Do Flat Fee MLS Listings Take Longer to Sell?

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Many property sellers who are contemplating listing their property themselves wonder if their properties will take longer to sell than if they instead chose to sell their properties using the traditional Realtor method.

How long a property takes to sell depends most heavily on the property’s list price. Second most important is the particular Realtor (in traditional listings) or the particular seller (in flat fee MLS listings) and how well they accommodate ALL showing requests. Third most important is how well the property shows and is marketed, along with whether or not a full Buyer’s Agent commission is being offered.

For sold properties in 2012, the average number of days it took for residential properties to sell was:

Okanagan Mainline Real Estate Board: 132 days

Real Estate Board of Greater Vancouver: 53

Our Flat Fee MLS Listing company: 67

The Real Estate Board of Greater Vancouver is the hottest real estate market in BC, so it would make sense that its days on market is so much less than the Okanagan’s average number. Our listings tend to be more heavily weighted with listings in the Lower Mainland area, but 36% of its listings in 2012 were from the Okanagan region. Having said that, it’s quite clear that our flat fee MLS listings sell in roughly the same period of traditional listings.

The takeaway here is that the particular market, the property’s list price, and being listed on the MLS® system is far more powerful than whether or not a Realtor is used to sell a property vs. the seller. It’s also important for flat fee MLS sellers to offer a full buyer’s agent commission to maximize the cooperation from local Realtors. It’s estimated that the number of Realtor showings will drop by up to 90% depending on how much the property seller reduces the buyer’s agent commission that is offered. Therefore, we always strongly recommend that in the Lower Mainland a buyer’s agent commission of 3.255% on the first $100k and 1.1625% on the remainder is offered and in the rest of British Columbia that 3.5% on the first $100k and 1.5% on the remainder if offered.

We are a brokerage and member of the Canadian Real Estate Association. The company specializes in creating flat fee MLS listings and providing the support and guidance to get the property sold. We serve clients located in the province of British Columbia in Canada.

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Source by Shawn R. Brown

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