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 on the cost of a real estate commission. Instead of paying the typical 5% to 6% commission, sellers only pay a flat fee to list their home on the MLS. This allows them to avoid the listing agent’s fee, while still paying the buyer’s agent commission and any additional service fees.

It should be noted, however, that on March 15, 2024, the National Association of Realtors (NAR) announced a landmark lawsuit settlement that will change the way real estate agent commissions are handled in the future. These changes will “decouple” seller and buyer agent compensation. Industry experts predict that this decoupling will likely lower agent fees and give buyers the ability to negotiate commission amounts directly. Learn more.

Sellers who have a desirable home in a hot market or prefer to be deeply involved in the sale process might find a flat fee MLS service to be a good fit. 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:

• You’re still required to offer a commission to the buyer’s agent.
• 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. National Association of Realtors research shows that FSBO homes sold for around 23% less than homes sold by an agent. The median selling price for an FSBO was just over $300,000, while the median sale price of homes sold by an agent was just over $400,000.

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.

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

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