What if I want to go with a "full service REALTOR®"?

Understanding Both Services

Full-Service Realtors® and Flat Fee MLS services represent two different approaches in the vast real estate market. The Full-Service Realtor® is essentially a real estate agent that oversees your home sale from beginning to end. These agents are usually affiliated with widely recognized national brokerages such as Keller Williams, RE/MAX, Century 21, etc. They handle all aspects, right from listing your property to closing the deal. Full-service Realtors® usually charge a commission that is around 6%, which covers all their services.

On the other hand, a Flat Fee MLS service, as the name suggests, charges a flat fee to list your property on the Multiple Listing Service (MLS). MLS is an independent service to find real estate listings for sale by realtors and other realty professionals. The MLS database holds one of the largest inventories of homes that are ready for sale or rent. This is a key tool for increasing exposure for your property. With a flat fee MLS service, you pay upfront to have your property listed on the local MLS, where it becomes accessible to all participating brokers and agents.

Comparisons: Full-Service Realtor® VS Flat Fee MLS Service

Full-Service Realtors® are known to provide comprehensive services, from listing to closing. They guide the client through every step, offering support whenever necessary. This includes, but isn't limited to, notifying buyers of upcoming listings they might be interested in, identifying potential problem areas in chosen homes, setting up private tours, investigating property evaluations, and negotiating on behalf of the buyer. These professionals also handle marketing and listing tasks such as online marketing, MLS listings, signage creation, and the creation of custom websites.

However, with Flat Fee MLS services, the level of service might vary. Here you're primarily charged for listing your property on multiple real estate platforms. These services do not usually include personalized guidance or marketing strategies for your property. The role is more about property visibility and less about transaction facilitation. Flat Fee MLS services offer a more hands-off and affordable approach to getting a property to market, granting sellers more control over the process.

Benefits of Working with a Full-Service Realtor®

The significant benefits of working with a Full-Service Realtor® majorly revolve around the comprehensive service they offer. As they handle the home buying and/ or selling process, they provide integral services that buyers or sellers may not have the expertise or time to manage. This might include current market analysis, strategic pricing, professional staging advice, high-quality professional photos, wide-reaching online marketing, negotiation expertise, and navigating complex paperwork.

Further, Full-Service Realtors® not only list your property but also actively market it through their extensive network. This significantly increases the visibility of your property. They are also present to guide you through every step of the transaction, making the process less stressful for their clients. With a Full-Service Realtor®, you get customized strategies tailored to sell your specific property. Overall, they help save valuable time, provide professional resources, in-depth market knowledge, professional negotiation skills, and peace of mind throughout the transaction.

Downsides of Full-Service Realtor®

While Full-Service Realtors® offer a lot of benefits, they also come with a few downsides. The most significant one being the cost. A commission of about 6% might not seem much, but when dealing with homes priced in hundreds of thousands or even millions, this amount can become quite hefty. This is one aspect that makes sellers and buyers consider alternatives.

Another potential downside is that sellers might feel they have less control over the selling process. As Full-Service Realtors® handle everything end-to-end, sellers who wish to be actively involved might feel a bit detached. It's also important to note that while most full-service agents provide excellent service, the quality of service can vary from agent to agent. It might be time-consuming to find a Full-Service Realtor® who suits your exact needs and goals.

Process of Transitioning from a Flat Fee MLS Service to a Full-Service Realtor®

The process of transitioning from a Flat Fee MLS service to a full-service Realtor® involves a series of steps. Firstly, you need to decide if you want to switch. This decision might be influenced by factors such as your budget, need for comprehensive services, the specific demands of your property, or your aspiration to have a hand-held process. Once you've decided to switch, start by researching Full-Service Realtors® in your area. This research should involve checking their reviews, success rate, and their method of working.

After selecting a few potential Realtors®, arrange consultations with them. Use this opportunity to understand how they could drive your home sale and what strategies they might implement. Don't be afraid to ask about their fees and negotiation strategies. Once you've weighed your options and understood the benefits of each, you can then decide on a Realtor® that best meets your needs. It's important to remember that a reputable Full-Service Realtor® will prioritize your interests and can potentially make your home selling process smoother and more profitable.