The Facts About Discount Brokers

So you want to work with a discount broker? He said your fee would be only the cost for placing your listing on the MLS? Well here are the facts about one of those fee structures as we found it on the internet.

 
Service Discount Broker Full Service Broker
Listing on MLS Basic Fee Included
Additional advertising Seller's Responsibility Included
Required forms Included Included
Advise on filling out forms Extra Most forms prepared by a licensed Realtor
Use of lockbox Extra Included
Yard sign Extra Included
Additional sign riders Extra Included
Virtual tour Extra Included
Visit to your property Extra Included
Hold open houses Not Available Included
Commission to buyers agent Extra Included
Estimate of proceeds from sale Extra Included
Handle other realtors questions Extra Included
Coordinate with buyers broker Extra Included
Coordinate with title and mortgage companies Extra Included
Recommendations on offers received Extra Included
Negotiate and prepare all counter offers Extra Included
Negotiate and prepare all addendums Extra Included
Give feedback after showings Extra Included
Your cost if not sold Only basic fee is returned Nothing

  Note:
Many people expect that the Title/Escrow companies will help them with all details of the entire transaction. This could not be further from the truth. TITLE COMPANIES ARE ONLY LICENSED TO HANDLE THE COORDINATION OF THE CLOSING PROCESS. ESCROW COMPANIES ARE ONLY LICENSED TO HOLD MONIES PLACED IN ESCROW. Neither company is licensed to create contracts, handle offers, or provide any advise in the legal details of the real estate transaction. They will not have the forms available for the contracts nor be able to help with the state mandated disclosures.

Licensed real estate agents are licensed to provide all these details. In addition, they are trained and licensed in to be able to perform the same services as the title and escrow companies. In many rural areas, real estate brokers will offer those services. In more populated areas, real estate brokers will not normally provide those services.

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