How to Handle Buyer’s Agents Using Flat Fee MLS

Here’s a step-by-step guide on how to handle buyer’s agents when using a Flat Fee MLS service or as a FSBO, so you can make the most of your listing while protecting your interests.  (Get comfortable, there is a lot of information here)

1. Understand the Role of a Buyer’s Agent 

Before diving into how to handle buyer’s agents, it’s important to understand their role. A buyer’s agent works on behalf of the buyer and is responsible for helping them find suitable properties, negotiating offers, and guiding them through the closing process. They are typically paid a commission which generally a percentage of the sale price.

When you list your property on the MLS through a Flat Fee service, your listing will be visible to buyer’s agents who are searching for homes for their clients. This exposure can significantly increase your chances of finding a buyer, but you’ll need to navigate a few things to ensure the process goes smoothly.

2. Decide on the Buyer’s Agent Commission

One of the first things you’ll need to decide when using a Flat Fee MLS service is the commission you’re willing to offer to the buyer’s agent. This is a crucial part of the process because many buyer’s agents will only show properties that offer a commission to them.

How Much to Offer: The commission amount is negotiable. Historically, 2-3% was generally the industry standard.  As result of the NAR Settlement in 2024, Commission is no longer indicated in the MLS – you should expect agents to call you before showing to determine your position regarding commission.

Commission, if any, is open to negotiation, you can offer a rate or a flat fee (e.g., $1,000 or $2,000).

3. Be Prepared to Negotiate

Once your home is listed on the MLS, you will likely receive offers from both buyers and their agents. As a seller not represented by a Real Estate Professional, you’ll be handling these offers directly. 

Know Your Bottom Line: Before you receive offers, decide on the minimum price you’re willing to accept. This will help you avoid emotional decision-making and allow you to negotiate confidently.  It is important for you to have a good idea of probable closing expenses and fees – an anticipated “bottom line”.

Review the Entire Offer: Offers will usually include more than just the price. Be sure to evaluate contingencies, the proposed closing date, and the buyer’s financing. Sometimes, a higher-priced offer with lots of contingencies may not be as appealing as a lower-priced offer with fewer hurdles.

Counteroffers: Don’t be afraid to make counteroffers if you feel the price or terms are not suitable. A buyer’s agent will typically relay these counteroffers to their clients. Negotiation is a normal part of the process, and it’s your right to get the best deal.

4. Communicate Clearly and Promptly

Clear and timely communication is key when dealing with buyer’s agents.  It’s important to stay organized and respond quickly to inquiries.

Here are some tips for effective communication:

Acknowledge Offers Promptly: When a buyer’s agent submits an offer, respond as quickly as possible to let them know you’ve received it. Acknowledge that you’re reviewing the offer and will respond within a certain timeframe.

Provide Clear Instructions: When you’re ready to accept an offer, make sure the buyer’s agent knows how to proceed. Whether it’s through email or using an e-signature platform, give them the necessary instructions and documentation to move forward.

Be Transparent: If you have any special conditions, such as needing extra time to vacate the property or requiring repairs, communicate these upfront to avoid misunderstandings later.

5. Handle Offers and Counteroffers Professionally

Once you’ve received an offer from a buyer through their agent, you have several options: accept the offer, reject it, or make a counteroffer.

Here’s how to handle each scenario:

Accepting an Offer: If you’re happy with the terms, you can accept the buyer’s offer. You’ll then move forward with the closing process, which may involve signing a purchase agreement and scheduling inspections or appraisals.

Rejecting an Offer: If the offer doesn’t meet your expectations, you can reject it outright. However, instead of rejecting outright, it’s often better to issue a counteroffer, even if you’re far apart in price. This keeps the negotiation going and gives the buyer a chance to come back with a more favorable offer.

Counteroffers: A counteroffer is a normal part of the negotiation process. If the buyer’s price or terms don’t align with your goals, respond with a new offer that includes your desired price, closing date, and any other conditions.

Tip: If you’re unsure about how to handle counteroffers or negotiation terms, consider working with a real estate attorney to ensure everything is legally sound.

6. Handling Closing and Paperwork 

One of the most important aspects of working with a buyer’s agent is ensuring that the sale moves smoothly from accepted offer to closing. While you won’t have a listing agent to coordinate this process, you’ll still need to handle the following:

Review the Purchase Agreement: Once you accept an offer, you’ll typically receive a purchase agreement. If you don’t feel confident about the paperwork, consider hiring a real estate attorney to help you review the contract before you sign.

Coordinate with the Buyer’s Agent: Even though you’re acting as the seller, the buyer’s agent will still play an important role in coordinating inspections, appraisals, and other aspects of the closing. You’ll need to communicate regularly with the buyer’s agent to ensure everything goes according to plan.

Disclosures and Inspections: The buyer’s agent will likely schedule an inspection. Be prepared to make or negotiate any necessary repairs or provide disclosures about the property condition. This is a standard part of most real estate transactions.

7. Know When to Seek Help

While Flat Fee MLS services are designed to allow you to sell your home without a full-service agent, there may be times when you need professional assistance. Here are a few scenarios when seeking help from an agent, attorney, or other expert can be beneficial:

Negotiating Complex Offers: If the offers become complicated or the negotiations become too challenging, it may be helpful to consult a real estate attorney or even a real estate agent to get professional advice.

Handling Legal or Contractual Issues: If you run into legal issues or feel unsure about the contracts, it’s always a good idea to hire a real estate attorney to review the terms and ensure you comply with local laws.

Conclusion: Work with Buyer’s Agents Effectively Using Flat Fee MLS

While selling a home on your own through a Flat Fee MLS service can save you money on commissions, it also requires you to manage relationships with buyer’s agents. By offering a competitive commission, staying organized, and communicating clearly and promptly, you can navigate the process successfully.