LIMITED SERVICES REALTORS

Q)         What are the benefits of the Limited Services program to a seller in a hot market area? 

A)        These companies have sprung up in different markets to target  the seller that wishes to save money on the commission.

Q)         What are typically the services of these companies? 

A)        The only service they provide is to place the property into the MLS for a flat fee.
 

Q)       What services are not included that usually are provided by a professional agency? 

A)       There is no assistance provided in marketing, yard signs, advertising, virtual tours, brochures or promotion to the real estate community.  There are no forms provided such as contracts, addendums or disclosures.There is no assistance in inspections, or assistance in the closing.  There is no assistance in pricing, market analysis or defense of the sales price to the appraiser.   There is no assistance if the buyer chooses to terminate the transaction.  In other words the seller is on their own to provide all of the above services to complete the transaction.

Q)       Will MLS agents show the home if they are getting paid a MLS split fee?  

A)       That is a question up to the individual agent but most agents view the limited services agency as double the work when you are working with only the seller.  That means the selling agent will most likely be performing all the work of both the listing agent and the selling agent for half the fee.  This also means if there are problems there is not another professional involved to try to negotiate a solution.  In addition there is no listing agreement that guarantees a commission if an agent sells it and that means the agent must collect from the seller.  Most agents will not show a listing under these circumstances.

Q)      Any other negatives? 

A)       Typically the seller will sign a listing with a limited service brokerage and then be set back that amount of time waiting for a buyer.