Selling Vacant Lots in NE & NW Cape Coral
Rental Property Investor · Toronto, Canada · Member since 2016 · 5 posts · 1 vote
Selling Vacant Lots in NE & NW Cape Coral
Most Popular Reply
Real Estate Broker · San Diego, CA · Member since 2015 · 725 posts · 129 votes
4y@Rui Torrao There are a ton of flat fee MLS services available (google "Flat Fee MLS")
Here are the big things to look for in a flat fee MLS listing:
1. The listing MUST 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. Make sure you are able to make changes to the listing after it has been posted for a nominal fee. Most sellers use ~5-6 changes. Note that a change can be anything such as pictures, description, price, 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.
5. 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.
6. 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).
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?
6 Replies
- 4yStetson MillerBusiness MemberReal Estate Broker · Fort Myers, FL · Member since 2019 · 576 posts · 423 votes
@Rui Torrao Most flat-fee brokerages are charging between $250-$500, regardless of the listing type. In this situation, you're also responsible for handling all paperwork and ensuring deadlines are met correctly, is that something you're comfortable with?
Assuming an average lot price in Cape Coral right now around $30,000, I typically charge 6% (split between selling and buying agent), which will work out to a cost to you of around $1,500-2,000 depending on the exact sale price. With this, you can ensure all paperwork will be handled correctly, you won't be fielding phone calls and questions from the buyer's side, and it will be a much smoother process overall
Obviously it's up to you to decide if that difference is worth it or not, but I just wanted to point out that the difference you pay between the two options may not be as significant as you think, especially considering the services that are provided between the two!
Stetson Miller Realtor545 Reviews - Real Estate Broker · San Diego, CA · Member since 2015 · 725 posts · 129 votes4y
@Rui Torrao There are a ton of flat fee MLS services available (google "Flat Fee MLS")
Here are the big things to look for in a flat fee MLS listing:1. The listing MUST 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. Make sure you are able to make changes to the listing after it has been posted for a nominal fee. Most sellers use ~5-6 changes. Note that a change can be anything such as pictures, description, price, 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.
5. 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.
6. 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).
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?
- Investor · Tampa, FL · Member since 2015 · 184 posts · 83 votes4y
You could use google street view photos and satellite photos and post for sale by owner on Zillow, Facebook Marketplace, and Craigslist and will probably sell it for free (as those sites don't charge to post a listing). You can use a title company to make sure the paperwork is correct and find sample contracts online. Could also pay someone to put a sign in the yard and take some photos for you (probable for $50). List on those three sites and post a sign in the yard, and you will sell (assuming it's priced right as well).
- Rental Property Investor · Toronto, Canada · Member since 2016 · 5 posts · 1 vote4yThanks Scott!
Quote from @Scott Morris:
You could use google street view photos and satellite photos and post for sale by owner on Zillow, Facebook Marketplace, and Craigslist and will probably sell it for free (as those sites don't charge to post a listing). You can use a title company to make sure the paperwork is correct and find sample contracts online. Could also pay someone to put a sign in the yard and take some photos for you (probable for $50). List on those three sites and post a sign in the yard, and you will sell (assuming it's priced right as well).
- Rental Property Investor · Toronto, Canada · Member since 2016 · 5 posts · 1 vote4yThanks Jon, I will have a look. I am not in a rush to sell but I am finding I have little time to spare from my personal schedule to do all the research to find the right Flat fee MLS.
Quote from @Jonathan Minerick:
@Rui Torrao There are a ton of flat fee MLS services available (google "Flat Fee MLS")
- Rental Property Investor · Toronto, Canada · Member since 2016 · 5 posts · 1 vote4yStetson, we exchanged messages a couple of years ago when I was looking for a property manager. You put us in touch with Ashley. Thanks. Then the pandemic hit and we decided to sell the property instead of hold.
Quote from @Stetson Miller:
@Rui Torrao Most flat-fee brokerages are charging between $250-$500, regardless of the listing type. In this situation, you're also responsible for handling all paperwork and ensuring deadlines are met correctly, is that something you're comfortable with?
Assuming an average lot price in Cape Coral right now around $30,000, I typically charge 6% (split between selling and buying agent), which will work out to a cost to you of around $1,500-2,000 depending on the exact sale price. With this, you can ensure all paperwork will be handled correctly, you won't be fielding phone calls and questions from the buyer's side, and it will be a much smoother process overall
Obviously it's up to you to decide if that difference is worth it or not, but I just wanted to point out that the difference you pay between the two options may not be as significant as you think, especially considering the services that are provided between the two!
I think you are right. I am finding little time to get the ball rolling on listing the property myself. Perhaps we should talk in more detail.
Rui
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