New Mexico’s largest city is also home to its largest MLS system: the Southwest Multiple Listing Service (SWMLS). It is also the center of a rising trend going on around the state: flat fee MLS in New Mexico. Whether in Albuquerque, Rio Rancho, Los Lunas, Sandia, or a number of other nearby towns or cities, New Mexico homeowners have listed their properties in this fashion to save as much money as possible while still achieving maximum market pricing for their home.
New Mexico has a highly mobile population with many people moving from other parts of the country, for instance, California, Texas, or New York. Additionally there is a heavy pattern of foreign migration and many young New Mexicans decide to remain in the state after finishing their schooling. All of these factors contribute to significant growth. With growth, there are numerous new home developments taking place throughout the state and there are a lot of quality homes and areas to choose from. There are also those that move to New Mexico for a job, but eventually return home. There is a lot of investment activity with people buying a rental home or small multi family property and selling it in five years or less. More frequent turnover means people move much more frequently than the national average. Paying a steep commission on the sale of a home may not happen once every twenty years; for many in New Mexico, they will sell five or more homes during that span.
For those that are not aware of how an Albuquerque flat fee MLS listing works, it starts by listing your property in the Southwest MLS for a flat fee rather than a listing commission. Their special listing agreement will still give you the ability to offer a commission to a buyer’s agent if one brings a buyer, but will not require you to pay the listing agent at closing. Albuquerque flat fee MLS sellers frequently offer 3 of the sales price as a commission to a buyer’s agent, although they are free to offer the amount that they choose. There are literally thousands of licensed real estate agents that are members of the Southwest MLS, potentially any one of them could show or sell the property. At the same time, unlike with a traditional listing, a seller participating in a flat fee MLS program could sell the home to an unrepresented buyer not working with a real estate agent and pay no commission whatsoever at closing. In this way, a home in Albuquerque could be equally attractive and available to a buyer working with a real estate agent (such as a corporate relocation buyer coming to work for Intel) or an unrepresented buyer that is extremely familiar with the neighborhood and needs no assistance (such as a University of New Mexico professor moving within the same neighborhood to a larger house). The trend line shows a clear increase in demand for Albuquerque flat fee MLS programs and this is sure to increase over the next few years as Internet empowered consumers look for both results and cost savings in selling real estate.
Donald Plunkett is a New Mexico licensed flat fee MLS broker. His company, Congress Realty, is a pioneer in this field. More info: http://www.congressrealty.com
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