Request buyers agent dual agency?

Question

I'm not interested in a real estate agent and the longchain of communication. I'd prefer to just have the buyers agent in a dual agency. Is there a way I can list my property without a license or FSBO? I know I can list on some list/browse sites for free but curious if I have access to the MLS or at least list FSBO and and then request the buyers agent to agree to a dual agency?

Jonathan Minerick · Answer

What you are looking for is a "Flat Fee MLS" listing. This is when an agent provides the single service of listing your home on the MLS for a small fee ($100-$200). Here are the big things to look for in a flat fee MLS listing:

1. The listing should be on the local MLS.

There are hundreds of MLSs in the United States. Sellers want to be on the MLS that covers the area where their home is located, so they can offer a commission to LOCAL buyer agents.

2. Cost to List + Changes to Listing.

Can range from $100-$400 for the exact same listing on the MLS. Watch out for fine print that requires an additional fee at closing - this is a huge red flag and how most flat fee companies make money. Make sure you are able to make changes to the listing after it has been posted for a nominal fee. For example, we provide 10 free changes with any listing (and $5 per change after that). Most sellers use ~5-6 changes. Note that a change can be anything such as pictures, description, price, open house, and status.

3. Photos on MLS.

Make sure you can upload at least 12 photos. Some services offer a great price, but it's only for 1 photo - which is not useful for most properties. Home buyers are very easily visually influenced. Pictures work wonders and numerous studies have shown that pro photography pays for itself many times over.

4. Length of Listing.

Get at least a 6 month listing and be sure that there is no charge for cancellation. Homes rarely sell as quickly as their owners think they will, even when the owner is sure the home is priced perfectly.

5. How Buyers and Agents Are Connected to You.

Ensure your contact information goes into the MLS private remarks to agents. The MLS rules prevent your contact information from appearing on websites, but websites are required to show the listing broker phone number. Find a flat fee service that offers free call forwarding so buyers are able to connect with you instantly.

6. Fine Print.

You should never be required to use any closing service (e.g. escrow) provided by the flat fee service agent. Read the listing agreement carefully - you will be required to sign it in every state.

7. Be Careful With Referral Services

Many of the flat fee MLS listing service providers you come across on the internet are actually just middlemen. These referral services find flat fee agents in each state and then advertise flat fee MLS listing service to sellers. These referral services have you add property info, photos, etc. but then send your info to the listing agent who does the work (and gets paid by the referral service).

Here's the catch: The actual listing agent is going to need to send you the real listing input form for your local MLS. The generic form that the referral service had you fill out is basically useless. Check out the listing input forms for a residential property for two different MLSs: Los Angeles and San Diego (in case you want to see how different the forms can be). Note that many fields are required on the forms and typically only the seller is going to know the right info.

You will also be required by state law to sign a listing agreement with the listing agent. It can be very dangerous paying for a listing without knowing what terms you are going to be required to agree to.

To recap: Be extremely cautious with flat fee MLS sites that only refer business to other agents.

Bonus Points

You should also consider the ease of use of the flat fee MLS listing provider, for example, can you complete everything online? How quickly is the listing added to the MLS? How quickly can changes be made? Is the agent easy to get in contact with?

Zalman Ives · Answer

I'm not sure if this is universal nationally, but there are softwares that allow you to post your listing on the MLS for a small fee. I imagine there is an agent involved who holds the license and whose account is used.

But if you list it as FSBO, why would you ask the buyer's agent for dual agency and pay the commission if you can just offer the buyer's agent 2-3% for the buyer's side and save the other 2-3% for yourself?

Mathios Yonan · Answer

No you need to be a licensed realtor to get access to the MLS, you can only list FSBO on webistes like Zillow and FSBO, etc...

Zalman Ives · Answer

Many buyers will not want to use your agent for their representation, so going this route is putting you at a disadvantage.

K S. · Answer

Because I wanted to avoid FSBO or hiring an attorney. I just wanted to cut the communication channel down. Representation for both parties is unnecessary if the transaction is arms length. It would make more sense for a single third party intermediary to perform the transaction representing both parties assuming one party opts in for it. I've asked three different listing agents if they would like to perform a dual agency and they all said yes. Buyers at least, don't need their own agent if they already know what they want and just looking for someone to push the paperwork.

Christian Ehlers · Answer

There are different sites where you can post your home on the MLS for a small fee, this is called Entry Only (in my area i've seen it's usually $500ish) where all the agent does is provide you the state forms and then let you put your listing in the MLS. They don't do showings, negotiations, give advice etc.

If you go this route why bother with dual agency with the buyers agent? Just let them be a buyer's agent representing their buyer, and then you are the seller obviously, representing yourself, so you don't have to pay any commissions on your end.

K S. · Answer

It would be nice if there was more access to the MLS for FSBO at least for a fee.

Request buyers agent dual agency?

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