Frequently Asked Questions Page
If you're new to the concept of Flat Fee Real Estate then it's more than likely you will have a ton of questions and we're here to help. We've constructed this page to answer some of our most frequently asked questions.
If you don't find the answer to your question on this page please contact us by using the email link to email on the left side of this page or you may reach us by phone.
Question:What is the mls?
Question:Are there additional MLS Databases that other brokers belong to?
Question:What is a Flat Fee MLS Listing?
Question:Why would I want to pay up-front to list in the MLS?
Question:How does flat fee differ from a traditional service?
Question:Do you visit my home prior to the listing appointment?
Question:Do you prepare and negotiate the contract on my behalf?
Question:Approximately How Long will the listing appointment take?
Question:Do you take Photos?
Question:What if you recommend additional repairs and or cleaning?
Question:Can I still sell my house as FSBO or For Sale by Owner?
Question:If I pull my house of the market can I re list at a later time?
Question: What is the MLS?
Answer: The MLS is a collective software data base where Licensed Brokerage Firms enter listings in an effort to advertise and facilitate the sales of property inventory. Here's the full explanation of the MLS.
Question: Are there different Local MLS Databases?
Answer: Yes MLS databases are generally local to a given geographical region. In Atlanta there are two MLS Organizations.
Answer #1: Georgia MLS or Georgia Multiple Listing Service
Answer #2: FMLS or First Multiple Listing Service
Question: Which MLS systems do you list properties in?
Answer: We list properties in Both the Georgia MLS and the FMLS.
Question: Are there additional MLS Databases that other brokers belong to?
Answer: No! In Atlanta there are only two.
Question: What is a Flat Fee MLS Listing?
Answer: A Flat Fee MLS Listing is a method of listing on the MLS for an up-front flat fee. Flat Fee Brokers typically charge an up-front listing fee to cover business expenses for entering your listing in the MLS.
Question: Why would I want to pay up-front when other agents do it as part of their service?
Answer: A typical agent doesn't get paid until your home sells but the listing agent can make up to three percent of the sales price. A Flat Fee Broker on the other hand will save you a lot on Commissions when your home closes.
Question: Does a Flat Fee Real Estate Broker have to be licensed?
Answer: Yes - A Flat Fee broker is held to the same standards, rules and laws that any other Real Estate Broker would have to comply with.
Question: How Does Flat Fee compare to traditional service?
Answer: This is a very complex question as many flat fee companies offer various levels of service. But, Linc Realty of Atlanta handles approximately 95% of what a traditional service would offer. Our plans offer turn-key solutions to sell your home. We don't nickel and dime you over "add-on services".
So how much are your fees to sell my house?
Answer: Our Fees are $399 to list - $100 for the lock box lease - .55% at Closing
Do you do visit my property prior to listing?
Answer: No - This is one mechanism we use to pass savings onto our clients. We handle all aspects of the listing in a single visit. We bring all the necessary documentation to get you home listed. We thoroughly explain the paper work and even fill out the MLS input sheets for you. In addition we bring all the required disclosures statements and answer any questions you may have in regards to these forms. We also bring the for sale sign and lock box (if elected)
Do you prepare and negotiate the contract on my behalf?
Answer: Yes our $399 model includes all contract negotiations and preparations from beginning to end. Our FSBO model leaves it up to the seller to negotiate directly with the buyer or the buyer's agent.
Approximately How Long will the listing appointment take?
Answer: The listing appointment takes 2.50 Hours on average.
Do you take photos?
Answer: Yes - we do we use professional Canon Equipment with a 10mm wide angle lens. We provide this service as part of our listing package. There's no additional charge. In addition, it's imperative that the home be in as "Ready to List" condition. This way the photos will stand out!
If you prefer you're welcome to provide your own. However we've never had a complaint!
Note: If using The FSBO plan seller(s) are to provide the Listing Photos
What if you recommend additional repairs and or cleaning?
Answer: This actually happens a lot. If you need time for additional clean up or repairs that's fine. We will complete the listing appointment as scheduled and simply re-date the listing agreement when your ready to go.
What type of Internet exposure can I expect?
Answer: People often ask does my listing go to Zillow & Realtor.com (as an example) This is probably the most asked question we receive. They answer is emphatically yes. We provide the necessary IDX Feed (REN as well) to make sure this happens. In addition to the major website the feed allows for display on Residential Brokerage Firms as well. A few examples would be RE/MAX, Coldwell Banker, Berkshire Hathaway just to name a few.
Realtors do not manually enter listings into Zillow-Realtor.com-Re/Max etc it would take them weeks. They only have to enter the Listing in their respective MLS and the population to all the other websites happens behind the scenes.
Can I still sell my house as FSBO or For Sale by Owner?
Answer: Yes - for our Flat Fee Service - That's great then you're able to save the buyer's agent commission typically three percent. We charge a total of .0055 times the contracted sales price for this type of sale as we will still write the contract for you. If you've elected the Discount MLS plan the right to sell by owner is waived.
Can I cancel my listing if I decide not to sell?
Answer:That's OK things happen. The fee to withdraw the listing for the Flat Fee Listing is $30.00 for the GAMLS and $30.00 for the FMLS. It usually takes a day or two for the MLS to withdraw the listing. If you're listed on the Discount Listing Plan then we cover this fee. Under both plans no other commissions are due or owed.
If I pull my house of the market can I re list at a later time?
Answer: There's no charge to re-list at a later time provided that:
If you don't see the question or the answer you're looking for on this page please feel free to reach out to us.
Our Final Thoughts
The Ebb and Flow of the Real Estate industry is changing forever. There are companies that will buy your home below market value i.e. "ibuyers" We call these companies Equity Sharks because that's exactly what they are! Do you know your giving away up a HUGE chunk of your equity. I promise one day you'll wish you had your equity back!
Then there are agents that look at you like you've got a "lollipop stuck side ways in your mouth" when you ask them to reduce their commissions and there's a few that will but probably not enough to make you happy.
We're here to say that our business model is just all that all the time. You don't have to beg and pry just to get a good deal because that's what we offer. Consumers have spoken and we've listened.
In our opinion the current Real Estate commission structure is circling down a half clogged drain and we're here to clean up the mess.