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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 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.
What sites will my property be advertised on?
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.
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.
Who is J.Wheeler Group, LLC?
J.Wheeler Group, LLC 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.
Why are FSBO Madison and J. Wheeler Group, LLC 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.
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 $250, beyond the FSBO Madison fee of $150, when purchased together. To add flat fee MLS after your listing has been on FSBO for 30 days we must charge a $50 synch fee to reset the FSBO listing to match the MLS dates. MLS renewal price is $100.
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.
J. Wheeler Group LLC will contact new clients and provide the necessary forms after their FSBO Madison status is verified. Visit Jwheelergroup.com LLC for more information and to schedule your MLS Listing Appointment.
*Supra Lock Box included at no additional charge. Automated Showing Assist system included.
*A 30-45 minute MLS Listing Appointment at the property is required, and a representative from the J. Wheeler Group will contact you within 24 hours of FSBO activation/payment for MLS.