According to September 2019 data from Zillow, the Dallas real estate market has experienced a 9.6% increase in the average home value in the past year alone. If you're thinking about listing your home to take advantage of increased prices, but want to make sure you save as much money as possible, a flat-fee realtor could be the solution.
Flat-fee realtors charge homeowners a set amount, rather than a percentage of the sales price, and can save homeowners thousands of dollars in closing costs.
But not every flat-fee realtor will save you the same amount in commission, or offer you the same level of service. It's important to look at your options and choose a flat-fee realtor that fits your needs.
Get connected with a Dallas real estate expert for a free, no-obligation consultation about your cost-saving options.
In the meantime, here's what you need to know about flat-fee realtors in Dallas.
What are flat-fee realtors?
Flat-fee realtors charge a set fee for selling your home. In comparison, traditional real estate agents charge a percentage of the sales price. This is advantageous because if you sell your home for above your asking price, as the amount you pay will stay the same.
For example, if you list your home in Dallas for the average home value of $213,300 with a Clever Partner Agent, you would only pay a one-off flat fee of $3,000, for the listing agent commission at closing, plus the buyer's agent commission.
Flat-Fee MLS Options in Dallas
When you list your home using a flat-fee MLS option, you are paying just to get your home on the MLS. Most of these companies provide few other services or support for sellers.
Flat-fee MLS services are often cost-effective and simple to use. They can be an excellent choice for sellers who are confident in their knowledge of real estate sales and contracts, and have experience selling in their local real estate market.
How Flat-Fee MLS Works
Flat-fee MLS companies differ in what they offer as part of their services, but at a minimum, you can expect your home to be listed on your local MLS. Typically this costs anywhere from $50 to several hundred dollars, with the more expensive services often including extras such as professional photography.
Flat-fee MLS companies can make sense for homeowners who want to sell their home as a FSBO seller, and would rather handle all of their showings, buyer negotiations, and sales contracts themselves.
Most flat-fee MLS companies require an upfront payment before they list your home on the MLS, which means that you have to pay whether your home sells or not.
- More cost-effective than a traditional 6% commission realtor.
- No professional support when deciding your list price, marketing, or negotiating with buyers.
- Have to coordinate all of your own showings.
- FSBO homes typically sell for less than agent-assisted home sales.
Flat-Fee Realtor Options in Dallas
Unlike a flat-fee MLS service, flat-fee realtors typically offer more service and support to sellers. But you can't assume all of these companies are the same; be sure to do your research to find the option that's best for you.
Home Bay is an online real estate service that helps homeowners to sell their homes, by giving them access to online tools and virtual support from a real estate agent.
When sellers use their service, they can expect to receive access to a real estate agent, assistance in pricing their home, professional photography, a yard sign, entry into the MLS, and online tools.
Home Bay charges a varying flat-fee depending on the sale price of your home. For example, if your home sells for $213,300, you can expect to pay a flat listing fee of $2000. Home Bay requires 10% of your total listing fee upfront.
It is important to note that this does not include a buyers agent commission, which is highly recommended to sell your home in the quickest time possible.
How Home Bay Works
Selling your home with Home Bay begins by entering details about your property on their website. Once received, Home Bay will generate a personalized task list based on your property location and your ideal closing timeline.
This task list will guide you through the listing process, and you will be responsible for scheduling a photography appointment, requesting your yard sign, and ensuring all property facts are correct.
Once live, buyers can request to view your home through the Home Bay website, or their agent can contact Home Bay directly. You will be responsible for coordinating and completing all showings, and reviewing all offers you receive.
- Low flat-fee between $2000 and $7500.
- Virtual support of an agent throughout the selling process.
- Does not include the buyer's agent commission, so you should expect to add 2.5% to the commission price.
- Lacks personal service.
- Juggling all the tasks traditionally handled by a realtor.
Redefy provides sellers with a designated in-house agent who acts as their point of contact throughout the sale. Redefy agents are available to advise sellers during negotiations and prepare sales contracts on their behalf, among other things.
If you choose to list with Redefy you will be charged a flat fee of $3,500 with $500 due upfront. You can also choose to pay $2,500, all upfront, but this isn't refundable if your home doesn't sell. If your homes value if over $1 million, the list price increases to 1% of the total sales price.
Redefy's in-house agents provide all of the services you would expect from a traditional real estate agent, including a pricing consultation, professional photography of your property, marketing, a yard sign, a lockbox, and liaising with buyers.
How Redefy Works
Simply fill out Redefy's request form, and an agent will get in touch with you to coordinate an in-person tour of your home. One of their in-house agents will visit your home and discuss the listing process with you. They will also provide you with a Comparative Market Analysis, which can be used to help you determine your list price.
Once your listing agreement is signed, your Redefy will organize professional photography of your property, have a yard sign installed, and enter your home on the MLS. They will also coordinate with potential buyers and handle the sales negotiations.
- Full-service listing experience from a licensed realtor.
- Save money on commission by paying a flat-fee.
- Redefy is only available in a limited number of markers in the U.S.
- Sellers must hold their own open-houses.
Xome is a flat-fee real estate company based in Dallas. They give homeowners the ability to sell their home for a one-off fee of $599, with 0% realtor commission. However, as of September 2019, Xome is currently waiving its listing fee for sellers.
Xome partners with local real estate agents who help sellers coordinate the entire listing process, and offer support throughout.
How Xome Works
When you list your home with Xome, a Xome Agent will talk you through your local real estate market and advise you on the optimal list price for your home. They will also coordinate professional photographs of your home, install "for sale" signage, enter your home on to the MLS, and show your home to buyers.
Homeowners who sell with Xome will also have their property featured on the Xome Offer Marketplace, their online auction site.
- Full-service listing experience with professional support throughout.
- Low flat fee.
- Sellers can't choose the agent they work with.
- Buyers interested in bidding on Xome's auction site must pay a fee to do so. Those that find Xome homes on the MLS will also have to pay their buyer's agent's commission. This could deter some buyers.
Clever Real Estate
Clever Real Estate connects sellers with full-service real estate agents from some of the top brokerages in the country, including RE/MAX and Keller Williams, among others. Clever Partner Agents are top-performing real estate professionals who have agreed to work for a reduced flat-fee commission.
How Clever Works
Clever Real Estate is a real estate referral business that helps buyers and sellers find local, experienced realtors while helping agents cut down on their marketing costs. Clever provides realtors with a steady stream of business and in exchange the agents work for a flat fee of $3,000 or 1% on homes over $350,000.
Partner Agents act as a dedicated realtor throughout the sales transaction, helping sellers to price their home, devise a market plan to target buyers and negotiate the optimal sales price on their behalf.
When you choose to work with a Clever Partner Agent, you can be assured that you're receiving the full-service personalized experience you would expect from a traditional real estate agent, from the most experienced real estate professionals in your area.
- Personalized and strategic real estate advice that helps sellers achieve the best sales price possible.
- Low commission rates.
- Only partner with dedicated, top-performing agents who are highly vetted and experienced.
FAQs About Flat-Fee Realtors in Dallas
Can I put my house on MLS without a realtor?
To list your home on the MLS you must go through a licensed real estate agent or brokerage. There are flat-fee MLS listing services that offer this service for a one-off fee; however, it should be noted that this does not guarantee the sale of your home.
If you choose to use a flat-fee MLS service, you must calculate your own list price, and provide photography of your home.
How can I lower my Realtor commission?
Working with a flat-fee realtor who offers real estate services for a reduced commission is the best way to lower your realtor commission. This is because you do not have to negotiate with flat-fee realtors, as their business model already saves you money.
It should also be noted that some traditional real estate agents are also open to negotiating their commission. However, they typically will not discount more than 1%.
Do flat-fee MLS listings work?
For some sellers flat-fee MLS listings are a good option; however, the success of your listing depends on how well you price your home, and how attractive your home is to potential buyers.
When you list your home on the MLS without the help of an agent, you should still incentivize buyer's agent's with a commission. This encourages real estate agents to show your home.