Are you thinking of selling your home in Minneapolis, MN? If so, you may be wondering how to save money on real estate transactions. The good news is that there is a way to do just that! By listing with a flat MLS listing fee in Minneapolis, MN, you can save money on both the listing and selling sides of the transaction.
Flat MLS Listing Fee Explained
A flat MLS listing fee in Minneapolis, MN, is just what it sounds like: a set fee that does not change no matter how much your home sells for. This type of fee is typically charged by real estate agents who work on a flat fee basis.
It differs from the traditional commission-based structure in which the agent receives a percentage of the final sales price. The typical real estate commission in Minneapolis, MN, is 6%, which is divided between the buyer’s agent and the listing agent.
If your property sells for $300,000, the commission will be $18,000, with each agent receiving $9,000. With a flat MLS listing fee, you would only pay the set amount regardless of the final sales price.
For example, let’s say you have a 1% listing fee and your home sells for $300,000. In this case, you would only owe your agent $3,000 (1% x $300,000). That’s a savings of $15,000 compared to the traditional commission.
While it’s true that you will still have to pay a buyer’s agent commission if your home sells, many sellers are able to negotiate a reduced commission with the buyer’s agent since they are already saving money on the listing side.
Additionally, some agents who work on a flat fee basis may be willing to negotiate their own rate to earn your business.
Not All Agents Are the Same
It’s important to note that not all real estate agents in Minneapolis offer flat fees. However, more and more agents are beginning to offer this type of pricing structure as it becomes more popular with sellers.
If you’re interested in saving money on your real estate transaction, be sure to ask potential agents about their pricing before hiring anyone.
