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