7 Flat Fee MLS Companies in Connecticut for FSBO Home Sellers

What Connecticut sellers might benefit from a flat fee MLS service?

A flat fee MLS service might be the right choice for you if:

You’re looking to save on the cost of a real estate commission.
Homesellers who hire a listing agent typically pay a 5% to 6% real estate commission, which is split between the listing agent and the buyer’s agent. A listing service can help you eliminate the cost of a listing agent (2.5% to 3%). Instead, you’ll pay a flat fee, depending on the company and level of service you choose. But, you’ll still pay the buyer’s commission in addition to the cost of any other services you use to help you sell your home.

You have a desirable home, and it’s a hot market.
A desirable home in a hot market may sell itself. Listing your home in the MLS may bring multiple buyers and competitive offers your way. However, you’ll still be responsible for all aspects of your home sale.

You want to be very involved in your home sale.
If you have previous home selling experience, and you’re craving a challenge, you may want to take full control of your home sale. A FSBO sale may be your chance to shine. A flat fee MLS is the first step in your home-selling journey.

You don’t want to work with a listing agent.
Not all agents are the same. That said, if for whatever reason you choose not to work with an agent, a flat fee MLS company allows you to forgo the services of a licensed agent and still get your home listed on the MLS.

You have the time and energy to invest in the home-selling process.
Depending on the level of service you purchase from a flat fee company, you may need to take on a variety of tasks normally handled by a real estate agent.

Even with a flat fee listing service, you’ll typically need the time, energy and know-how to:

• Use market data to set the best selling price for your home.
• Write a listing description that appeals to buyers and their agents.
• Take professional photos of your property.
• Market and advertise your home.
• Make the state and federal required disclosures.
• Coordinate showings and open houses.
• Review offers and make counteroffers.
• Negotiate the sales price.
• Understand and negotiate the terms of your contract.
• Calculate your closing costs and your net proceeds.
• Navigate any issues that may come up with the appraisal or inspection.
• Handle any local real estate transfer taxes.
• Get the required documentation together.

Pros and cons of using a flat fee MLS listing service

How do I list my home with a flat fee MLS service?

Once you’ve decided to list your home with a flat fee listing service, you’ll follow these steps to get your FSBO home on the MLS:

Step 1: Vet the flat fee MLS service
Research the local service you’d like to use, including packages and rates. Be sure to look up Google reviews and check out the company on the Better Business Bureau. Before you proceed, know how much information you’ll be able to list, how many photos you can post, what forms are available free of charge, and what add-ons come at an additional charge.

Step 2: Register and select a plan
Register on the flat fee MLS company website, select the package you want, and pay the upfront fee online.

Step 3: Enter your property information
Describe your property and upload photos. If your service offers it, fill out the disclosure form.

Step 4: Read and sign your listing agreement
Sign the listing agreement. Be sure to read your listing agreement thoroughly to ensure you can cancel without penalty and won’t owe a listing commission.

Step 5: Review your live listing
Once you complete your listing, the listing company will publish it to the local MLS, which means it will be visible to buyer agents. Depending on the company you choose, it will most likely be posted on real estate websites such as Zillow, Trulia, and Realtor.com. However, it can take a couple of days, or longer to populate. It’s a good idea to review how your listing is displaying on real estate sites to be certain it’s correct and complete.

Are flat fee MLS listings effective?

A flat fee MLS service can be effective. Because the local MLS is one of the best ways to market your home and get your home in front of buyers, it’s crucial to list your FSBO home on the local MLS.

However, the NAR reports that FSBO home sales are not a popular option — accounting for only 10% of home sales last year. Not only are FSBO homes a minority of those available, but also, nearly 90% of buyers purchase a house using a buyer’s agent, meaning FSBO sellers still likely have to pay the buyer’s agent commission. The same NAR data also shows that real estate agents are more effective when it comes to securing higher net proceeds.

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Alternatives to a flat fee MLS services in Connecticut

Not sure you want to use a flat fee MLS service? You still have alternative options. Here are a few:

Option 1: Hire a full-service real estate agent

Full-service real estate agents are experienced at selling homes and tackling all of the tasks that go into landing a successful sale. That includes things like marketing, pricing, negotiations, fielding calls from potential buyers, and more.

HomeLight can connect you to an experienced, trusted real estate agent in your market. Our free platform scans your local area and finds the top-selling agents that fit your selling situation.

Option 2: Flat fee real estate agents

Rather than taking a commission, flat fee real estate agents agree to help you sell your house for a lump sum. This route can make it easier to budget for a property transaction because you’ll know exactly how much money you’ll be pocketing after the sale. At the same time, flat fee real estate agents don’t have a compelling reason to sell your house for a high price. That means they may not work as hard on negotiations, marketing, pricing, or other tasks that full-service agents prioritize.

Option 3: Sell for cash

If you want to expedite the home-selling process, you can also seek a cash offer from a house-buying company, such as an iBuyer or a We Buy Houses investor group. If you sell your home for cash, you likely won’t receive as high of an offer as you would if you listed your home. However, it is a way to cash in on your home quickly, without having to spend time and energy prepping for a sale.

One easy and convenient way to sell your home fast for cash is to use HomeLight’s Simple Sale platform. This tool allows you to bypass repairs, showings, and commissions and presents you with a cash offer in as little as a week. You’re under no obligation to accept offers, but if you do, this method makes it possible to close in as few as 10 days.

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Will I save money with a flat fee MLS listing service?

While it’s possible to save money on the listing agent commission fee, you may be losing money in the long run. Not only will you be sacrificing time and work, but you will also be proceeding without the expertise of a professional who could save or earn you money later when negotiating with a potential buyer.

If you add in the cost of your time and the likelihood of a lower sale price, you might not realize the savings you hope to see. As noted earlier, data from NAR shows that FSBO homes sold at a median price of $225,000 last year compared to agent-assisted homes that sold at a median price of $345,000 — up to a 35% difference.

In addition, HomeLight data shows that homes listed with a top-performing agent sell for up to 10% more than those listed with an average agent. Of course, your results can vary widely depending on the condition and features of your home, its location, and market conditions in your area.

What else should I know about selling a house in Connecticut?

Connecticut does have disclosure laws that require sellers to disclose all potential defects by filling out the Residential Property Condition Disclosure Report. According to the state’s Uniform Property Condition Disclosure Act, the form must be completed and submitted to prospective buyers before a contract to purchase the home is executed.

In this five-page disclosure document, sellers must provide information on whether the home is located in a flood hazard area, an inland wetlands area, or in a municipally designated historic district. Homeowners must also disclose information such as:

• Heating system problems
• The presence of any underground fuel tanks
• Hot water problems
• Plumbing system problems
• Sewage system problems
• Electrical system problems
• Basement seepage/dampness
• Exterior siding problems
• Foundation issues
• Roof leaks
• The presence of lead paint

It’s important to note that there’s a $500 penalty that’s due at closing if a seller fails to submit this form to the buyer.

Sellers are also required to use the services of a real estate attorney to close the real estate transaction. This is a best practice for FSBO sellers in particular, as a real estate attorney’s advice during the negotiation and contract preparation process can be very beneficial for those without legal experience.

Ready to sell your Connecticut home?

Although working with a flat fee MLS company can be useful for FSBO sellers, it’s important to reiterate that, statistically, homes sold without the assistance of an experienced real estate agent don’t net the same profits — and sellers often walk away with less money in their pockets (even when accounting for commissions paid).

As you prepare to sell your Connecticut home, it’s important to carefully consider your top priorities for the transaction. If your goal is to maximize your profits from the home sale, your best bet is to work with an experienced real estate agent who can market your home and negotiate on your behalf.

On the other hand, if a quick, hands-off sale sounds appealing, working with an iBuyer or using the HomeLight Simple Sale platform may be the right decision for you.

If you do decide to sell your home yourself — with or without a flat fee MLS service — you’ll want to make sure you do your research first, so that you fully understand the logistical and legal obligations of selling property.

Writer Jael Batty contributed to this story.

Header Image Source: (Yuval Zukerman / Unsplash)