Individuals will often assume that they will always have to use a traditional brokerage firm in order to sell their property. However, a flat fee real estate brokerage can be an option that may significantly reduce the costs of your transaction, so that you can retain more of the money from the purchase.
What Are The Reasons To Choose A Flat Fee Real Estate Brokerage?
One of the most obvious and important reasons for choosing a flat fee real estate service is that it will charge much lower fees than a traditional broker. Generally, real estate brokerage firms will charge a percentage based on the value of the transaction. This can result in fees that can easily reach several thousands of dollars for real estate purchases. Additionally, situations that result in a bidding war for the property can result in the seller losing out on much of this revenue due to the percentage pay structure of brokerage firms. In contrast, a flat fee service will only charge individuals a guaranteed flat rate to list the property on the multiple listing service that real estate agents use to find potential properties for their clients.
Do Flat Fee Real Estate Brokerages Offer The Same Services As Traditional Brokerages?
While a flat fee real estate brokerage firm will be able to list your home for a fraction of the cost that a traditional real estate brokerage firm will charge, these services will typically not offer their clients the full range of amenities and services that a traditional brokerage firm will provide. For example, marketing the property once it has been listed will typically be the responsibility of the seller, as well as the preparation of any closing documents or contracts that are needed. As a result, these services may best be suited to individuals that are already familiar with the process of selling real estate.
What If You Need To Update The Listing?
At some point during the time when your property is listed, you may need to make an update or change to the listing information. A common example of this can be deciding to alter the listed price for the property due to too little or extremely strong interest in the property. Luckily, a flat fee brokerage service will typically make it easy for you to make changes to your listing. However, you should be aware that any changes that you make to the listing may take up to a couple of days to take effect, as the frequency with which these listings are updated can vary.