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Massachusetts Flat Fee MLS Entry Only Listings

Flat Fee MLS Success Continues for FSBOs

The success of flat fee MLS listings continued for FSBOs in 2014.

It’s clear there continues to be a strong contingent of property owners selling their own homes without a Realtor by using entry only MLS listings, driving exposure to a home through the power of the Internet enabled MLS, all while saving thousands in real estate agent commission.

2014 Massachusetts Flat Fee MLS Entry Only Listings (SOLD)

According to MLS Property Information Network (MLS PIN), Massachusetts’ official MLS system, the number of individual property listings sold during 2014 as entry only MLS listings was 1,502.

2014 Massachusetts Flat Fee MLS Statistics

Year to year, the number of sold flat fee MLS listings remained flat, however, if history is any indication of where the FSBO market may turn in 2015, flat fee MLS listings could be poised for substantial growth.

There appears to be a two year horizon in 2011 and 2012 where the number of entry only MLS listings sold in Massachusetts stayed level before experiencing nearly a 20% increase in 2013.

2013 and 2014 represent another two year horizon, when total sold entry only MLS listings seemed locked around 1,500.

If the past is any indicator of the future, 2015 may be another breakout year for flat fee MLS listings, perhaps surpassing a total sold count of 1,800.

Condo Flat Fee MLS Listings Increase

The flat fee MLS market typically tracks and drafts off the overall market, but condos bucked that trend in 2014.

The flat fee MLS market, in Massachusetts, represents approximately 2% of the overall number of individual properties sold. While it’s a small amount, it has grown in the past five years.

While the number of condominiums sold through a full commission Realtor in 2014 decreased, the number of flat fee MLS condos sold increased year to year.

Landlords Use Entry Only MLS for Rentals

One of the largest standouts of the 2014 entry only MLS statistics is rentals.

The number of apartment rentals in Massachusetts using flat fee MLS as the means by which a landlord finds a tenant increased by approximately 10% year to year.

The increase in flat fee MLS rentals far outpaced any other property type using entry only MLS listings.

While the increase in entry only MLS rentals tracked and drafted off the overall, and larger, market of rentals transacted using traditional real estate agents charging a larger commission (oftentimes half of one month’s rent), it’s clear that landlords are catching onto flat fee MLS realty services for rentals as a means to advertise, rent up their portfolio properties, and keep more operating income in their pockets.

2014 MLS Statistics Show Entry Only MLS Benefits to FSBOs

If you heard 1.7%, what would you think?

Perhaps you’d first think that was a small percentage, or maybe a measly amount of a large pie.

Whichever one, you’d be right.

So what is 1.7%, anyway? It’s the percentage of all single family homes that have sold in Massachusetts throughout 2014 that were flat fee MLS entry only listings.

198 single family Massachusetts home listings have sold in 2014 that were listed in the MLS by owner, while 11,623 single family homes have sold in Massachusetts that were listed in the MLS by a traditional agent charging a typical real estate agent commission.

If you do the math and get the sum total of 11,821, and then divide 198 flat rate MLS listings into that large number, you’ll get approximately 1.7%.

While we’ve seen the popularity of entry only MLS grow over the past several years, FSBOs who want to sell their own home without a Realtor still make up only a small portion of the total homes sold in Massachusetts.

Our prediction is the percentage of sellers who list FSBO on the MLS is going to continue to rise.

It will for a number of reasons, but today, there are three worth mentioning.

  1. According to the MLS data, flat fee MLS listings sell faster than full commission listings sold by traditional Realtors
  2. FSBOs who list on the MLS by owner using an entry only MLS listing end up selling their home, on average, for a higher price per square foot than homes sold by traditional full commission agents
  3. Flat fee MLS listings allow homeowners who want to list by owner to save thousands of dollars in real estate agent commission

Massachusetts Flat Fee MLS Listings Sell Fast for Top Dollar

Let’s just look at the 2014 data available in the official Massachusetts MLS system and go from there.

The 198 single family homes sold in 2014 across Massachusetts that have leveraged the entry only MLS process, where a seller lists on the MLS for sale by owner without a Realtor, carry an average days on market (DOM) of 89 and the average sales price per square foot was $213.

Contrast that with the 11,623 single family homes that have sold with a traditional real estate agent charging a full commission (and we’ll look at the first 500 listings) where the average days on market (DOM) was 109 and the average sales price per square foot was $205.

Homeowners in Massachusetts can sell their own home without a Realtor, and the data show that when FSBOs list on the MLS without an agent, they’re  selling their homes faster and at a higher price per square foot than real estate agents charging a full commission.

And let’s not forget about the thousands in real estate agent commission savings.

Entry Only MLS without a Realtor Saves Thousands in Commission

So FSBOs are selling faster and selling for more than Realtors in 2014, but how much are they saving in real estate agent commission?

There’s no doubt that FSBOs put in time, effort, and work listing their own home without an agent, is it worth it?

In 2014, on average, FSBOs who list their own home in the MLS with an entry only MLS listing have saved $10,790 in real estate agent commission.

Is $10,790 worth your time and energy? Is that fair compensation for the work that you would put in to sell your own home without an agent?

Perhaps that’s hard to answer, maybe you’re considering an entry only MLS listing for the first time and have never worked on the sale of a home without a Realtor.

Is the perceived “extra time” you as a FSBO have to put into the home selling process when you sell without an agent worth $10,790? Consider this, a listing agent who charges a typical real estate agent commission to list and sell a home will still constantly contact the seller, coordinating showings, asking questions to relay buyer requests, and so forth. Sellers spend a fair bit of this “extra time” regardless of whether a listing agent is used.

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Somerville FSBO Saves on Real Estate Agent Commission

We love stories of for sale by owner (FSBO) sellers saving on real estate agent commission and fees.

While the Massachusetts real estate market has entered the Spring season, a time typically marked by an increase in the volume of listings hitting the market and an overall increase in market velocity, one Massachusetts FSBO was able to sell their home quickly in April and save on real estate agent commission.

A Somerville FSBO recently used a flat fee MLS listing to sell their 1,300 square foot condo and saved $15,230 in real estate agent commission.

The Somerville FSBO saved on real estate agent commission because they used a flat fee MLS listing from Entry Only New England, a local flat fee MLS realty service – learn more about how flat fee MLS listings actually work.

What’s fascinating is that this Somerville flat fee MLS entry only listing sold faster, and at a higher price per square foot, than listings in the same zip code that were sold by Realtors charging their clients a full commission.

So, wait, the FSBO in Somerville did not pay a full Realtor commission but sold faster and for more than others who got charged a much higher commission? Wow!

Somerville FSBO Saves $15,230 in Commission with Flat Fee MLS

One of the latest condominium sales in Somerville was at 1188 Broadway Unit 305 Somerville, MA 02144 in the super hot Teele Square area. This was a 1,300 square foot two bedroom two bathroom third floor condo accompanied by garage parking.

1188 Broadway Somerville MA 02144

The sales stats behind 1188 Broadway Unit 305 are impressive. The unit was on the market for 2 days, was listed for $565,000 but sold for $621,000 at $478 per square foot. So, this Somerville FSBO sold their condo with a flat fee MLS listing, got well over asking price and in 2 short days!

The Somerville FSBO also saved $15,230 in real estate agent commission and fees by leveraging a flat fee MLS entry only listing.

If that wasn’t enough, what’s happening in the Somerville condominium market over the past six months, and how does that compare to what happened at 1188 Broadway Unit 305?

There have been 73 condominium sales in Somerville over the past six months, the average days on market were 58, and the average price per square foot has been $423.

1188 Broadway Unit 305, a Somerville flat fee MLS listing, sold 29 times faster than the average Somerville condo over the past six months, and it sold for 13% more than the average Somerville condo price per square foot.

Massachusetts Flat Fee MLS Listings Under Agreement Quickly

Boston, and the whole of Massachusetts, is not yet officially upon the spring real estate market, a time marked by an increase in volume of listings as well as market velocity, however, homes are quickly going under agreement after being listed on the MLS for sale by owner.

Some of our latest flat fee MLS entry only listings from in and around Boston have been moving off the market significantly faster than average.  Some of those include:

  • 391 Pleasant Street Unit 303 Melrose, MA 02176 is a flat fee MLS condo listing that went under agreement in only 6 days versus the Melrose market average of 37 days on market for other homes that are currently under agreement
  • 39 Pond Street Framingham, MA 01702 is a Massachusetts flat fee MLS multi family listing that went under agreement in just 1 day whereas the average days on market (DOM) for the 0172 zip code is currently 53
  • 90 Wareham Street Unit 307 Boston, MA 02118 is a flat fee MLS condominium listing in the South End of Boston, it went under agreement in just 4 days versus an average of 39 days

Each home noted was listed on the MLS by owner over the past week with Entry Only New England and quickly went under agreement, much faster than the average of other homes in the same zip code that are currently under agreement.

A Framingham flat fee MLS multi family listing recently went under agreement 53 times faster than the market average for the 01702 zip code!  The Massachusetts real estate market, at least from a flat fee MLS perspective, is heating up!

FSBOs Enjoy Power of Internet Enabled MLS

The power of the MLS in driving exposure for a listing is awesome.  The syndication power, and the Internet enabled MLS, whereby the most popular real estate websites are constantly being updated with the MLS as their source allows for sale by owners (FSBO) to successfully reach the buyer audience.  Nearly the entire population of buyers start their search online, and the MLS is the gateway to reach those buyers.

Our clients have enjoyed a prosperous March 2014, fielding a great response to their flat fee MLS listings, having them quickly go under agreement, and they’re now poised for a final sale where they will enjoy saving thousands in real estate agent commissions.

Roslindale Boston Flat Fee MLS FSBO Sells Fast for Top Dollar

90 condos in the Boston neighborhood of Roslindale have sold in the past 6 months, the latest of which was a condo at 1536 Centre Street, its owner was able to sell five times faster than the average Roslindale condo and saved over $7,500 by selling on the MLS without an agent.

The owner of 1536 Centre Street #1 Roslindale, MA 02131 used a Boston flat fee MLS listing from Entry Only New England to list their condo for sale in the Boston MLS for a one-time flat fee. The condo was listed at $309,000, sold for $319,000 (103% sale to list price ratio), and was on the market for only 9 days. By leveraging an entry only MLS listing, the Roslindale FSBO saved $7,680 in real estate agent commissions.

The average price per square foot of the 90 Roslindale condominiums that have sold in the past 6 months is $267. 1536 Centre Street #1, sold as a Boston flat fee MLS listing without an agent, closed for $314 per square foot – almost 18% more than condos sold by traditional real estate agents charging a full commission.

Roslindale Boston Entry Only MLS Comparison

When evaluating overall Roslindale condominium market statistics, which is predominantly driven by standard listings from traditional real estate agents charging a full commission, and comparing the performance of full commission listings against the performance of the Boston flat fee MLS listing at 1536 Centre Street #1, the differences are quite substantial.

Roslindale Condominium Listing Statistics (overall market):

  • Condominium Listings: 90 (past six months)
  • Average List Price: $289,759
  • Average Sale Price per Square Foot: $267
  • Average Days on Market: 45

1536 Centre Street #1 Roslindale, MA 02131 – Boston Flat Fee MLS:

  • List Price: $309,000
  • Sale Price per Square Foot: $314
  • Days on Market: 9

Boston FSBOs, like this Roslindale FSBO selling their condo, are using flat fee MLS listings to get their property listed on the MLS without an agent, generate the exposure for their property that they need to sell quickly and at top market prices, all while saving thousands in real estate agent commissions and fees.