Flat Fee MLS Listing Services – Sell Your Own Home
Due to regulatory changes, you can now list your property on MLS without the use of a real estate agent. This immediately saves you a 2.5% commission (PLUS HST) by not using a selling agent. The home seller can choose what rate they will offer (if any) to a buyers agent. Although it is completely possible to list your home on MLS and offer a 0% buyers agent commission, this will likely reduce the chances of a quick sale and discourage agents from ever showing your home to their clients. By listing on your own and paying a buyers agent, you can price competitively, sell fast and still walk away with more money then someone who paid a 5% commission. Although the paperwork is fairly straighforward, assistance completing the paperwork is available from most of the flat fee listing companies without cost.
My Success With Flat Fee Listing
I took advantage of a flat fee MLS listing service and listed my property for 90 days for a cost of $395. I simply paid the fee and filled in the supplied paperwork. I listed a week before Christmas and sold within 30 days, slightly above asking price.
Tips For A Successful Private Sale
- Make sure the property is always clean, de-cluttered, well maintained and staged for optimal buyer interest.
- Price the property right. Obtain comparables from active listings and recent sales activity in your condo or neighbourhood. The MLS listing service may provide you with these if you ask. Alternatively you can seek out a friendly real estate agent.
- Your MLS listing will offer a place for a link to a website. Take full advantage of this to create a virtual tour. A domain name can be had for $10. Basic hosting packages with basic website templates are available on the cheap. Even hiring someone to create a virtual tour is well worth the return on investment.
- Post ads regularly on Craigslist.org and Kijiji.ca. I paid $40 for a top ad in Kijiji for 14 days. I received over 900 views.
- Create a feature sheet for your property. Search for new listing flyer in Microsoft Office Publisher for templates that can be utilized for free.
- If you’ve had 12-14 showings and no one has made an offer, consider re-evaluating your pricing and strategy.