Author Topic: Selling via a Flat fee MLS service  (Read 583 times)

GreenEggs

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Selling via a Flat fee MLS service
« on: March 28, 2019, 11:25:40 AM »
I am trying to sell waterfront building lots which are rather high-end because they close to a big city.  I was hoping to sell them by simply posting a sign on the lots with an info-box containing a survey & prices.  I have received a lot of interest, but no offers yet.  I really don't think a listing agent deserves 3% for listing a vacant lot, but I'd be happy to give that to an agent who delivers a buyer.
[/color]Can you folks give advice about which flat fee services are good & what to be aware of?  I see services from $79 and up.  [/size]
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Mr. Green

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Re: Selling via a Flat fee MLS service
« Reply #1 on: March 28, 2019, 06:57:00 PM »
FYI, the commission on land (no house) in many markets is 10% between the buyer's and seller's agent. So you may find seller's agent looking for 5%, not 3%.

GreenEggs

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Re: Selling via a Flat fee MLS service
« Reply #2 on: March 28, 2019, 09:32:58 PM »
FYI, the commission on land (no house) in many markets is 10% between the buyer's and seller's agent. So you may find seller's agent looking for 5%, not 3%.


I remember hearing 10% for land, but I'd think the expected rate would be relative to the price.  These are some of the few remaining waterfront lots in a very desirable neighborhood.  A 10% commission would be over $100K each.  That's why I want to try the flat fee MSL listing first. 




waltworks

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Re: Selling via a Flat fee MLS service
« Reply #3 on: March 28, 2019, 09:41:47 PM »
You have several million dollars of land (that you've failed to generate any offers on) and you're worried about paying a RE agent a few %?

Ok.

I mean, I get that it sucks to pay for something you think you can do yourself. But so far, you... can't. Didn't you post about this several months ago as well? Why didn't you cough up a few thousand for a flat-fee MLS listing back then?

-W

GreenEggs

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Re: Selling via a Flat fee MLS service
« Reply #4 on: March 28, 2019, 11:34:32 PM »
You have several million dollars of land (that you've failed to generate any offers on) and you're worried about paying a RE agent a few %?

Ok.

I mean, I get that it sucks to pay for something you think you can do yourself. But so far, you... can't. Didn't you post about this several months ago as well? Why didn't you cough up a few thousand for a flat-fee MLS listing back then?

-W


I decided to put some signs up and see if there was any local interest first.  The neighborhood is a peninsula, so a few signs covers the entire area.  I had had a lot of interest, and nobody besides builders, said the prices were out of line.  I didn't see any reason not to DIY first, and I'm not in a big rush.  But, we just purchased a home across the lake so I won't be living down the street anymore.  Also, I don't want to be foolish and miss out on the Spring buying season. 
Also, we've cleared another property nearby and need to sell it too.  Which just adds to the idea that I could use a bit of help.


The house I'm moving from needs to be sold too....


I forgot about asking this a few months ago.  I was waiting to get the deeds straightened out on the first 3 lots, which had originally been 2 lots that we did a recombination to create a third lot.  The survey work, and deed work took a little longer than it probably should have, because I'm learning on the fly & also because it was a little tricky figuring out how to manouver around some original deed restrictions.  But the result was I was able to create another lot. 


Maybe I come off as being cheap about the RE commissions, but I just wanted to take a stab at it first myself to make sure I wasn't giving away an easy sell.  I mean a neighbor could have easily stopped by and made an offer.  (There are guys with helicopters & exotic cars in the neighborhood.  So, it wouldn't have been a surprise.) 




Besides, we're all into Vanguard here because it's only .04%  We all understand how fees add up. 
















Rick Imby

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Re: Selling via a Flat fee MLS service
« Reply #5 on: March 29, 2019, 10:44:20 PM »
I don't blame you for being cheap.  If I were you I would advertize and finance people into the property.  Craiglist, a simple website on Google, getting your lots to show up in Zillow and elsewhere.  Can an individual list their own items on MLS?  I think there was a lawsuit about that a while back---I am not an expert there.

Have an open---lot---party and advertize it some Sunday, maybe offer free Ice cream bars or something----cooked things have health dept issues.

Good luck,

Offer 5% interest for 5 years with a $10k down.  Let people buy into their dream lot.
 

YttriumNitrate

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Re: Selling via a Flat fee MLS service
« Reply #6 on: March 30, 2019, 03:07:34 PM »
Definitely advertise on Zillow. It's free and it's the way I advertise my rental property. Ads on Zillow automatically get populated into Trulia, hotpads, and a few others (not the MLS). Be sure to get good pictures of the lots, the views from the lots, etc. when they are at their best looking.