It is an interesting time to buy and sell properties in the United States because the market was on an all-time high for the past two years. But to control inflation, the government increased the mortgage rates, resulting in buyers aiming for affordable housing and sellers trying to save up on commission and maximize their profits.
What is Flat Fee MLS Listing?
Flat Fee MLS New York is the best way to save up on real estate agent commission. But listing in New York is a little different from rest of the America.
Here, they do not have a primary Multiple Listing Service (MLS) but multiple options to list. The Real Estate Board of New York (REBNY) has a listing system which is called RLS.
Apart from that, there are several other MLS including Manhattan MLS. Here is everything you need to know about selling a house in New York State through Flat Fee MLS companies.
Here is everything you want to know about the top Flat Fee MLS listing companies in New York.
A: Flat Fee MLS New York – Pros and Cons
The biggest pro of going for a Flat Fee MLS listing service is that you get to save up on thousands of dollars worth of commission to a real estate agent. It also gives a property good exposure and generates a good level of buyer interest. Apart from that, there are factors like speed to market and complete autonomy to the seller which go in the favour of homeowners.
A major con of going for a Flat Fee MLS company in New York is that there is no one central MLS in the state of New York. In fact, in NYC REBNY is an authority on all things about real estate and they have their separate listing system which is called RLS. In addition to this, they also have other MLS like Brooklyn MLS, Staten Island MLS, and NY State MLS.
Since sellers can’t directly list on the RLS, they can pay to Flat Fee MLS companies but not all Flat Fee MLS companies have access to RLS which is a big disadvantage.
Similarly, if you sign up with a Flat Fee MLS, you will have to adopt a DIY approach to everything from pricing to listing to even closing the deal.
It is difficult to navigate through the complicated red tape associated with real estate, without the agent’s help the FSBO seller might not get through the deal successfully or may even get less price than the market rate for the property.
Sellers also need to beware of the hidden charges billed by the Flat Fee MLS companies at the end of the deal.
B: Top Flat Fee MLS Listing Companies in New York
Following are a few of the most reliable Flat Fee MLS systems in New York. Sellers can opt for a suitable service according to the property they wish to sell and market demand.
Houzeo is a tech company that specializes in Flat Fee MLS across the country. They have packages starting from $349 to $999+.
This pricing is great in New York where the average listing fee easily goes up to $500. They also have an advanced user-friendly interface that allows sellers to make changes instantaneously and also track the process at every step. They have pay-per-package for every service offered which is convenient.
2: Realmart Realty
One of the top most company in NYC, Realmart Realty’s USP is their highly customizable packages ranging from $295 to $695.They also give a full refund if sellers decide that the Flat Fee MLS listing is not for them and instead opt for a full-service real estate agent.
While they syndicate the listing from NYC MLS to other sites like StreetEasy, Zillow, and Trulia, one drawback is that they do not have access to RLS.
The biggest advantage of Hauseit is that they list your property on RLS as well as on other MLS in the state. This is great for exposure. Hauseit is expensive with their starting package at $499 and premium package at $1299.
The con of going for Hauseit is that they do not provide services like Home Valuation or pricing guidance to the FSBO sellers.
4: Flat Fee Realty
Flat Fee Group provides sellers with the cheapest listing option at $199 with features like digitized seller disclosures.
The catch here is that around 0.1% to 0.25% will be charged at the time of the closing from the seller’s pocket. FSBO sellers have to be mindful of the same while signing a contract with them.
5: Flat Fee Group
Flat Fee Group is a national Flat Fee MLS listing option that is reliable because it is authorized by the National Association Of Flat Fee Brokers. They have customization plans starting from $177-$795 and are popular for the same.
The interface is quite outdated and most processes are done manually, which is a huge drawback considering that technology plays a huge role in real estate today. More than 94% of the population goes online in search of properties or to review selling options.
C: Flat Fee MLS New York: Alternatives
Flat Fee MLS New York is not for everyone for the reasons mentioned above. Then what are the other options left to the sellers apart from hiring a full-service real estate agent?
Sellers could go for discount brokers or low-commission real estate agents which charge less than the standard 6% commission but provide full service to the seller.
If you are selling a house in New York state due to an emergency then opting for a sale via cash company is the most prudent choice.
Especially when it is a distress sale, homeowners prefer a quick transaction. While dealing with a cash company is simple with no compulsion to carry out home inspections or organize open houses, you might sell your home for much less.
Selling a house in New York State through a Flat Fee MLS listing service is not without its complications. Therefore, paying for a trusty flat fee MLS listing service will take sellers a long way leading to a profitable sale.
Houzeo is a reliable option thanks to its customizable plans and great technology to aid sellers every step of the way. New York-based companies like Hauseit have access to RLS which works great for sellers in terms of exposure and marketing.