Once upon a time, sellers only had one real way to move their home. Essentially, they had to find a broker who would then take their home and go out on the open market to find a buyer. Usually, they were compensated by taking a percentage of the sale price. While this definitely ensured they helped homeowners get the most for their houses, that didn’t mean that sellers weren’t overpaying.
The Internet has begun changing this though in a big way. A seller can put their home on the market by introducing it online and then benefiting from an army of brokers instead of just one. On top of that, the broker only gets a flat fee for their sale, instead of an exorbitant commission. As you can see, this means sellers get to offload their homes quicker and keep the lion’s share of what they make from the sale.
Obviously, there is a certain degree of resistance by brokers. You can probably imagine that they would prefer the old method of doing things where they get a large commission and, generally, full control over the listing. Opening the sale of the home up to so many brokers obviously undermines their ability to do both.
However, there’s not a lot brokers can do about this. Flat fee real estate is much more beneficial to sellers and the World Wide Web has made it easy for just about anyone to engage in.
Of course, brokers may not always be involved. With your home listed on a site, it’s possible that a private party will contact you and simply negotiate the sale on their own. In this case, there would be absolutely no broker’s fee or commission to pay at all. Just because you’re open to using brokers doesn’t mean you put aside the right to sell a “by owner” if you like.
Selling homes is definitely not the same thing as selling other products or services. However, for too long, it’s been far more complicated a process than necessary. With flat fee real estate, not only are things now much simpler, but you can also expect to get more money from your home’s sale too, even if it goes for the same price it otherwise would have.