Online Real Estate Brokers and Flat Fee MLS brokers in MD (sale, lender)

[diamondeye]

Hi all,

I may not be posting in the right place but don't know of any place to post this question so I'll put it here. As we know people use the Internet to perform initial home searches, and if they like a place they schedule a viewing. I have keycode locks and the house is always in great shape and there's a caretaker onsite to facilitate the showings (explain things, open a locked interior door, etc.) Clearly the motivation is to have a reduced commission; but mainly it's because I see to point in paying the "marketing" component of the commission because there is no more useful marketing in that people just surf the Net to see what they want. Further, cutting out that aspect of the seller commission could save me, and more importantly, the buyer, thousands. It would allow me to reduce the home price and thus make the house more appealing to a prospective buyer, considering price is 99.99% of every buying decision it seems.

I'd like to sign with a brokerage that doesn't portend to do any active marketing, rather it just uploads to MLS (maybe sends a photographer but I have hi quality pix already) and just helps out on the legal/contractual aspect. I still want to have the brokerage represent me and my interests, but I don't want to do open houses (just nosy neighbors traipsing through with no intentions of buying or only very casually interested potential buyers).

The ability to get a quality flat-fee MLS is very difficult in Maryland, and there seems to be no standard for regulation or quality. I don't really want a flat-fee either, because I don't want to be without the contractual expertise, and I want an agent who is easily reachable for help. I looked at Redfin/Trulia but am still unsure about them either. I am aware the buyer's agent needs to be compensated as well (there is dispute between 2% vs 3% which I am researching). As well I am researching ways to get a current and accurate house value estimation that wouldn't cost $400 (BPO maybe?)

So in short, I want a discount brokerage that does not charge for marketing because it allows the Internet to take care of it, but is there on all the admin part.

If anyone has any suggestions on that I would be most appreciative!

PS - Sorry to full-service RE's I know your position but this is the direction I want to go.

[cjmeck]

First, I don't know if what you're looking for exists in one nice neat package. You're looking to breakdown what a full service realtor does and you want a pay for service option it sounds like, yes?

You could always go to one of those companies that will list it on the MLS for you; again, you'll have to make sure it is syndicated to the big websites. And then when it comes to contract review, you could hire a real estate attorney separately. However, will they be as available to you for questions? I don't know.

As to having an appraisal; it doesn't really matter what an appraiser tells you your house is worth necessarily. The only appraisal that carries any weight is the one the lender orders. However, if you're really unsure the value of your house, yes the going rate is roughly $400.

As to buyer agent commissions, its all negotiable. However, I have only once seen anything for less than 2.5% on the MLS. And most buyers have agents representing them (and those agents have those buyers sign contracts guaranteeing a minimum commission on any sale).

Hope that helps; good luck to you.

[diamondeye]

Thanks, I'm kind of surprised I'm the only one who has brought this up; what with the takeover of the Internet for real estate searching. It's been this way for some time, but agents are still "marketing" homes.

[james777]

Mr. Lister does a good job at a fair price; maybe he can help you.

https://www.mrlisterrealty.com

Yes, people are still marketing homes with agents because people want an agent to show them homes and they need help with the legal aspects of the transaction. When you put your home on the MLS, you need to make it very clear in the listing what the commission will be for the agent who sells your home because if you don't agents will not show your home. Also, if you offer the selling agent less than 2.5%, a lot of agents will not show your home.

Good luck.

[diamondeye]

Thanks James, sounds like a good option. I say offer 2.5 and let the buyer's agent do the showings...

[Silvercedes]

We are using Redfin right now to both buy and sell, I'd recommend them as it sounds like they are what you are looking for. We have two "agents" handling selling - one is the actual agent who has done the negotiating for us on price and inspection issues, and the other is more of a "transaction coordinator" who handles scheduling inspections, appraisal, and settlement.


The pictures are magazine-quality amazing, and the marketing on the MLS is built into their 1% listing fee. We used the "coming soon" feature in the MRIS for a week before listing, and we had an offer in less than a week on the market, which is pretty good for our zip code in PG county. We are set to go to settlement in two weeks.


You can specify no open houses and restrict the times for showings (if you want). Our agent did not, and has not pressured us to do anything we didn't want to with our sale. On the whole, it's been a much more pleasant experience than our other four purchases with a traditional agent.


Total commission is 3.5% = 1/2.5 split.

[diamondeye]

Thanks so much Silvercedes, I think that sounds exactly like what I'm looking for. I also have my stepdad who is a real estate agent and my mom is a retired agent, they offered to do it for free, only their broker's commission. I may go that route and tell them to list on MLS and not lift a finger until there's a fish on the hook.

[MrRational]

Originally Posted by diamondeye

Thanks, I'm kind of surprised I'm the only one who has brought this up; what with the takeover of the Internet for real estate searching.
It's been this way for some time, but agents are still "marketing" homes.

Because the "searching" and "marketing" end of things is the easy part... the shallow end.
It's in the rest of the transaction process that a prospect becomes a contract then becomes a closed sale.

This is especially so at the low end of the market with clueless (and marginally qualified) first timers
and at the higher ends of the market with the wealthy and indulged.

When an experienced buyer and and experienced seller (each with lawyers and financials sorted) can find each other
they can manage the particulars of a home sale well enough without extra help from RE agents... but they're rare.

[Silvercedes]

Originally Posted by diamondeye

Thanks so much Silvercedes, I think that sounds exactly like what I'm looking for. I also have my stepdad who is a real estate agent and my mom is a retired agent, they offered to do it for free, only their broker's commission. I may go that route and tell them to list on MLS and not lift a finger until there's a fish on the hook.

The only thing I am going to point out here, if you use relatives to help you sell; is that professional photographs are a MUST these days. Don't let your mom or your stepdad walk through and take pictures with a cellphone camera. That is the kiss of death for a listing, if the pictures look like crap, no buyer will want to waste their time coming to tour.


Our Redfin agent told us that the first showing is your home's online presence, and the second showing is when buyers actually make appointments to tour.

[diamondeye]

Very good advice. I have some professional photos from a previous agent, but I suspect they might not be totes thrilled if I used their photos and did not employ them. The other lesson I learned is to "reboot" the house. By that I mean, empty it, repaint, re-carpet, remove personalizations, and hire a stager. Just human nature, ppl can't see past the anyone else's decor.