6 Flat Fee MLS Companies in Arkansas

How would an Arkansas seller benefit from a flat fee MLS service?

A flat fee MLS service can benefit Arkansas sellers looking to save significantly on the listing agent’s real estate commission, which typically ranges from 2.5% to 3%. Instead, you’ll pay a flat fee, potentially saving thousands. This can be a good fit if you have a home in a competitive or hot real estate market, as your overall days on the market might be shorter. However, you may still have to cover the buyer’s agent commission to help sell your property in a challenging market. 

It’s also ideal for those who don’t want to work with a licensed agent and have the time and energy to handle tasks typically managed by an agent.

When selling your home FSBO, even if you use a flat fee service, you’ll typically need to:

1. Use market data to set the best selling price for your home.
2. Write a listing description that appeals to buyers and their agents.
3. Take professional photos of your property.
4. Market and advertise your home.
5. Make the state and federal required disclosures.
6. Coordinate showings and open houses.
7. Review offers and make counteroffers.
8. Understand and negotiate the terms of your contract.
9. Calculate your closing costs and your net proceeds.
10. Navigate any issues that may come up with the appraisal or inspection.
11. Handle any local real estate transfer taxes.
12. Get the required documentation together.

Pros and cons of using a flat fee MLS listing service

Pros:

The advantages of using a flat fee MLS listing service in your FBSO sale include:

• Eliminate the listing agent commission (typically 2.5% to 3%).
• Represent yourself in your home sale.
• Control all aspects of the sale from start to finish.
• Pay known costs for the listing service upfront.
• Get your home listed on the MLS and third-party websites.
• Expand your exposure to traditional buyers and their agents.

Cons:

The disadvantages of using a flat fee MLS listing service for your FSBO sale include:

• Even with new commission rules decoupling the listing agent’s and buyer’s agent fees, you may still need to offer to shoulder the buyer’s agent fee as an additional marketing tool.
• You’ll be responsible for handling any issues that may delay or kill the deal.
• It’s a self-serve process that you’ll navigate without the guidance of a local expert.
• You may be exposed to liability claims and other legal risks.
• Your house will likely sell for less than it would with a traditional real estate professional.

How do I list my home with a flat fee MLS service?

Once you’ve decided to list your home with a flat fee listing service, follow these steps to get your FSBO home on the MLS:

Step 1: Vet the flat fee MLS service

Research the local service you’d like to use, including packages and rates. Be sure to look up Google reviews and check out the company on the Better Business Bureau. Before you proceed, know how much information you can list, how many photos you can post, what forms are available free of charge, and what add-ons come at an additional charge.

Step 2: Register and select a plan

Register on the flat fee MLS company website, select the package you want, and pay the upfront fee online.

Step 3: Enter your property information

Describe your property and upload photos. If your service offers it, fill out the disclosure form.

Step 4: Read and sign your listing agreement

Sign the listing agreement. Be sure to read your listing agreement thoroughly to ensure you can cancel without penalty and won’t owe a listing commission.

Step 5: Review your live listing

Once you complete your listing, the listing company will publish it to the local MLS, making it visible to buyers’ agents. Depending on the company, it will most likely be posted on real estate websites such as Zillow, Trulia, and Realtor.com. It can take a couple of days or longer to populate, so review how your listing displays on real estate sites to ensure it’s correct and complete.

Are flat fee MLS listings effective in Arkansas?

Flat fee MLS listings are highly effective in Arkansas because all homebuyers use the internet to search for new homes, and most online tools rely on local MLS databases for the latest listings. Buyers’ agents also depend on MLS data, making it one of the best marketing opportunities for sellers to reach a wide audience and attract serious buyers.

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Will I save money with a flat fee MLS listing service?

Though you will save money on commission fees, you may lose out in the long run. According to the National Association of Realtors, FSBO homes typically sell for about $380,000, while homes sold by agents reach a median of $435,000.

While a flat fee MLS can be an effective tool, it’s important to remember that selling your home FSBO could result in less overall profit once it is said and done.

What if I need to sell my Arkansas home fast?

If you need to sell your home quickly, you have options. Consider working with a We Buy Houses company or an iBuyer. These companies will purchase your home in almost any condition, often in days. 

Be prepared to lose money, though, as they typically pay less than if you sold your home on the open market. However, when time is of the essence, these can be a good option.

HomeLight also offers Simple Sale, which can expedite the process or connect you with a local agent to give you more options.

What else should I know about selling a house in Arkansas?

While there are no strict rules for using flat fee MLS listing services, sellers must comply with local disclosure laws. 

Although not mandatory, hiring a real estate attorney is advisable for FSBO sellers to handle the complexities of disclosures and contracts, and will keep you from dealing with any legal headaches once the transaction is complete.  

Key points to remember:

• Flat fee services are paid upfront, regardless of whether the house sells, unlike traditional agents whose fees are contingent on the sale.
• Some services may change names frequently, complicating the tracking of their success rate.
• Often, these services include the seller’s contact info directly in the listing, shifting more communication responsibilities to the seller.
• There may not be a dedicated individual to assist sellers through the listing service, a stark contrast to traditional agents.
• While flat fee services charge a fixed rate, traditional agent fees can be negotiated.

Ready to sell your Arkansas home?

• Selling a house can be like taking on another full-time job.
• FSBO sellers must handle many responsibilities typically managed by an agent.
• A flat fee MLS listing service can provide support, but the level of assistance varies by package.
• Choosing a flat fee service to save on commissions might not always be wise.
• You may still need to offer to pay the buyer’s agent commission on top of MLS service fees.
• FSBO homes might sell for less than those sold by traditional agents.

HomeLight can connect you with a local agent in your area to help streamline the process and maximize your home’s value.

Editor’s note: This post is for educational purposes only. Links and mentions of Arkansas flat fee MLS companies in this post do not constitute an endorsement.

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