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27.12.2007 00:01 - category: FSBO: FSBO
Cheap Flat Fee MLS Listings Yield Ineffective Results By Lori Fiore
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Do FSBOs really save money when they list flat fee MLS? Well, I recently researched different flat fee MLS services and found that sellers can save a lot of money by listing flat fee MLS. There are some listing services that offer free MLS listings (Danger!Danger!) and some are so cheap that one would wonder how these listing services stay in business (actually, some did not). If sellers opt for the cheapest MLS service will they get enough marketing to get their property sold? I didn't have look far to find that answer, which is most definitely not. When a seller chooses a flat fee MLS company wisely, they can save thousands of dollars, stay in control of their sale and get enhanced marketing--and marketing is the key to a successful sale.
Sellers who have chosen to self represent need tons of enhanced marketing and listing accuracy as well as reliable and professional customer service to back them up--and not all listing services offer that. As I probed for answers on the differences between Florida flat fee MLS services and saw how cheap some were, words of wisdom from my Italian Grandmother rang clearly in my ears--"Si paga per quel che si ottiene" (if you're not fluent in Italian, say it semi backwards and it will eventually make sense!) "You pay for what you get"---
It's normal for any type of consumer to want to save as much money as possible however, we get so caught up in saving, that we forget about quality and how it might affect us in the end. Will the cheap MLS service yield any results at all? This applies to just about any product or service we purchase...except for a property seller, there's much more at stake. It reminds me of a cheap knock-off of a well known MP3 player that my brother-in law purchased for his elderly mom last year for Christmas. (He ended up returning 4 of them to the retailer!)-- It took me all day to attempt to program it only to find out that it was defective. If I could barely see the buttons--how would an 83 year old fare? I had to use a paperclip instead of my fingers and one button actually fell off. I thought that I had lost my natural ability to work with electronic devices and by the end of the day I was depressed and frustrated. But, it wasn't my fault. It was my brother-in laws fault for being "cheap."
My point is that free flat fee MLS listings, or really low priced ones, only accomplish one thing--A listing in the MLS and much frustration in the end--and that's simply not good enough for FSBOs in any market. Another issue with free or really inexpensive listings is that not all listing agents will list a seller's property in the correct MLS board, which equates to not being listed at all. Pay too little for anything and you will surely pay for it in one fashion or another.
If you're selling for sale by owner you must market strategically and comprehensively. It's worth it to pay a little more to get more service, especially internet marketing and customer service. About 80% of home buyers look to the internet first and foremost when they decide to purchase a home. So, relying on the MLS alone is like a property brochure that you've placed in a bottle and thrown out to sea--hoping it will find it's way to a buyer. Trying to save money on anything you purchase is great and comparative shopping is smart. But don't just compare dollar to dollar. Wasting your money on cheap alternatives only to realize you should have spent a little bit more for an "effective" product or service is smart buying no matter what you're purchasing.
When I compared prices of other listing services I used this rule of thumb--Look for a flat fee MLS plan that is reasonably priced, offers tons of service and one that wouldn't list my home with a third-party listing agent. I needed to know who was going to be listing my home and I needed to know that I had direct access to them. Reasonably priced flat fee listings run between $300 to $400. Sellers should receive enhanced marketing at that price, as well as real estate service options. Also, don't forget that buyer's agents and listing agents are two different animals. Buyer's agents have what you need and marketing directly to them via a reputable source can make a world of difference for sellers.
Make sure that your listing company offers buyer lead protection as well as a tangible source for protecting them. Do they have software that captures your leads? Will they answer the phone at 8:30 AM on Saturday and Sunday when an agent calls to show your home? Many listing agents don't tell sellers that realtor.com does not permit the publishing of a seller's phone number on their realtor.com ad. When a seller lists flat fee and receives a realtor.com listing, calls will eventually come into the listing agents office. How will those calls be handled by a listing service that barely made a profit off of listing you in the MLS?
These are things to consider when you're tempted to list you home with a 'cheap" flat fee MLS or when you think you should buy everyone in your family an inexpensive MP3 player for Christmas this year.
Lori Ann Fiore is a freelance published writer, editor and owner of Bay Area Graphics & Marketing. Personally and professionally, it's a must to believe in the service, product or idea that I represent. I opt to work with clients and organizations who adhere to higher business standards. Human interest articles, research and working my manuscript, "In The Midst of the Poetry" encompasses my "free time." For more information, please visit http://www.websitestampabay.com/freelancewriting.htm
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