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At Lowes Flat Fee Realty we specialize in saving home sellers and buyers money, we look for win-win situations.
For buyers the way we do that is with our Buyer Rebates!
For example, if you purchase a home for $350,000, and the commission rate is 3%. We will rebate back to you at closing, or immediately following, a cash rebate for $5,250!
You can use it to buy furniture, pay off debt, or with lender approval use it right at closing for closing costs or a down payment, it’s your choice. If your purchase amount is larger, then, of course, your rebate is larger. Say your purchase is $950,000, and the buyer’s agent’s commission is 3%, then your rebate is $14,250.
It is important to remember that commission rates are not standard, not set by law and are negotiable. In Idaho, 3% is what is most often seen, but we also often see 2.5%, along with 2% and lower occasionally. Your rebate amount would be based on the actual amount received by Lowes Flat Fee Realty as a result of your purchase.
Sounds great doesn’t it?
HOME BUYER REBATES: HOW DO THEY WORK?
Here in Idaho we have long offered a buyer rebate program, this is where we rebate back to our home buyers a portion, normally 1/2, of any commission we received as a result of them purchasing a home through us.
Due to a recent class action settlement agreed to by the National Association of Realtors, the way we do business has changed a bit; in the past sellers generally agreed to pay a certain commission to their listing agent and that agent offered to share a portion of that commission to an a agent that brought a buyer, and that was advertised in the Multiple Listing System operated by local Realtor associations. The settlement prohibited mentioning the amount of commission in the MLS. We wondered how it would affect our ability to offer rebates, what we have found that most agencies are continuing doing business the way they have always done, with sellers agreeing to a certain percentage of the sale as commission and then a portion of that be offered to buyer agents, just not mentioned in the MLS.
In addition, Realtors representing buyers are required to sign an agreement with buyers prior to showing them properties, and this will include what amount of commission the buyer’s agent will be receiving upon a successful transaction. The Realtor is limited to receiving no more than the amount agreed to by the buyer.
So how do we save the most money for you, the home buyer? Continuing with our rebate plan is still the most viable option. Representing you, we ask the seller for a percentage of the sale in your offer, as most sellers have already agreed, and of that amount we rebate 1/2 of that to you!
In order for us to receive that commission offered to a buyer’s agent, that we will be able to share it with you, we must be your buyer’s agent. To establish a buyer’s agent relationship in Idaho, by state regulation, requires that it be in writing. So, we will need you contact us to sign that agreement, which also guarantees you your buyer rebate! Also, sometimes if there becomes a dispute regarding which agent is owed that commission, procuring cause may be looked at. Procuring cause is what agent is responsible for the buyer buying the property. What this means is, that when you begin looking for your new house or other property, it is important that you have an agent relationship established with us, AND you inform any listing agents that you come in contact with, of that relationship.
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How much money can I save by using the MLS option?Please click here to use our comparative calculators.
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If I find my own buyer, will I still have to pay a selling commission?No. You still maintain the right to sell your home on your own. If you find your own buyer, you will not be obligated to pay a commission on the sale.
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What if I don’t know how to price my property?Under our Realtor Assist Plans, we can provide you with a Comparative Market Analysis (CMA). This will show you your current competitors selling similar homes in your area and it will show properties like yours that have recently sold.
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Why do I need so many pictures on my listing?Ultimately, because your competitors do. You want to show every room and every view because this is how buyers become interested in actually seeing and buying a property.
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What is the Multiple Listing Service (also known as the "MLS")?The Multiple Listing Service (MLS) is the National Association of Realtors (NAR) computerized list of homes currently for sale. This is an exclusive tool, only available to the 700,000 members of the NAR. The MLS is the primary tool used by Realtors to find homes for their buyers, and for most Realtors and buyers, it is the only tool they need to find the right home for them. Realtors search the MLS daily to find potential matches for their buyers, thus when new listings are entered, they are immediately evaluated by thousands of Realtors with prospective buyers, making your house rapidly popular. MLS provides the biggest marketing advantage in selling homes. Listing your home on the MLS is crucial if you are serious about selling! This kind of exposure to buyers is not available anywhere else. You maximize your chances of selling your property more quickly and at a better price when it is listed in the MLS. When your property is in the MLS your property receives the broad coverage of a large number of realty offices that have access via computer to your home’s availability, price and features. Being listed on the Realtors MLS enables you to take advantage of the power of thousands of Realtors in your area. That means more exposure for you!
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Do all buyer agents use the same MLS service?There are many MLS systems throughout Oregon and Idaho. The MLS that your home will be listed in depends on the county where it is located. We are a member of many MLS’s, so we will be sure to list your home in the primary MLS for your area. In most cases, it is not necessary, but if you’d like, we can list you in multiple MLS’s for an additional fee.
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Will my listing look the same as a full listing commission to a traditional agent?Yes. Your listing will look like all the other listings on your local MLS.
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Is it true that realtors using the Multiple Listing Service (MLS) sell the most houses, and that they usually sell for a higher price?Yes and yes. According to the National Association of Realtors, approximately 80% of all U.S. homes are sold through realtors using the MLS. Also, homes listed on the MLS average net proceeds of 7% higher than homes sold for sale by owner. The MLS will give you maximum exposure — the key to a successful transaction. There is no other effective way to sell your property and be successful.
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What is the MLS listing process?Pick a listing plan. Submit payment Complete accurately all required information. Sign electronically the listing forms. Upload photos Your sign and lockbox, if included and requested, will be shipped to you within 24-48 business hours. Once we have received all your documents and photos, we will have your home listed within 2 business days. Once we have your home listed, we will email you a copy of your listing. NOTE: Our company is a direct lister and broker — not a referral company like many “For Sale By Owner” websites.
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What if I don’t know much about Real Estate?If you are not comfortable handling the contract review, negotiations, or any other aspect of the sale, we encourage to select our Full-Service Realtor Plan, where we provide you with the professional experienced help at a fraction of the cost of a full fee agent.
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What commission percentage should I offer to the buyer's agent?Commissions are not fixed by any government agency, real estate association, etc. It is the company policy of Lowes Flat Fee Realty to offer at least a 2% commission to the Buyer’s Agent (in most cases). However, we highly recommend that our sellers offer 2.5% or 3% to the Buyer’s Agent depending on market. The common percentage being offered in Idaho currently is 3% and Oregon is 2.5%.
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How do I make changes to my MLS Listing?Log into your account on our website and click the “Manage My Listing” link. This will take you to a page where you can request changes to your listing. Changes include: price changes, photo changes, add open house dates, status changes (once you have an offer), and any other type of change you may need.
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Can I advertise an open house on the MLS?Yes. If you would like to have an open house, just log into your account to notify us so we can post it for you. Other than with our basic plan, posting open houses are included at no charge. Open houses will always be posted on your local MLS, and will often syndicate to websites like Realtor.com, Zillow, and Trulia.
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How long is the listing contract term? Can I cancel it if needed?Our Flat Fee MLS listing contracts are either 6 month, 12 month or until sold. Hopefully your home is sold within your plan term, but if you need to more time to sell, the contract can be extended in 6 month intervals for a reasonable fee. If you decide you no longer want to list your home with Lowes Flat Fee Realty, you can cancel the listing at any time by logging into your account and terminating the listing. There is no cancellation fee.
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What is your coverage area?Lowes Flat Fee Realty does Flat Fee MLS listings across most of Oregon and Idaho. We belong to approximately 10 different MLS systems allowing us to cover such a broad area.
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What is a flat fee MLS listing?A Flat Fee MLS Listing is a hybrid model between being a FSBO (For Sale By Owner) and being listed with a licensed real estate broker/agent. Flat Fee MLS Listings cater to home sellers that have a For Sale By Owner mind-set and want to save money, but realize they need better marketing than what is available to a true For Sale By Owner. Rather than pay a large % commission that is split between a buyer agent and a seller agent, with a Flat Fee MLS Listing, the seller simply pays a flat fee for Realtor exposure to sell their home. And if they would prefer additional assistance they add Realtor Assist for a super savings. In addition, the seller pays ONLY the buyer agent a commission. If you are a For Sale By Owner and you are willing to pay a buyer agent a commission (roughly 2%-3%), you really need to be listed on the MLS.
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What is a 3rd party referral site, and why you would NOT want to do business with one of these companies?These are companies that collect money (many times illegally), take a cut and refer you to a broker in your state. The main problem for you, as a customer, is that you do not get to ask questions or interview the broker before you pay. These referral companies are not interested in finding the best broker to serve you; they are ONLY interested in finding the cheapest broker to maximize their profit! They constantly search for different brokers that work cheap. In fact, they have an open bidding process to find the cheapest brokers and often the worst brokers to work with. The brokers they refer you to often provide terrible customer service. Because they work so cheap, they will try to up-sell you on many vital services. Many of these 3rd party referral sites are under investigation by various state departments of real estate and real estate commissions.
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How do you know you are dealing with one of these 3rd party referral sites?It’s simple: Always call a company before you list. Research your listing broker. When you call, simply ask, “Are you my listing broker, or will you be referring me out to some other broker?” Known referral sites are: forsalebyowner.com, owners.com, mlsmyhome.com & others. The BBB has, in fact, revoked some of their certifications due to terrible customer service. Legitimate Idaho and Oregon real estate companies are required by the Idaho Real Estate Commission or Oregon Real Estate Agency, to display the listing brokerage on their website. It is important that you know who your listing broker will be before paying. We are NOT a 3rd party referral site! Your listing brokerage is Lowes Flat Fee Realty. In Idaho your listing broker is Roger Lowe DB#20447 (since 2005). Oregon your principal broker is Roger Lowe #201225063.
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Will my property be listed on the internet?Yes, it is a fact of life today that buyers look on the internet for their next homes. We specialize in getting your home in front of those buyers. By listing in your local MLS, your property it is then sent out to all the major real estate websites, along with the hundreds of minor sites. From anywhere in the world, if a buyer is looking for properties in your area, they can view your listing. Wide exposure can be a game changer.
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Will my listing appear on the websites of other local real estate companies?Broker cooperation is where real estate brokers give each other permission to share their listings on each other’s websites. Your listing will be displayed on other local and national real estate companies and individual agent’s websites. Thus, a buyer working with another real estate company, who does a property search, will be able to view your listing.
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Will realtors show my home, even though I went Flat Fee Listing instead of paying a high commission?Yes. There is no way to tell how much you paid to get on the MLS. Regardless of who you listed with, or what you paid, your listing will look no different from any other listing in form and style.
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How do Agents/Buyers contact me?Agents contact the Seller directly to set up showings. The Seller’s contact information appears in the “Agent Remarks and/or Showing Instructions” of the MLS for the buyer’s agents to use, and some of our plans also include direct-agent-scheduling through the use of “Showing Time” or “Broker Bay”, these are MLS enabled programs that allow agents to contact you directly, via email or text, and provides you the tool to manage all the your desired showing times, communication, follow-up and schedules with ease. If buyers contact us directly, we will refer them to you. We also have plans where buyers will be auto directed to your phone number. It is important to note that MLS Rules, do not allow us to place seller’s contact information in publicly accessible portions of the MLS.
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Who handles the paperwork?The buyer’s agent or buyer will fill out the purchase & sale agreement, then the seller will review and either accept or make a counter offer. We provide whatever forms you need under all our plans. In Idaho, the state requires that we review all written offers and counter offers for the legal requirements of a contract in Idaho. In both Idaho and Oregon, we will need copies of all signed documents for our file. Under our "Full-Service program, we review all the offers and prepare the counter offers for you; and will review, make recommendations and prepare any additional addenda, including the inspection addendum. Under the basic plan, we provide you all the necessary forms, but we are not able to assist you in completing them or reviewing them.
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Are you involved in negotiations?Under our Full-Service Realtor plan, yes, we provide negotiation assistance, including estimated net sheets, updated market analysis and suggested counter offer. We can also conduct a review of buyer’s qualifications and perform lender follow up.
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Are you involved in the closing process?Under our Full-Service Realtor plan, yes, we provide closing coordination with appraisal, title and escrow companies for timely closing. We also review closing documents to ensure compliance with accepted contract.
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How likely am I to sell my property if I list with Lowes Flat Fee Realty?No matter who lists your property, the MLS listing markets to exactly the same buyers and exactly the same agents. If you list your property at a competitive price, offer a competitive commission and include those features that your competitors are offering, you will sell at exactly the same rate as other properties like yours.
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Are there any hidden fees or charges?No. There are no hidden fees or charges.
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What is the compliance fee for?Due to regulatory requirements from the state as well as your local MLS, there will be a compliance fee of 1/10th of 1% (0.1%) of the property sales price retained on any SOLD transactions. This fee is to ensure compliance with all state laws, document retention requirements, along with regulatory rules on your property sale.
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How do I get started?Select which of our plans best fits your needs and desires. If you are confident in the home selling process, then the Showcase or Premium plans will be great fits, our sellers love the added convenience benefits of the Premium Plan. With the most comprehensive service and having access to an experienced broker in your corner, our Full-Service Realtor Plan is our best value. Providing professional help from start to closing, including assistance with pricing, negotiating, contract review and prep, addenda, buyer qualifications, state and federal regulations and disclosures, closing prep and troubleshooting. Pick your plan and hit the Save Now button, you will be taken to our custom program to guide you through the entire listing process. If you have a concern or a question, feel free to reach out to us. If you are interested in benefiting from our Buyer Rebates in Idaho, reach out to us and we will get you going to this super money making opportunity!
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