What kind of programs are available for “Do-It-Yourself” real estate?
Briefly introduced in my last post, there are programs for both sellers and buyers that will allow them to sell their property to a wider audience. In this post, we will look further into detail what each program provides.
The programs are follows
- Listing on MLS
- Rebate back on purchase
- Session based consulting
Listing on MLS
Listing on MLS is a program geared for sellers. Typically the audience is gear for For Sale by Owner (FSBO). In this program, sellers will place their property on the appropriate MLS network so that they reach a wider audience. The seller assumes all the legwork and scheduling of showings of their property.
Without dispute, Multiple Listing Service (MLS), is the best place to market your property. Feel free to advertise on other sites, newspaper, etc, as they are all distant seconds and thirds.
Prices range between free to a few hundred dollars. While free appears to be nice, expect overall service to be lacking and to be sold something else in addition down the line. Paying a few hundred dollars to get responsive service to make listing adjustments over the course of selling your home is well worth the value. Communications is best done over email and is favorable to the computer savvy.
Rebate back on purchase
There are lots of names for this kind of program, but the word “rebate” is a term used often to describe it and is typically for buyers. This program allows a buyer to enter an agreement with an agent where a rebate is returned is provided if a purchase of a home is completed.
This rebate is fully earned if the buyer spends the time to view properties without the assistance of an agent, predominantly through open houses. Agreements and adjustments can be made if assistance is needed, but the bulk of the work of an agent comes in when an offer and a sale needs to be managed.
Depending on the sale price and how much the buyer has participated in the search process, the rebate that comes back can be generous, but is dependent on what commission percentage is offered to the buyer’s agent.
Session based consulting
This is a harder service to come by and is an indicator of experience. If this kind of offering is provided by an agent, it’s likely the agent has experienced much. This kind of service is initiated if a question or situation can not be answered in a reasonable amount of time and some kind of appointment is needed. Expect to pay for the services up front.
An experienced and good agent will charge $150-175/hr for services rendered. Time and money spent on sessions usually turn out well worth the value, especially if it prevents large losses of money and time.
