Any good/bad feedback on flat fee MLS in Chicago? (for sale by owner, real estate)

[Chicagodan]

I'm considering the sale of my downtown condo and was wondering if anyone has had good luck using a flat fee MLS service. It seems to me that it'd be worth it to pay the approximately $299 fee to get the property listed on the MLS - not to mention the possible savings of thousands of dollars to a listing agent who'd basically be doing the same thing.

[jwaiter]

Yes, it's worth it.

[linicx]

The downside is no realtor will sell your house; no commission unless you state it. You have to do your on own comp work, hold an open house. prequalify the buyer, show the house, write the contracts, negotiate the sale, hire the lawyer to read the title, open an escrow account, do all the inspections, and hold your own Closing.

What I learned in 2007 is a well placed 4-color ad in the newspaper is cheaper and generates more interest. A DYI sale is a short course in Real Estate. I wish you great luck.

[linicx]

PS: A listing agent does a lot more for the 7% than just list your house in MLS.

[richrf]

It worked for me selling a $640,000 condo in the loop. We offered a 2.5% commission to the buyer's broker. As long as someone is there to receive the buyer, it works very well.

[soulful]

ChicagoDan. Flat fee MLS is great. You set the commission for the buyers broker (I wouldn't go less than 2.5% personally and 3% would be better).

In Illinois it is customary for each party to have an attorney and the closing will take place at a title company office. The buyer or his agent will schedule an inspection if they choose to have one. Your attorney can handle any aspects of the contract with which you aren't comfortable (most likely the buyers broker will present the initial contract to you).

As long as you have the time on your hands to show the unit many many times (which can be mind boggling in the market), you should be fine.

p.s. During your selection process for a flat fee MLS broker, I would review some of their current listings on other online sites which capture the MLS (realtor.com might be a good one).

[nikitakolata]

Originally Posted by Chicagodan

I'm considering the sale of my downtown condo and was wondering if anyone has had good luck using a flat fee MLS service. It seems to me that it'd be worth it to pay the approximately $299 fee to get the property listed on the MLS - not to mention the possible savings of thousands of dollars to a listing agent who'd basically be doing the same thing.

If your condo is in good condition and you can handle the other aspects of selling it, I think a flat fee MLS listing is definitely worth the money. In the past I've used various for sale by owner websites and honestly, they are completely worthless. The only calls I ever get from those sites are from Realtors that want to list my house (and are too lazy/stupid to check and see that it's already listed on the MLS anyway, plus I AM a Realtor).

If you list it in the MLS, the buyers agents will walk them through the property. In order to make that easier for both the buyers agents and yourself, I would recommend buying a lock box (they're available on Amazon for around $20) and putting a set of keys in it. Then, when someone calls to show the property, you just give them the lock box code and leave when they will be coming. It makes buyers more comfortable if you're not there, IMO.

[Chicagodan]

Thanks to all for the great feedback. I've decided to give it a go and will report back with results.

[BuySelf]

Be careful with Flat Fee MLS, I've been a flat fee MLS Listing Broker since 1998, and there is a huge difference between Flat Fee Brokers. There are lots of scary flat fee listing websites out there, some websites look scary, other websites look really good, the scary part is when you look at their customer reviews.

The simplest and best advice is don't pay for a flat fee MLS unless you have seen 20+ customer reviews on that company. Any established flat fee MLS website should have tons of reviews. Make sure those reviews are on a website where a complaint can be posted and not removed (as in, not on the company's own website). If they can't show you reviews, run, don't walk, away!

Fixed Commission listings in the Realtors MLS are a great way to save money but I've seen people get burned trying to get the dirt cheap cheapest listing possible, they end up with an inferior brokerage and don't have a successful sale (so it doesn't save them any money).

Some of the worst providers have the fanciest and best looking websites, and claim to be the "biggest" for sale by owner websites. So be very, very careful. Good luck.

[koctail]

I sold my condo with the $299 flat fee service. Basically tons of realtors see your ad on the MLS and either call you or your listing to schedule a viewing. They fax the offer to the same agent who forwards them to you. It is really simple. My condo was in like new condition, so it was very smooth transaction. I did not even bother getting a lawyer.

Only thing I recommend is having some experienced realtor see your place and give you tips on what to improve, i.e new paint, carpet etc.. Also better if the realtors can call you to schedule showings rather than through the listing agent