What is an MLS Only Listing?
MLS Only, Entry Only, Flat Fee, and Flat Rate Listings?
An MLS only listing generally refers to a For Sale by Owner (Limited Service) listing . MLS Only, Entry Only, Flat Fee, and Flat Rate Listings are synonyms for a specific listing type. Occurring when a Real Estate Broker places a listing onto the local MLS (multiple listing service) for a flat fee up front instead of a commission at closing. Due to classifying as a limited service listing, the For Sale By Owner (seller) handles all tasks of the sale including calls, showings, contracts and closings.
MLS access is a valuable and cost saving tool for those choosing to sell For Sale by Owner. The properties listed on the MLS are seen by all local Realtors. Who in-turn, have ready and qualified buyers looking in your area.
Direct MLS Only or Referral MLS Only?
Many companies across the United States that are either marketing companies that connect sellers with brokers to offer this MLS only service, or direct real estate Brokers who offer this service.
Make sure the company you are signing up with lets you know which one they are. Both can be solid options for getting your home listed, but you will want to know who to communicate with once you sign up.
MLS Only Benefits
What do you typically get when you use the MLS Only (Limited) service from a real estate Broker?
Listing on the multiple listing service
- Packages will vary from company to company
Your contact information in the listing to be contacted directly
- Brokers info will ALWAYS be in the listing since it is the only way to be placed on the MLS – they are not doing this to hijack your listing or buyer calls
Marketing on 3rd party sites like Zillow, Realtor and others.
- Sites will vary depending on the MLS board and region
Showing Time or similar app.
- This app is used to schedule and maintain showings on your home
Changes to the MLS Listing
- Open House
For Sale By Owner Note
As a For Sale by Owner on the MLS, you will not have the same control as a full-service Realtor. 3rd party websites pull information from the MLS and your information may not pull with it. Realtors do not use Zillow and other 3rd party websites and cannot control them directly – they are updated and changed through the MLS. Even sites like REALTOR.com sound like they should be controlled by the listing company, but they too pull from the MLS.
MLS only listings typically do not get:
- Someone to review and negotiate offers
- Handle the process once under contract to get to closing
- Review inspections and appraisals
- Review closing docs
Some MLS only companies will offer these as paid add-on services for those needing a little more help during the sale.
Pricing will vary depending on the company.
Scott Fader and Gary Brincat
Joseph Walter Realty
Joseph Walter Realty is a veteran owned company located in Michigan. Scott Fader and Gary Brincat are two of Michigan’s multi-million-dollar top producers. They have been working in real estate as brokers, Realtors, investors, property managers and real estate company owners for over 20 years. Together they would like to share their experiences, knowledge, success and failures to help buyers, sellers, Realtors, brokers and anyone else in the real estate and business, so that together we can grow as a community.
What is an MLS Only Listing?