than the up-front flat-fee. The maximum commission you would pay would be the buyer’s agent commission (2.5 or 3%).
Will my home be considered For Sale By Owner? No, once you are listed, you have a listing agent, and obligated to abide by the state and MSI regulations governing listed properties. However, you can of course still try to sell the home yourself and pay no commission. The legal term for this type of listing is Exclusive Agency – you are listed with a particular company, but pay no commission if you sell it yourself (as opposed to the traditional Exclusive Right To Sell listing where you pay a commission no matter who buys it).
What if I decide this service isn’t right for me? You can cancel the listing at any time. The flat-fee is non-refundable once your home is listed, but there is no additional charge to cancel the service early. You are always able to explore our other services, or those of another company after cancelling the Flat Fee listing.
What if the client of a Realtor makes an offer? Their Realtor will send us the offer, which we will forward to you. We can consult with you and assist in preparing a response. This service is included in your flat fee. (Or a client of ours could buy the home, in which case would be eligible to earn the buyer’s agent commission – a scenario called Dual Agency where we represent both parties. This would be the only situation where you would pay us a commission direct.)
What if a buyer without an agent makes an offer? They would likely submit the offer directly to you. There are several choices with this scenario. If they send you a written offer, we recommend having a real estate attorney look it over. We can recommend some attorneys if you want. If they make a verbal offer, it will need to be put in writing. You can hire an attorney to write the offer, or hire us to write the offer. There is additional cost either way (our fee is $399 which includes writing the offer, assisting through any negotiations, helping to manage the transaction through closing such as inspections, financing, etc.). There are also online contract forms (we can supply one at no charge that we purchased for non-brokers, but not give any legal advice).