Flat Fee Realty FAQs

The Multiple Listing Service (MLS) is a online listing portal that is accessible only to licensed Realtors who list and sell property. HomeAvenue customers have the option of listing their home on the MLS for a low one-time flat fee vs. traditional real estate companies who charge a commission based on sale price to list on the MLS.

Sellers now have more flexibility to decide whether to offer a commission to a buyer’s agent. It is unethical for your agent to tell you that you must pay a commission or that if you don’t, agents won’t bring buyers to see your home. 

Here are a few options:

• You can tell buyers’ agents upfront what you are planning to pay them. You can do this by offering to pay the buyer’s agent directly or by agreeing to pay both commissions to your agent to split with the buyer’s agent.
• You can offer a concession that buyers can use to compensate their agents or for other expenses, such as repairs and closing costs.
• You can offer nothing upfront. When buyers submit offers, they might ask you to compensate their agents.

FSBO:

We have a 24-48 hour turn around period. Once you return your listing paperwork we will review everything and if it is all completed we will activate your listing on MLS the next business day.

Full Service:

Dependent on agent 

Broker reciprocity is a system by which real estate brokers agree to share their listings with each other. All participating brokers may publish each others data on their respective websites without discrimination of company or price. If you are a HomeAvenue customer and have listed your home on the MLS, your photos and listing data will be displayed on all cooperating broker websites. This provides a powerful and effective way for you to expose your home to many potential buyers.

Listing Agents represent or facilitate for a seller and are licensed to list properties for sale on the Multiple Listing Service (MLS). Selling Agents, also known as Buyers Agents, represent homebuyers. Some companies, like HomeAvenue, offer cash back or other incentives to buyers.

If you have ever listed on the MLS, then you have listed this way.
Sometimes sellers think they are doing something different, but this is not the case.
We are listing on the same local MLS as any other agent, but instead of charging a 3% commission at closing we are charging you a low flat fee,
We have “unbundled” our services. You pay for the service that fits your needs. We are your listing agent. Your listing will look the same, as all other listings. How much you pay us to list is not mentioned on the MLS. The only commission listed on the MLS, is how much you are offering to pay the buyer or leasing agent.

HomeAvenue Realtors have years of experience in helping both buyers and sellers. Just as commission-based Realtors, our agent’s are licensed and members of the National Association of Realtors. Due to the demand for our flat fee model, our Realtors average many more sales than traditional agents which translates into more experience and expertise.

Yes. Real estate agents have a fiduciary responsibility to show ALL homes listed on MLS to their client. Furthermore, most buyer’s find homes listed on public websites and notify their agent when they want to view a property.

Not only are we REALTORS®, we are state licensed Real Estate Brokers, which is the highest designation an agent can become. It takes many classroom hours and years of experience to become a broker. Being a broker, you can own your company and sponsor other agents.
* All listings look the same on the MLS (Multiple Listing Service). We get a lot of clients that were listed with 6% agents, cancel with them and list with us. We even get a lot of agents listing with us because their brokerage will not give them a discount on their personal homes.
The key to selling a property is the listing price, not the listing agent. We can advise you on the listing price and the selling process.

Truth-in-housing, or Code Compliance, is a report showing the results of a city-required inspection to determine if your home meets current building codes. The inspection report details any serious structural or mechanical problems and some cities may require that you repair them before you place your home on the market. You will have to contact your city directly to see if you are required to have an inspection completed before listing your property. Visit homeavenue.com/inspections to find out which cities require an inspection prior to sale or listing. 

If your property has a well or private septic system, most mortgage companies and some buyers will require a professional to perform a test prior to closing. Contact an inspector for costs and details.

Our success rate is the same as traditional commission based Realtors. We have been doing this for many years and provide you all the tools for a successful sell, but ultimately the sell of your property depends on what you do. If you overprice your property, there is no magic any agent can do.

4P’s of selling:
Price
Presentation (staging)
Photos
Putting on the MLS

Please call and interview us and the competition. Compare for yourself.
What you will find with us is that you are talking directly with the broker that will be listing your property. We are the listing broker and care about you and our business. Many companies you find on the internet are 3rd party referral sites and not even located in your state. We have been REALTORS® for years and even sold real estate the traditional 6% way. We know the flat fee way is better and the reason we do listings this way.

Many people are listing for a flat fee, but there is no way for anyone to see this, as all listings look the same on the MLS and public websites.
Some people do not know you can list for a flat fee while others may be too skeptical (it’s just too good to be true, they believe).
If you want a very experienced agent and to save a ton of money … then we are for you. We have been doing this for many years: listed and closed thousands of properties.

1. Treat all parties fairly.
2. Immediately disclose to all parties that there are multiple offers, but do not disclose the terms of each offer.
3. Choose the best offer in terms of price, financing, closing date, down payment, etc. 
4. Notify the other parties of your decision to select another offer, and tell them you will contact them later if the initial offer falls through.
5. Negotiate the offer. If you and the buyer cannot agree, move on to the next offer.

NOTE: Many buyers require that the seller respond within a certain time period (typically 24 to 48 hours). If you receive an offer, don’t intentionally delay your response because you think you may receive other offers.

Yes. Make sure to get a pre-approval letter either from the buyer or their real estate agent (if you’ve agreed to work with one), which shows that the buyer has been qualified for a certain loan amount by a lending institution.

Yes. Before you agree to show your home to a buyer you should know if they are in a position to purchase your home. Requiring a pre-approval letter lets you know whether the buyer is qualified to purchase your home and it will make the process much simpler. The buyer should present a pre-approval letter on the letterhead of a mortgage lender and signed by a loan officer. Many lenders can provide these letters to a buyer within a day after the buyer completed the application and submits required paperwork.

If your home was built before 1978, you are required by law to provide buyers with a disclosure and with information about lead-based paints. Even if you have no knowledge of lead-based paint in your home, you’re required to submit the disclosure to the buyer.

Earnest money is a deposit made by the purchaser to express his or her desire and commitment to the seller. There is no required amount, but between 1% and 2% of the sale price is typical. It’s a good idea to have this money deposited into a trust account.

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. Closing costs are separate from the fee or commission that you may pay a Realtor.

A contingency is a provision included in a sales contract stating that certain events must occur or certain conditions must be met before the contract is valid.

No. The commission is only paid if the buyer actually purchases the property and the closing is successful. If your buyer is unable to complete the transaction, you do not owe the buyer’s agent a commission.