| New Mexico homeowners do not have to pay | | | | there are a number of different local MLS |
| steep commissions of around six percent to | | | | systems around the state. For instance, |
| sell a home. They have many options. Sellers | | | | Albuquerque real estate agents are members of |
| are free to negotiate a lower rate. Some | | | | the Southwest Multiple Listing Service while |
| agents do reduce their fees or negotiate, | | | | Santa Fe real estate agents are members of a |
| subject to the approval of their broker. | | | | Santa Fe based system. The same applies for |
| Other agents simply do not reduce their fees | | | | Las Cruces, Deming, Farmington and many other |
| for anyone. Some sellers opt to sell for sale | | | | cities. They are members of an MLS system |
| by owner and pay no commission. Some of these | | | | that is unique to their areas. As such there |
| sellers do still offer a buyer's agent a | | | | is not a statewide MLS per se (although some |
| commission of perhaps three percent if they | | | | MLS systems do cover a relatively large area |
| bring a buyer. Many sellers are not aware of | | | | of multiple cities). It is important to list |
| perhaps the best option out there: flat fee | | | | one's house on the correct MLS system. Not |
| MLS. Basically rather than trying to sell by | | | | being listed on the correct MLS basically |
| owner or listing with a traditional agent, | | | | eliminates the benefits previously mentioned. |
| the seller lists with a flat fee listing | | | | New Mexico homeowners around the state and at |
| company. The seller pays a small flat fee to | | | | various price points have benefitted from |
| be listed on the MLS; this is the same MLS | | | | flat fee MLS listings. From luxury homes in |
| that local real estate agents use to locate | | | | Santa Fe to middle price ranged homes in Rio |
| properties. The seller also offers a | | | | Rancho to relatively inexpensive homes in |
| commission to any buyer's agent who brings a | | | | Deming, homeowners have elected to list flat |
| buyer that successfully purchases the | | | | fee rather than pay a listing commission. As |
| property. The MLS is incredibly powerful for | | | | the previously red hot real estate market |
| two reasons. First, it is the best marketing | | | | softened, sellers became more aware of the |
| platform out there. Properties can be found | | | | fact that cost-saving options were out there. |
| by buyers and buyers' agents directly through | | | | When the market turns upwards, it is a fair |
| the MLS or associated websites. Second, the | | | | estimate that many of these sellers will |
| MLS is a binding contract between brokers to | | | | simply continue to use the flat fee MLS |
| offer compensation. A buyer's agent shows | | | | program, seeing how successful it has been in |
| properties on the MLS knowing that whatever | | | | generating showing activity and selling |
| amount is specified on the listing will in | | | | homes, even in a slower market. |
| fact be paid out of the seller's proceeds at | | | | |
| closing. This important concept basically | | | | Donald Plunkett is a New Mexico flat fee |
| enables hundreds, if not thousands of agents | | | | listing broker and also covers a number of |
| to potentially sell the home and earn money | | | | other Western states. |
| if their client is the buyer. In New Mexico, | | | | |