The example below is taken from the Las Vegas MLS Data. Both properties are taken from the same subdivision, same street, same floorplan, same sq ft, approximately 7 houses down the street from one another. Both properties are located in NW Las Vegas, SFR Detached. Both properties were originally listed within 45 days of each other. Each property is offering a co broke of 3% to the buyer broker bringing the buyer.
Liberty Realty Listing – Expired- Did not sell:
Data: Property is owner occupied, buyer agent must make appointment with seller to show, MLS listing notes warn dog present on property, property does not have an electronic lockbox, Listing agent has requested a specific title company be used in the private remarks, Listing contains no virtual tour and a few dark images.
Congress Realty Listing – Sold through our Flat Fee MLS Listing:
Data: Property is vacant, on electronic lockbox, buyer agent can show anytime at there leisure, no title company or other special request made by seller, 8 photos and a Virtual Tour appear on the listing.
So why did the Congress Realty property sell through the Flat Fee MLS Listing program and not the property through the traditional broker? Simple, our listing was easy to show, on lockbox, no requirements for the buyer’s agent, and the seller was able to pass the savings along to the buyer.
Liberty Realty – Asking Price $459,000 (expired 12/31/2008)
Congress Realty – Sold Price – $450,000 (sold 9/1/2007)
*both properties were originally listed within 45 days of each other*
That is a 9k difference, If we assume the other listing was to receive an offer at full price, (which it did not w/ over 6 months of market time) that is a 2% difference. By passing the 2% savings to the buyer, our seller was able to successfully sell the property and walk away with the likely same net as the “full service seller”. (Assuming the full service seller would have been able to sell the property at full price, which is extremely doubtful) Both buyer and seller benefited from the cost savings of the Flat Fee based listing in comparison to the traditional listing that did not sell.