A flat fee realtor is a specific type of discount realtor, who doesn’t charge a commission for selling a home. Instead, they charge a one-time flat fee. This can be an appealing option for sellers who don’t want to pay commissions but still want to get top dollar for their home.
Reducing costs by not paying commission may sound like a good deal but keep in mind that this reduces your potential earnings from selling your home. A flat-fee realtor might not be the best choice if you are planning on moving soon and will have more opportunities for another sale in the near future.
If you choose to work with a flat-fee realtor, make sure you understand exactly what services they will provide and exactly what services they won’t provide before signing any contracts or paying any money upfront.
What to expect from a flat-fee realtor
When you hire a flat-fee realtor, you’re hiring someone to help you sell your home. You’ll have the same responsibilities as any other seller. You’ll need to clean up the house, take care of any repairs, get the home ready for showings, and handle the paperwork that goes along with the sale.
The realtor will be there to help you through the process, but they aren’t a magic wand that makes everything easy. A flat-fee realtor will likely help you list your home. They’ll put it on the multiple listing service (MLS), arrange for the photos, write the description, and list it on a real estate website.
The flat-fee realtor may also help you with showings, accept offers, and supervise the closing. The specific services offered by a flat fee real estate agent will vary depending on the company and individual agent.
Flat Fee Real Estate Agents Can Provide
Flat-fee real estate agents can provide a wide range of services. They can help you clean up the house, take photos, write a description for the listing, create a marketing plan, and help you negotiate with potential buyers.
Flat fee realtors may also help you through the closing process. Most flat fee realtors also work with sellers who are using a real estate agent who charges a commission. This means they can help you find a realtor who charges commission and they can work with them as needed.
Flat Fee Real Estate Agents Cannot Provide
A flat fee realtor cannot guarantee you’ll get a certain price for your home. There are just too many factors that can affect the price, including the economic climate and the condition of the home. Most flat-fee realtors will provide a suggested sales price based on the condition of your home, but it’s up to you to decide what the home is worth.
You’ll also need to decide whether or not to hire a contractor to do any needed renovations. A flat fee realtor can’t guarantee you’ll get top dollar for your home, no matter how much you clean or repair.
Things to consider before hiring a flat-fee realtor
Before hiring a flat-fee realtor, make sure you understand what you’ll get for your money and what your responsibilities will be. Also, you should be aware of any limitations that may apply.
For example, some flat fee realtors may only help you sell your home if you’ve lived there for a minimum amount of time. Others may only help you sell your home if you’re facing a unique situation, like a disability or health condition that prevents you from managing the process on your own.
How much does a flat fee real estate agent cost?
The amount you’ll pay for a flat fee realtor will vary depending on the company and the realtor you choose. A real estate agent who charges a flat fee may charge as little as $1,000 or as much as $5,000. The higher amount is typically for situations that involve a lot of marketing or legal work.
You can expect to pay more if you hire a flat-fee realtor to list the home, handle negotiations, and supervise the closing. What you pay will depend on how much work the realtor does. If you hire the realtor to do everything, the cost will be higher than if you hire them to do only the marketing and listing.
Bottom line
If you want to sell your home, you should consider hiring a flat-fee realtor. This type of realtor won’t charge you a commission. Instead, they’ll charge you a one-time fee. Using a flat-fee realtor can be an appealing option for many sellers.
You won’t have to worry about paying commissions or taxes on those commissions. On the other hand, you won’t receive any of the money from the sale of your home. If you choose to hire a flat-fee realtor, be sure to understand what services they will provide and what you’ll need to do to make the sale happen.