The answer to the question: “Is Flat Fee MLS in Georgia a threat” depends on who you ask. When we first started DitY Realty with the Flat Fee MLS concept we did it to serve a very specific type of clientele. Our decision to start DitY Realty was initially driven by the real estate down-turn and as a means to help Georgia Home Sellers that had negative equity.
It was not our intention to create animosity in the Georgia real estate community, but there are specific competitors that are truly threatened.
Real estate agents working the traditional real estate model in Georgia have not reacted harshly and we are not working to take their business. The traditional real estate agent should not feel threatened because their business is (or should be) driven by the relationship they have with their home seller.
In contrast, the real estate brokerages that target home sellers through the “we can do it cheaper” strategy are, and should feel threatened. These real estate business models claim to take a chunk out of real estate commissions, promise to assist or help sellers yet still charge thousands of dollars to sell the home. Their clientele are extremely price conscious and are attracted to the lowest cost solution. When they research real estate companies and find they will pay $3000 or more (+3% for the buyer’s agent) for someone to help them sell and then compare it to listing the home with a Flat Fee MLS real estate brokerage at $495 (and can avoid the 3% for buyer’s agents altogether) the cheaper solution is obvious and of course it is the one a price conscious home seller will pursue.
So that’s the long answer to the question. The short answer is that traditional real estate agents do not have to worry provided they continue to have strong, relationship-based clients. BUT, the “we can do it cheaper at $3000” real estate agents should be concerned because a “much, much less expensive” opportunity has presented itself through a Flat Fee MLS avenue.
Flat rate real estate is in its infancy. The Internet has had the biggest impact and the ability for a real estate brokerage to use the web as a means to market Georgia homes for sale is one of the major contributors to the birth of flat rate real estate.
This is how it typically works: A home owner lists the home for sale with a flat rate mls real estate brokerage such as DitY Realty (DitY stands for do it yourself realty / real estate). The flat rate covers the cost of putting the home on various local, national, and proprietary websites. It typically covers the cost of putting it on the mls, although many of DitY Realty's competitors charge an extra fee (i.e. an additional $195) for posting the home to the local mls. Once the home has been posted to the websites and/or the mls the flat rate company simply lets the marketing do its job.
What's not included in the flat rate is the cost to bring a buyer. The fee to bring a buyer to the table is not set by law; it is set by local markets. Often the buyer's agent earns 3% in commission for bringing a buyer. A seller's agent (traditional or flat rate) must post on the mls the commission amount the seller is willing to pay. Yes it is possible to post zero % but then a seller should expect to get zero activity from real estate agents with qualified buyers. Chasing buyer’s agents away defeats the purpose of using the Georgia mls entirely.
Our suggestion is to research the going rate for the Georgia real estate market in which the home is located and offer that amount to buyer's agents. If the total going rate is 6% and the buyer's agent earns half (3%) then a savvy seller can use a flat rate real estate brokerage and save roughly 50% over the traditional real estate business model.
We have found this business model is one of the best real estate business models to be developed in many, many years. For business minded sellers such as builders, investors, or sellers that have business sense, it is a great solution. It is better than for sale by owner and it is less expensive than the traditional real estate model. Keep in mind it is not the solution for ALL sellers...I'll cover who should avoid it in my next blog.
What do you think of the impact of flat rate mls listings?
Some economists are speculating that the surge in mortgage applications could signify the bottom of our down market. Could this be the end of our housing slump?
U.S. mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Nov. 28 soared a record 112.1% to 857.7.
With rates this low and prices still down now may be the time to buy a home in Georgia.
Any thoughts??
DitY You Know?
One-quarter of first-time buyers are single females who purchased their first home on a median income of $44,500.
Source: 2007 NAR Profile of Home Buyers and Sellers.
Real Estate for the Do-it-Yourself consumer at www.DitYRealtyofGeorgia.com
"I could do this myself if I just had the marketing EXPOSURE" -
Now you Do! Click here for details!
Thinking of buying a home in Georgia? Begin your search now!
Selling your Georgia home? DitY Realty of Georgia makes it easy for you to save thousands and do-it-yourself!
• 1,750 sq. ft., 2 bath, 3 bdrm single story "Condo/Townhouse"
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MLS®
$184,900
Brookshire Retreat, Kingsland
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Contact the seller directly at (904) 982-0713 for additional savings.
This beautiful Kingsland, Georgia home is nestled in the desirable, secluded community of Brookshire Retreat. As part of the Laurel Island development you will experience a carefree and relaxing lifestyle. As you drive into Laurel Island Plantation, you’re greeted by an immaculate, manicured entrance and median lined with stately palms and beautiful crepe myrtles.
The home has a full stucco exterior, lush green lawn, and beautiful flower beds - perfect for the home owner with a flair for the Georgia and Florida coastal taste. Leave your lawn mower behind, because lawn maintenance is provided. Since stucco requires very little maintenance and your lawn is cared for, spend more time on better things…like the very short trip by golf cart to Laurel Island Links for a round of golf or a relaxing dip in the community pool.
The interior is warm and luxurious. With 9-10’ ceilings and a “great room” layout, the home creates a very spacious appeal. The flooring and colors throughout the home are done in complimentary earth tones and are contrasted by crisp white crown molding creating an elegant feel. Almost everything in this home is upgraded so the new owners can simply move in and enjoy.
The kitchen boasts granite countertops, stainless steal appliances (including a Whirlpool Gold stainless refrigerator), 42” custom cabinetry, and a breakfast bar. Enjoy time with your family or entertaining friends in this spacious kitchen that is open to the great room.
The master bedroom has a beautiful trey ceiling, enough room for a California king, and an expansive view of the private wooded backyard. The master bath has separate vanities, high end travertine tile, a spacious separate shower, and a large jetted/garden tub.
There is so much more to be said about this home so call us to schedule a personal tour.
Property information
• 1,584 sq. ft., 2 bath, 3 bdrm ranch
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MLS®
$139,900
Crooked River, St. Marys
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Call this motivated seller directly to negotiate additional savings on this great home. Call seller directly at 912-269-5466.
As you drive into the cozy cul de sac and walk up to the rocking chair front porch; you will notice that the front door has a welcoming effect. Upon entering the home you will see this immaculate and well thought out floor plan; ceramic tile flooring, stained woodwork, and plenty of room for all through out!
The living room boasts of a bay window so you can have a view when the neighbors stop by to have a cup of coffee and share some good news! Bookshelves separate the dining room that will easily accommodate many friends and family members during the holidays or special events. And just in case you might need some additional room; you can easily open the doors that separate the dining room and screened porch and spread out.
The kitchen has plenty of counters, cabinet space and an area for a breakfast nook; where you can enjoy some quality time with a sweet iced tea! Straight off the kitchen is the laundry room; so you don’t have to fight the heat or bugs as you do your laundry. As you are cleaning up; take advantage of being able to gaze out the window and enjoy watching the birds, butterflies and dragon flies frolic within your fenced back yard.
Off the kitchen you will be able to sit back and enjoy the family or bonus room! This is where quiet and quality time can go hand in hand. Enjoy serenity or have a game on the play station; whatever you like-you have the room.
Split floor plan also enhances this home. The master bedroom boasts of a bathroom that has been exquisitely upgraded. Flooring is hardwood laminate for those with allergies; and for easy cleaning. Plenty of storage room with many closets and nooks through out home. Backyard has a storage shed to hold your outside toys and yard items.
Located across from the NSB Kings Bay Base; minutes to I-95, Riverfront, Boat Ramps, & Crooked River State Park.
Property information
• 2 bath, 3 bdrm single story "Contemporary"
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MLS®
$189,900
Sugarmill Landing, St. Marys
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This home for sale in St. Marys, Georgia is a home buyers “best of both worlds!”
Imagine driving home through your established neighborhood and enjoying the well manicured, wooded median separating the street lanes. You turn into your subdivision, cross the pond, and as you drive to your home you see the moss hanging from mature trees knowing you are in a neighborhood that did not clear cut the natural landscape.
Yet your new home was one of the last to be built, long after the subdivision was considered done. The home was built in 2003 and has all the modern construction materials and building code offering you confidence that your home is going to be solid for many years to come.
You arrive at your contemporary style home and you will find the original home owner kept the home in a clean, white decor that will fit any home buyers furniture and taste. Yet, because it was designed around the pure white concept, a new home owner can easily treat the walls like a blank canvas and paint their own palette, bringing this home to life. This St. Marys, Georgia home for sale offers an open floor plan with a spacious eat-in-kitchen that overlooks the large dining area and living room combination. It has vaulted ceilings and French doors leading to the back yard creating a very spacious feel and great use of the homes square footage. The split floor plan places two bedrooms and the common bath at one end of the home while the master suite encompasses the entire opposite end of the home. The master suite is an amazing bedroom with a very spacious walk-in closet, separate shower, double vanity, and whirlpool tub to pamper your self. The bedroom area of the master suite is beyond “spacious” – it is simply HUGE! Big enough for a dresser, chest-of-drawers, two night stands, king size bed and still have room to ask yourself: “I wonder what I’ll put here?”
Call seller direct at 865-405-2880 to tour this St. Marys, GA Home.
Property information