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Flat Fee MLSSingle Family HouseCondominium Multi-Family Vacant Lot Farm |
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Flat Fee MLS
FSBO Madison has been in business since 1998 providing an invaluable marketplace for south central Wisconsin FSBO buyers and sellers to find each other. Up until late spring of 2009 we were always pure FSBO.
With the downturn in real estate and the financial crisis some FSBO sellers tended to lose confidence in their ability to sell after just a week or two of marketing. With listing agents working diligently to undermine their confidence we wanted to provide another tool to them should they decide they need it. Thus was born our flat fee MLS service.
Now our FSBO customers can market their properties "for sale by owner" with confidence, knowing that should they feel the need to extend a hand to buyers with real estate agents they can do so while still enjoying the exposure that comes with the 11,000 visit per day FSBO Madison website.
We've organized some frequently asked questions. Please read on.
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What is Flat Fee MLS?
The short and sweet story is that flat fee MLS is halfway between pure "for sale by owner" and traditional "full service" real estate.
Traditional full service real estate listings typically cost the seller six percent of the sale price. Flat fee sellers can offer whatever they like.* Of course, an agent bringing a buyer can also ask for whatever they like.
*We won't list properties whose sellers aren't offering a significant commission. See "What is the MLS?" below.
Traditional full service real estate listings typically cost the seller six percent of the sale price. Flat fee sellers can offer whatever they like.* Of course, an agent bringing a buyer can also ask for whatever they like.
*We won't list properties whose sellers aren't offering a significant commission. See "What is the MLS?" below.
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What is the MLS?
At its heart the MLS is an agreement between brokers to pay each other commissions for bringing buyers to successful transactions. This is why we won't list low or no commission properties. If we did so we would be breaking our word.
Certainly, there's nothing wrong with not wanting to pay a commission. In fact, we think it's the best case scenario and strongly encourage you to take this route first.
There are hundreds of MLSes across the country. The local MLS serving Dane, Columbia, Dodge, Grant, Green, Iowa, LaFayette, Rock and Sauk Counties (as well as parts of Adams, Crawford, Fond du Lac, Green Lake, Jefferson, Juneau, Marquette, Monroe, Richland, Vernon, Walworth and Waushara Counties) is called the South Central Wisconsin Multiple Listing Service (SCWMLS).
Properties listed in the SCWMLS are displayed on WisconsinHomes.com, Realtor.com and many local broker sites as well. Properties listed through Fair Fee Madison are also listed on Trulia.com, Zillow.com, AOL Real Estate, Yahoo Real Estate, Google and many other national and local sites.
Certainly, there's nothing wrong with not wanting to pay a commission. In fact, we think it's the best case scenario and strongly encourage you to take this route first.
There are hundreds of MLSes across the country. The local MLS serving Dane, Columbia, Dodge, Grant, Green, Iowa, LaFayette, Rock and Sauk Counties (as well as parts of Adams, Crawford, Fond du Lac, Green Lake, Jefferson, Juneau, Marquette, Monroe, Richland, Vernon, Walworth and Waushara Counties) is called the South Central Wisconsin Multiple Listing Service (SCWMLS).
Properties listed in the SCWMLS are displayed on WisconsinHomes.com, Realtor.com and many local broker sites as well. Properties listed through Fair Fee Madison are also listed on Trulia.com, Zillow.com, AOL Real Estate, Yahoo Real Estate, Google and many other national and local sites.
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Who is Fair Fee Madison?
Fair Fee Madison is a flat fee real estate company started at the request of the owners of FSBO Madison to provide flat fee MLS services exclusively to FSBO Madison customers.
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Is It Selling Out?
Yes. Absolutely. You'll go to your grave feeling guilty for selling out the FSBO movement. Just kidding, just kidding.
We know there are buyers and sellers who are uncomfortable with real estate agents and we're certainly not going to tell them they should go back to the MLS. But for those who feel they need it, who need to sell quickly or are in a less desirable area paying half a commission is much, much better than paying full commission.
At the same time, it does exert downward pressure on commissions in general and specifically on listing broker commissions.
So is it selling out? Who knows? That's a question you'll have to answer for yourself. We feel FSBO is effective for most sellers in our market. If you feel you need to reach out to buyers with agents, we can help you with that, too.
We know there are buyers and sellers who are uncomfortable with real estate agents and we're certainly not going to tell them they should go back to the MLS. But for those who feel they need it, who need to sell quickly or are in a less desirable area paying half a commission is much, much better than paying full commission.
At the same time, it does exert downward pressure on commissions in general and specifically on listing broker commissions.
So is it selling out? Who knows? That's a question you'll have to answer for yourself. We feel FSBO is effective for most sellers in our market. If you feel you need to reach out to buyers with agents, we can help you with that, too.
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Why are FSBO Madison and Fair Fee Madison Separate Companies?
Wisconsin state law, as we interpret it, forbids real estate brokers from advertising real estate for sale without having a listing contract with the property seller. We felt requiring our customers to sign a contract, which would also then require a visual inspection of their property and other duties and obligations, would be a burden we weren't willing to impose upon them.
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Sign Me Up!
Please be certain you are comfortable paying a significant commission before signing up. If you are, please read on...
The cost is $150 beyond the FSBO Madison fee of $150. Also, if your listing isn't new, you'll be required to extend your FSBO listing to six months to match the flat fee listing term. A six month extension is $50, three months $25, etc. (There is no extension fee if you list before your FSBO listing is one month old). Properties outside Dane County are subject to a $50/trip charge.
The most important thing to know regarding this option is that if an agent or broker brings your buyer, you'll be required to pay a commission. This can be anything reasonable and is typically 2.5% or 3%. You must decide upfront what you're offering.
If you wish to proceed, please follow the appropriate link below.
Single Family House
Condominium
Multi-Family
Vacant Lot
Farm
The cost is $150 beyond the FSBO Madison fee of $150. Also, if your listing isn't new, you'll be required to extend your FSBO listing to six months to match the flat fee listing term. A six month extension is $50, three months $25, etc. (There is no extension fee if you list before your FSBO listing is one month old). Properties outside Dane County are subject to a $50/trip charge.
The most important thing to know regarding this option is that if an agent or broker brings your buyer, you'll be required to pay a commission. This can be anything reasonable and is typically 2.5% or 3%. You must decide upfront what you're offering.
If you wish to proceed, please follow the appropriate link below.
Single Family House
Condominium
Multi-Family
Vacant Lot
Farm