Big Flat Fee Real Estate Changes in Colorado

The State of Colorado and the Pikes Peak Association of Realtors MLS has forced flat fee brokers to discontinue offering Entry Only listings. Changes are based on Colorado Department of Real Estate CP36

That money saving option no longer exists. We are terribly disappointed in this ruling; however, There is a way you can still save money and the Flat Fee broker stays in compliance

Here's a sample suggestion that would save you money and comply with the new rules:

Essential Services MLS Listing - You Save Big Time

Other Brokers charge 6% - With Essential Services you pay for services

as needed - No Frills - Just the Basics - You Save Money

Register on MLS 180 Days Advance Flat Fee $299

When you get a contract - Contract Review Flat Fee $399

(Flat Fee is paid when contract negotiations begin)

Transaction Coordination when a contract is accepted $499

(Flat Fee is paid when contract is accepted)

Success Fee paid at closing $802

Your total Listing Broker Fee for Essential Services $1999

$1999 is all you pay regardless of selling price

(Other brokers charge 6% - 3% to Listing Broker and 3% to Buyer Broker)

With Essential Services and a sales price of $200,000

you'd save $4001 dollars

Fees are payable only at the time they become relevant to the transaction.

Essential Real Estate Services Supplement

1. MLS (Multiple Listing Service)

Your Flat Fee Company will:

1. Register property on MLS - including five free photos

2. List property on FlatFeeMLSColorado.com including Five Free Photos

3. Make the listing available to Realtor.com

4. Make the listing available for all Hub sites

Seller:

1. Seller schedules showing appointments

2. A Sign is optional - Seller may purchase from NVRE

3. A Lockbox is optional - Seller may purchase from any hardware store

4. Flyers are optional - Seller provides their own flyers

5. Open houses are optional - Broker does not hold open houses - Seller may do so

6. May do any additional advertising they choose to do

These are the activities that create the real savings.

Other brokers charge 3% - We charge $299

2. Contract

Your Flat Fee Company will:

1. Present all offers via email or fax

2. Review all contracts

3. Write all contracts and counter offers as needed

4. Open the title order

These are the activities that create the real savings.

Other brokers charge 3% - We charge $399

3. Transaction Coordination

Your Flat Fee Company will:

1. Coordinate the numerous details of contract obligations

2. Keep parties informed of the many contractual dates and deadlines

3. Write amendments as needed

These are the activities that create the real savings. Other brokers charge 3%. We charge $499

4. Closing

Your Flat Fee Company will:

1. Not be obligated to attend closing but will be available via fax, email or telephone during the time of closing for consultation and assistance.

2. Receive the success fee at closing.

These are the activities that create the real savings.

Other brokers charge 3% - We charge $802

Copyright Wee Dilts 2011