A Better Alternative to Flat Fee MLS Services in Rhode Island

The Truth About Flat Fee MLS Services In Rhode Island

When you list your home in Rhode Island with a flat fee MLS service, the potential savings are huge — or at least it might seem that way.

The truth is is that when you work with a flat-fee MLS listing service, MLS access is the only thing you get. The value ends there.

In order to actually sell your home, you'll have to cover a number of additional fees and costs: staging and improvements, professional photos, legal fees, title fees, lockbox, showings, marketing, and more.

In addition to these hidden costs, homes listed by owner with flat fee MLS services typically sell for up to 13% less than agent-assisted sales.

In Rhode Island the average home price is $238,200 — that means you could be leaving as much as $30,966 on the table.

If you want to sell your Rhode Island home for an optimal price, minimize stress along the way, and save on commission fees, your best bet is listing with a full-service, flat fee real estate agent.

Full-service, flat fee agents provide all of the same services and support as a traditional listing agent, but for a fraction of the typical cost — saving you up to 50% on home selling costs.

Get in touch to learn more and interview top-rated, flat fee agents in Rhode Island.

Read on to learn more about flat fee MLS services in Rhode Island: how they work, typical costs, pros and cons, and good alternatives to consider.

A Better Alternative: Use A Local Rhode Island Discount Real Estate Agent

Clever real estate has partnered with top rated agents across the country from every major brand that will list your home at a discount while still providing full service.

Clever lets you list your home for a flat fee of $3,000 if it's less than $350,000, or 1% if the home is more expensive. Clever partners with agents from every major brand, as well as top rated local brokerages to list and sell your home, so potential buyers will have no idea that you're saving on commissions.

Clever has over 1,500 top rated agents across the country, and we would love to help you sell your next home and save thousands on commission.

The Difference Between Listing with a Flat Fee MLS Service and a Clever Partner Agent

We've outlined the difference between a flat fee MLS listing service and using a Clever Partner Agent.

Hidden Costs Of A Flat Fee MLS Service: A Case Study

John is considering selling his home with a Flat Fee MLS listing service.

He's attracted to the competitive low cost -- in John's area, Flat Fee MLS is just $250 for a 6 month listing -- but wants to do his homework to know what he's really going to end up paying altogether.

John starts planning out all his expenses selling by-owner.

First, he will have to pay the buyer's agent commission.

The advantage of getting on the MLS is that buyer's agents can see your home is available for sale. However, if you don't offer a buyer's agent commission, these buyer's agents have no motivation to show their clients your home.

The buyer's agent commission you offer isn't set in stone -- but it needs to be competitive compared to the commission being offered for similar homes in your area. Otherwise, agents will overlook your home. Generally, buyer's agent commission is between 2 and 3%.

Next, John finds a friend with experience in professional home photography who agrees to take photos for John's listing for $200. He finds a pair of for sale signs to put in the yard for $50 and buys a lockbox so agents can do showings.

At this point, John has paid around $600 and spent 5 or 6 hours preparing his MLS listing -- all the time and money that he had to pay up-front.

If a buyer makes an offer, John will still have to pay for a real estate attorney to help with legal paperwork, usually between $750 - $1,500. If things don't work out with the first buyer, he could end up paying this fee more than once.

In short: John has to pay a lot of money up-front, with no certainty that it will work to sell his home. He has to pay additional fees if he finds a buyer, and might have to pay these fees more than once if the first offer falls through.

In addition to these extra costs, John will have to make himself available for showings, answer calls from buyers and agents who want to list his home, and will have to navigate inspections, negotiations, and closing without an experienced party to help him make the right decisions.

The chart below breaks down the true cost of selling your home with a flat fee MLS:

How much will you save in Rhode Island with Clever?

There's another way to sell your home and still save on real estate agent commissions.

Simply select your home's value to see how much you'll save by listing with Clever.