Savvy Lane: Flat Fee MLS Service

8 Replies

Hello BP,

I am thinking of using savvylane.com to sell my primary home instead of the traditional route. Did you have any experiences with Savvy Lane before [http://savvylane.com/]?

How did the service work for you? Any positive/negative experiences?

@Sam Reddy

If you are experienced in real estate, you can easily sell FSBO or use a flat rate listing service. If you go that route, you need to do a lot of the legwork and make sure pictures look good, home is priced well/stated well, and that you have a good attorney.

if you don't have much experience in real estate, probably best to get an agent. I see many FSBO owner homes that are ridiculously priced with photos that look like they were taken using a 10 year old motorola razr

I sold my home via Savvy Lane. Their customer service center helped every step of the way. It was nice that they are open 7 days a week. I did research on who to list with and having 7 day customer support was important to me. I listed with them in the morning and was on the MLS by the afternoon. I then received my marketing materials within 2 days and got three offers within 4 days.

To me it is a no brainer, why would I spend 3% of the sale of my home when I know my home better than any realtor?! This is the future of real estate. 

In short, I used Savvy Lane and they were exceptional.

@Sam Reddy While I can't speak to that company in particular, we are believers in Flat Fee MLS listings as a way to make more on your sale, as is the U.S. Department of Justice. In the worst case, you can use a flat fee attorney to do your paperwork and you still will save thousands over traditional agent, without any drop off in legal coverage. In the best case you deal with a buyer direct and end up paying no commissions at all. Be sure to check your listing agreement carefully prior to signing up w/ a flat fee listing agent as many have hidden fees or requirements to use their closing services.

Note that flat fee MLS is different than FSBO. FSBO means you are not working with agents whatsoever, which is typically not the best idea as 88% of buyers have an agent, according to N.A.R. statistics. When you don't offer a commission via the MLS, you are losing those 88% of potential buyers as their agents are not going to show your home. This is typically true even if you say you will offer the agent a commission, as most agents don't want to deal with negotiating the commission in advance and signing a commission agreement without knowing if their buyer is even interested - that's the good thing about the flat fee MLS listing, as there is a binding commission offer stated in the MLS.

N.A.R. statistics will show that FSBO is at record lows and falling, but this is deceptive as it is generally accepted that most FSBOs are instead moving to flat fee MLS listings (which is technically considered For Sale by Agent). Most FSBOs are willing to work with buyer agents, but just don't want the overhead of paying a listing agent a commission to list it on the MLS - which is why flat fee MLS listings are a great solution.

just saved 15 grand selling myself for a higher price than what 2 local realtors wanted to list the house for. Cost me $149 

This after having it listed by a broker for 6 months with not a single offer. 

I received 3 offers and am in escrow at over asking price with a backup offer 

I did NOT use the following company but I will be selling 3 houses and will use them next time

$7 a day includes a sign and lock box.  For $35 more they sent post cards to local realtors so you want to offer a selling agent a commission

For $200 they will have an agent hold an open house for you and they will provide purchase offers 

Listings spark dot com 

I have sold 2 homes through Savvy Lane.  They were wonderful to deal with and are a great way to save money if you are willing to put in the work.  I chose the $495 package.