Miami Flat Fee MLS Sellers should choose your South Florida flat rate MLS Broker Carefully
Choosing a flat fee MLS service in Miami is a very important decision. Flat fee MLS services vary greatly in South Florida and the more you know about them, in particular what’s said or what’s not said in their listing agreement, the better off you will be.
Miami-Dade residents should pay particularly close attention to three critical elements that should be in the MLS “listing agreement.”
The first critical element of a listing agreement would be who receives buyer leads from sources such as Homes.com and Realtor.com. These leads do not automatically go to the flat fee seller because no seller information is allowed in Realtor.com, therefore all leads go to the listing broker by default.
Traditional flat fee MLS means these leads should be forwarded to the flat fee seller. Not all Miami flat fee MLS brokers send these valuable buyer leads to their seller clients. Some even state this “disturbing” fact right in the listing agreement (at the bottom) and some don’t mention anything about buyer leads. An articulate flat fee listing agreement would clearly state…
“all buyer leads from Realtor.com, Homes.com and other Internet advertising sources belong to the seller and will be forwarded by email.”
Without such protection in the listing agreement, these leads may never find their way to the seller. Instead, the listing broker may take these leads for his/her own agents or refer them out to another broker for a referral commission.
One of the biggest reasons why Miamians use flat fee MLS is for the opportunity to sell “FSBO” which means selling to an un-represented buyer from sources such as Realtor.com or Homes.com. If successful, the seller pays no real estate commission at all. Without buyer leads, the seller loses this benefit of listing flat fee.
At ADDvantage, a Miami flat fee MLS service, our flat fee clients sell 30% of their properties with no Realtor involved…see our sales statistics. Our 8:00am-8:00pm 7 day a week live phone support captures many leads. Nationally, 84% of all homes sold are sold by Realtors. At ADDvantage, Realtors sell only 70% of our homes.
The next important element to look for in a flat fee listing agreement would be the word “conditional withdrawal.” This has to do with the seller’s right to cancel their flat fee listing at will. The words that a Miami seller wants to see in their listing agreement would be “unconditional withdrawal” which means the listing broker will remove the listing from the MLS and allow another broker to re-list the property immediately. The words “conditional withdrawal” mean the listing broker will “temporarily suspend” the listing from being “seen” by other Realtors searching the MLS but no other broker can re-list the property until some further action is taken by the listing broker. The reason some brokers use this language in their listing agreements is because the broker wants is a “fee” or “penalty” from the seller for canceling the listing. This same ploy applies to full-service real estate companies as well. So, “conditional withdrawal” has to due with forcing a seller into paying a “cancellation fee.” The odd thing is flat fee is a “paid-in-advance service” so why would a flat fee service care if a seller wants to try a different broker? The answer is they are unscrupulous.
The last critical component of the listing agreement has to do with the hours of operation, in particular, the hours that the flat fee broker answers the phone. The biggest misconception about listing flat fee in the MLS is that all calls go to the seller. Many sellers believe that the flat fee listing broker’s primary job is to list the property in the SE Florida MLS and make changes to the listing as requested by the seller. This is totally incorrect.
ADDvantage, a member of Greater Miami Association of Realtors and a flat fee MLS specialist, has fielded over 2890 calls from Realtors and buyers over the past 12 months. Our 12 hour work days make listing flat fee through ADDvantage a big benefit for sellers…8:00am-8:00pm 7 days. Why do so many Realtors call ADDvantage when it says in the MLS under “Realtor Remarks” to call seller directly for all showing requests. The reasons will surprise you…below are the top 10 sited reasons why Miami Realtors call ADDvantage…
Hello, I see a listing on Homes.com and can you tell me how much the seller is asking and when can see it?
Hi, I’m a Realtor with Remax in Miami and I don’t have the MLS listing sheet with me and I need to know if I can show the property at 1413 Sunset Harbour Drive #209 in South? Beach
Hello, I’, Mike Gordon from the South Miami Realty, you have a listing at 2101 Brickell Ave. #Unit 3002…can I show it at 2:30-3:30 on Friday?
Hello, I’m Bill Peterson from Sunset Realty in Miami, I showed your listing on 5425 Hammock Drive Coral Gables yesterday and would like to fax over an offer…what is your fax number?
Hey, Keith Gordon here, from ADDvantage in Coconut Grove, I have tried to reach the seller as instructed in the MLS for property 1145 San Pedro Avenue Coral Gables but I can’t reach them…can you assist me with showing instructions please.
Hi, it’s Bill Taylor of Century 21 in Miami, I need a seller’s disclosure statement on 5656 Pinetree Drive on Miami Beach, can you email me one please?
“Hi, it’s Oscar B. Smith from Coldwell Banker, do you know if the dock at 1145 San Pedro Avenue in Gables By the Sea, can handle a 65” Sun Seeker?
“Hello, my name is Mr. Romeriz of Pinecrest Realty in Pinecrest, Fl… I am presently in front of 720 South Mashta Drive Key Biscayne with my buyers. Can you assist me with showing instructions.
“I am running late to my appointment to show your listing at 1400 Pennsylvania Ave #apt 35 Miami Beach, would you so kind as to call the seller and let them know.”
“Hi, I’m Gilligan from Pembroke Pines Realty, I can’t find 1009 Gilligan’s Way. Can you direct me into this listing?
This is the default footer layout. You can easily add or remove columns in the footer.
Recent Comments