The NAR Settlement Changed the Game: Why Flat-Fee Realtors Are Now a Good Choice Sellers
Have you ever thought about selling your home and happened to overhear a mention of the NAR settlement? If so, you may have been wondering what all the fuss was about. In case you missed it, there has been a monumental shift in real estate practices that opened up a whole new world of ideas on how to save thousands of dollars when transacting a residential real estate contract. The question is, why are so many sellers turning to flat-fee realtors all of a sudden?
What Changed with the NAR Settlement?
More Transparency: The settlement forces more transparency about how commissions are split with the buyer’s and seller’s agents.
Unbundled Services: It’s possible for sellers to pick and choose what they do and don’t want their agent to do, rather than being required to buy a full package of services they may not need.
Affirming Flat-Fee Models: Empowering flat-fee realtors who provide and charge for a set list of services rather than a percentage of the property’s selling price.
Why Flat-Fee Realtors Are a Winning Strategy
Massive Savings: Flat-fee realtors typically collect a few thousand dollars in total fees, regardless of the home’s price. This is in contrast to commission structures, which typically cost 5-6 per cent of the sales price.
Control and Flexibility: You can choose the individual services you require. Want help on pricing and putting your home on the MLS? Fine. Want to show your home yourself and negotiate your contract? You can do that, too. In choosing each component, you customise your flat-fee experience.
Flat-fee realtors will add it to the MLS (Multiple Listing Service), the database used by all licensed agents that is where all the action is Still Get MLS Exposure: The most important part of selling is just getting the deal in front of the right people, especially those who book showings. Flat-fee realtors will add it to the MLS (Multiple Listing Service), the database used by all licensed agents that is where all the action is.
For Experienced Sellers: If you’ve sold a home before — or if you’re comfortable doing some of it yourself — a flat-fee realtor can be the best way to save money while still getting professional help where you need it most.
What to Look for in a Flat-Fee Realtor:
Clear Pricing: Make sure you know what the flat fee gets you, and whether you will be charged any extra.
MLS: Make sure that the realtor is going to get your home listed on the Multiple Listing Service. (In today’s market, that means everything.)
Experience and reputation: Find an established flat-fee real estate professional with a good reputation.
Communications: Does the realtor call you back? Do they get back to you immediately, or are they slow? This feedback tells you that you’re working with someone who is available when you need her.
Is a Flat-Fee Realtor Right for You?
Flat-fee realtors are the right choice for many sellers, but they are not the right choice for everyone. If you are a first-timer who wants a more traditional sales experience, or desires lots of hand-holding, then a traditional realtor might be the right fit for you. But if you are looking for a more flexible, empowering, and cost-effective solution, then a flat-fee model just might reinvent how you view the real estate process.