Flat Fee MLS Listing New York is a little different from the other states in the United States. Before we dive into this topic, it is important to note that the real estate prices in New York appreciated by 13-15% in one year which is very beneficial to the sellers. But having said that the mortgage prices have been increased for this fiscal year which has led buyers and sellers to look for affordable options. Flat Fee MLS service is the best option in this case.
Here is everything you need to know about Flat Fee MLS Listing New York.
A: Flat Fee MLS Listing New York
In New York, there is a Manhattan MLS which is a primary source but it also has another alternative to MLS, which is called RLS or REBNY MLS. Ideally, the property needs to be listed on both MLS and RLS to get maximum exposure.
B: Flat Fee MLS New York price points
In New York, the basic flat fee is higher than in other states. It usually starts from $300 and goes up to $500. A few services charge a lesser price initially but end up charging the remaining amount at the time of closing. Sellers need to be mindful of the fact that there are no closing fees in New York unless of course it has been mentioned in your contract when you pay for an MLS service.
1: Houzeo
Houzeo is a numero uno site in the United States with a wide reach and advanced tech including a user-friendly interface, an app to control every step of your sale, and a competitive pricing strategy. You can get your house listed on MLS for $349 onwards and pay for extra services as required.
2: Hauseit
This Flat Fee MLS service is predominantly for the ‘sell my house New York‘ category. They are specialized for New York and have extensive reach as it lists on RLS as well as MLS. The listing fee starts here at $499-$1499. It is great in terms of reach and coverage. It guarantees maximum buyer interest but lacks other support services like home valuation and pricing.
It is touted as one of the most expensive packages in New York and also there are reviews that it is not value for money. Points going for them is their reach on REBNY MLS (RLS) and primary Manhattan MLS. Buyer agents look for properties through RLS-approved vendors like Nestio, and OLR RealPlus, among others.
3: Flat Fee Realty
Flat Fee Realty seems cheap, and that is its USP. Their basic MLS listing package starts at $199 which is the cheapest, considering it’s New York and the real estate prices are always skyrocket high. But they have an added charge which comes up to 0.25-0.50% at the time of the closing. This becomes an expensive affair that sellers on a budget cannot afford.
4: Realmart
They have packages starting from $295 to $695 and are known for their highly customizable packages. They have most options for a-la-carte options which are really essential if you are in the ‘sell my house in New York category. With a great reach in the whole of New York and a plan for every need, they are quite popular. But on the downside, the plans are expensive and their processes are manual which does not align with the demands of a tech-savvy seller and buyer.
5: Net Realty Now
Their package starts at around $299 which gives MLS Long Island, MLS Hudson Valley, and MLS Manhattan, a chance to upload around 50 photographs, and they even allow you to make unlimited changes which work great for FSBO sellers. Their full-service package is $1299. The con with Net Realty Now is that their packages are not customizable.
C: Pros and Cons of going for Flat Fee MLS listing in New York
While going for a full-service realtor has always been a numero uno option, changing market conditions have made hybrid options like a customizable plan with Flat Fee MLS listing services more popular. But despite this, the debate still remains. Here are a few merits and demerits of listing with a flat fee MLS versus a full-service realtor.
D: Merits of Flat Fee MLS listing New York
Following are the merits of Flat Fee MLS Listing New York.
1: Exposure
Paying for a Flat Fee MLS package guarantees maximum exposure to the seller. Without the trouble of paying for a full service to a real estate agent, the FSBO can get maximum exposure by listing on MLS via a Flat Fee MLS New York.
2: Affordability
Needless to say, taking a DIY approach to selling a property will help you save up on thousands of dollars, and who doesn’t want that? In New York, the real estate prices are already very high so it is only prudent to look for options that would save your precious dollars.
3: Autonomy
Listing on MLS through a Flat Fee service means that you control everything at every step of the process. This also implies speed to market and quick and easy closing which is very profitable to the seller.
4: Easier to track MLS and RLS
Flat Fee MLS services provide a listing on MLS and also REBNY listing service (RLS) which is very unique to New York. So, New York has multiple MLS sites and a REBNY site where the properties are listed. With a Flat Fee MLS app, it is very convenient to access the listings.
E: Demerits of Flat Fee MLS New York
Following are the demerits of Flat Fee MLS New York.
1: Hidden charges
FSBO sellers need to be very careful with the Flat Fee MLS options they are choosing because there are associated with most of the companies which are chargeable at the time of the closing. Few companies like Houzeo do not charge extra. Sellers need to do their research well before choosing a service.
2: Your house may sell for less
There is a common belief in the real estate field that FSBO sellers do not get the market price for their properties. But this is not completely true as sellers study the market conditions and save thousands of dollars worth of agent commission while selling their house at market price, they can pocket profits and won’t have to share them with any other party too.
3: No expert guidance
One of the biggest downfalls of the Flat Fee MLS is that there is no handholding and a DIY approach to navigating through the complicated field of real estate. But choosing the right MLS listing service will help you every step of the way through their A-la-Carte services.
F: Conclusion
To conclude, signing up with a Flat Fee MLS service is a good idea if you are sitting on a hot property and want a quick sale. New York is a bustling seller’s market and hence it is convenient to pay per package for a Flat Fee MLS listing and other key services. Houzeo, Hausiet, Realmart are among the most reputed companies to work with in New York.
