Portland Flat Fee Real Estate – Limited Representation

In this rough economy many are trying to find ways to save money.  For Sale By Owner has been the go to method for many with the knowledge of the sales process but with inventory at 14 months in the Portland Metro area it is a little tougher to get a home noticed if it isn’t in the RMLS.

For $495 I can list your house on the RMLS.  There are cheaper services but none that do what I do for the $495 that I have found yet.

• Realtor’s Lockbox
• Color Flyers
• Sign Post with my Sign or yours (I can explain the benefits of each)
• Photos
• Contact information of each agent that goes through your home
• Measure Rooms
• Unlimited Changes
• One Year Contract (it can be longer for no extra)
• All paperwork

This isn’t the only service I offer.  I also offer 4% Listing Service as well that is full service representation that leave more money in your pocket than what has been traditionally offered.

Availability of some services and speed depend on your location.

No.  This is the most common question I get when I sign someone up for a flat fee listing.  Unfortunately the RMLS doesn’t allow anything in the public area that will give the address of the home or contact information for the agent or anyone else.  The RMLS publishes information on tons of websites and those individual agents don’t want to lose an opportunity.

My opinion is that we should be trying to get the client’s home sold and until recently the Phoenix MLS service allowed the address of a home to be in the public remarks section.  And honestly, if you look at the map, you will get a decent idea where the home is so they are just making it annoying for the clients.

To be honest, one of my friends listed his home with a flat fee company that was located in California.  California?  Yep.  So obviously it started the wheels turning and I saw a different perspective on it.

Then a few months later a woman called asking if I would do flat fee for her daughter who was a mortgage officer.  I listed my first flat fee and she sold it in 2 days.  From there I thought this would be a good thing for FSBO’s.  If they were ready to sell on their own then flat fee should be right for them.

Strangely a lot of them took my full representation service.  I guess it can be more overwhelming than people think at first.  Since then my flat fee clients have been mortgage professionals, builders, lawyers and investors.    Some get an accepted offer in days, weeks or never just like any other listing.

Flat fee as an option by itself isn’t for everyone.  Some people could get themselves into more trouble than they think.  That is why I was lucky that everyone had some kind of background with either the earnest money agreement we use or contracts themselves.  I would have turned down anyone who I didn’t think could handle it.

This is why I added hourly services at the beginning of this year.  It seems like it a difficult jump from a flat fee of $495 to 1% for full representation and I was concerned that someone would forgo the extra commission getting themselves into trouble.

I can’t imagine any agent anywhere selling their home for 5-6%, or a builder or a lawyer or even an investor. Different people have different levels of skills and needs.  Flat fee listings only account for a very small part of my actual business but I think it may well grow in the coming economy.

When sellers, often For Sale By Owners, wish to sell their home by themselves but want to be listed in the RMLS (Regional Multiple Listing Service) for a fee, they will use a flat fee agent.  This is a limited representation listing for sellers who understand or have experience with the selling process.

My flat fee is $495 and the following are included,

• Realtors Lockbox
• Our company sign or you can use yours
• Your home will be listed on Realtor.com, all local sites and more
• I provide Color Flyers, not just a template
• I can take photos, resize them and enhance them as needed. Up to 16 photos fit in RMLS
• Measure rooms
• All of the forms you will need
• Make unlimited changes to price and descriptions

The flat fee allows you to get your home on the RMLS for an upfront fee. This has normally been an option for people who had real estate or contract knowledge. Since I have added my hourly service, this is for anyone who wants to save some money and pay as they go.  You have as much representation as you want but it would still be limited representation.  Contact me for more details.

Historically real estate commissions have been based on the principle of deferred payment. The idea was the agent took all of the risk for which he was rewarded well. With the flat fee and hourly options, sellers take the risk but the agent gets less. High risk, high reward.

For more on my hourly service click here.

Unlike some agents I do also offer full service as well. The flat fee is for experienced or those willing to pay fees upfront. Click here for my full representation service for your listing.