There are approximately 1700 local associations or boards of Realtors. Las Vegas is home to one of the larger organizations out there: the Greater Las Vegas Association of Realtors (GLVAR). The group has about 15,000 members and has been around for over sixty years. One of the most valuable resources that the GLVAR provides is the Las Vegas MLS. The MLS is a database of homes available for sale, as well as those that are already under contract, and information about comparable sales. Beyond that, it is a means for brokers to market their listings to one another. This marketing allows an agent working with a buyer to browse thousands of listings and zero in on the ones that best meet their clients’ needs. For instance, they can search on a particular price range such as $450,000 to $500,000, a particular city such as Henderson, and a particular sized home such as a home with a minimum of 4 bedrooms and 2800 square feet. Once they have a list of homes in mind, they can access and view them, and write an offer knowing that if they do successfully close the sale, they will receive a stated compensation being offered by the listing broker and paid by the seller. The system has been highly effective and has fueled massive numbers of transactions in the Las Vegas Valley for many years.
In recent years, certain discount brokers have moved away from commission-based pricing and have offered flat fee listing services. These services are often customized to meet the seller’s needs. For many sellers, their main goal is to get their property listed in the MLS for a flat fee. They want the maximum exposure available to their property and realize that that is only possible by being listed in the Las Vegas MLS. During the booming period of 2004-2005, some sellers would buy properties and flat fee list them for sale a few Flat fee MLS months later. As the market turned into a buyer’s market and potential profits decreased, the emphasis on saving money was even greater and flat fee MLS listings became an even more critical component to selling one’s home without forking over enormous listing commissions. Since homeowners move frequently into and out of the Valley and from one section of the Valley to another, for instance from Southern Highlands to Summerlin, flat fee listings will probably play an even greater role in the future. A few years ago, very few homeowners knew this option was available to them, however, today many have already listed 3-4 homes and investment properties in this fashion and are extremely comfortable with it.
Some of the things homeowners look for when selecting a flat fee MLS listing are first and foremost finding a licensed Nevada broker that is a member of the Greater Las Vegas Association of Realtors. Secondly, most sellers seek someone who is somewhat knowledgeable of Las Vegas Valley real estate. This is helpful in obtaining comparables and being able to know about past and present trends