BREAKING NEWS: Post the NAR Settlement, Elk River discount real estate brokers can save you almost the entire 6% commission. That translates to saving up to $22,500 in commission on an average $375,000 Elk River home.
Whether you’re selling a house in Anoka or Sherburne National Wildlife Refuge, the best discount real estate brokers in Elk River will help you save on the 3% listing agent commission. And an additional up to 2.5% to 3% on the buyer agent commission! That’s a cool $22,500 on an average Elk River home.
Rankings: Top 5 Elk River Discount Real Estate Brokers
We’ve listed the top 5 discount real estate brokers in the Energy City based on how much you can save on an average $375,000 home.
| Rank | Discount Real Estate Broker / Company | Listing Fee | Max Savings | 100% Online | Mobile App |
|---|---|---|---|---|---|
| 1. | Houzeo.com | $399 Flat Fee | ✅ | ✅ | ✅ |
| 2. | Home Avenue | $3,495 Flat Fee | ❌ | ❌ | ❌ |
| 3. | Redfin | 1% Commission | ❌ | ❌ | ✅ |
| 4. | HomeLight | 2.5% Commission | ❌ | ❌ | ❌ |
| 5. | UpNest | 2.5% Commission | ❌ | ❌ | ❌ |
Types of Real Estate Discount Brokers in Elk River
There are two types of Elk River discount real estate brokers:
- Flat Rate Discount Brokers: Also called Flat Fee MLS companies, these discount realty services let you list your home for a fixed upfront fee. A Flat Fee MLS Elk River listing service costs between $399 to $4,000.
- Fixed Percentage Discount Brokers: These discount Realtors charge a fixed percentage of the home’s sale price. Typically, it is anything lower than the traditional 3% fee: 1%, 1.5%, 2% or 2.5%, etc.
Reviews: 2 Best Flat Rate Discount Real Estate Companies in Elk River
1. Houzeo.com: Max Savings, No Hidden Fees
#1 Discount Real Estate Service
Listing Fee: $399+$350 at closing4.9/5
Houzeo is a top technology-driven real estate platform. It offers 4 different packages:
- Bronze Package ($399 + $350 at Close): List your house for 6 months. You can upload 24 house photos.
- Silver Package ($399+0.5% at Close): List your home for 6 months and post maximum photos. Unlimited open houses and listing modifications are included in this package.
- Gold Package ($429+0.5% at Close): This package offers all the benefits of the Silver package, as well as licensed broker assistance, contract review, and more.
- Platinum Package ($449+1% at Close): This package offers virtual full-service support with a licensed broker. You can list for 12 months. Brokers assist you in negotiations, disclosures, and closing.
👉 Our Take: We recommend Houzeo to all home sellers. The company has a stellar 4.9/5 customer rating. It also provides coverage in 47 states + DC, making it one of the few services with nationwide reach.
» Houzeo Reviews: Houzeo is 100% online. You can finish listing formalities within 60 minutes.
These are the key features that make Houzeo one of the top discount real estate brokers:
- Significant Commission Savings: You will pay just a small flat fee to list on the MLS. On average, Houzeo home sellers save $12,511.
- No Hidden Fees: All costs are disclosed upfront so you don’t have to worry about hidden charges.
- Near Nationwide Coverage: Houzeo operates in 47 states and DC, with ongoing plans for expansion.
- Max Exposure: Houzeo packages give you access to renowned MLS companies.
- Advanced Technology: Eliminate the hassle of extensive paperwork. E-signature and online forms make house listing quick and easy.
- 5-star Customer Service: Dedicated customer support addresses your every concern easily.
- Mobile App: Houzeo’s mobile app lets you manage showing requests from verified buyers and buyer agents. You can either accept, reject, or reschedule showings at your convenience.
- Home Value Estimator: Houzeo’s Home Worth Estimator is online and quick to know the FMV of your home. It provides free home value estimate within 30 seconds.
There are no dealbreakers with Houzeo.
» Houzeo Reviews: Houzeo is rated “Excellent” by 10,000+ happy customers on Google Reviews and Trustpilot!
Houzeo Reviews: With over 10,100+ happy customers, Houzeo is the most trusted discount real estate broker.
Houzeo is Elk River’s #1 ranked real estate brokerage company. It provides an unbeatable combination of max savings, 5-star customer support, and cutting-edge technology.
2. Home Avenue
BEST LOCAL FLAT FEE SERVICE
Listing Price: $399 & onwards4.9/5
Home Avenue is a flat-fee brokerage based in Minnesota. It markets itself as both a FSBO website and a full-service discount broker. The following are the packages offered:
For Home Sellers:
- FSBO Packages ($399 – $998): There are three FSBO packages- Basic, Plus, and Showcase. Typical services include listing on the MLS and other local and national portals, unlimited changes to your listing, a fast online signup process, and seller disclosure forms.
- Full-Service Package ($3,600): This package includes services like handling paperwork, professional photography, a lockbox, yard signs, and more. You must pay $600 as a down payment and $3,000 at closing.
For Home Buyers:
- Buyer’s Advantage: Home Avenue provides buyers with expert assistance in negotiation, price analysis, drafting a purchase agreement, and more for a fee that you can negotiate yourself.
👉 Our Take: Home Avenue is great for home sellers and buyers. It offers a variety of services in its FSBO and Full-Service packages. The Full-Service package is expensive compared to flat-fee brokers like Houzeo, which provides similar and more services for $429 + 0.5% at closing.
Here’s what makes Home Avenue stand out:
- Market Exposure: In addition to listing your house on MLS, Home Avenue will also list it on Zillow, Trulia, Realtor.com, and many other real estate websites in Minnesota.
- Home Search Feature: Home Avenue’s website has a dedicated home search feature that buyers can use to find new listings near them that meet their criteria.
- Powerful Marketing: They offer diverse marketing tools, including a professional photoshoot, 6-foot yard signs, laser-printed home brochures, lockbox, and ‘Just Listed’ email blasting.
In our research, we have found a couple of red flags associated with Home Avenue.
- Poor Customer Service: Some customers have complained of a lack of response from buyers after listing and neglect from customer support regarding queries and listing cancellations. These factors can delay the home-selling process.
- Limited Coverage: Home Avenue offers its services only in Minnesota. If you’re an outsider, you won’t be able to employ their services.
Home Avenue has an average rating of 4.9 out of 5 on Google.
» Home Avenue Reviews: Find out if Home Avenue is best for you.
Greg Lawrence established Home Avenue. The company has served the western suburbs of Minneapolis for 30 years.
Home Avenue offers savings on real estate commissions. However, their plans seem overpriced when compared to other alternatives.
Reviews: 3 Best Fixed Percent Discount Brokers in Elk River
3. Redfin: 1% Listing Fee, Statewide Coverage
#1 Nationwide Brokerage
1% Listing Fee3.7/5
Redfin is America’s #1 discount real estate brokerage. It offers services in 100+ real estate markets across the country in 49 states.
- Redfin Full-Service Agent – 1.5% Commission: This is a full-service package. This includes pricing assistance, listing paperwork, negotiation support, etc.
- Redfin Concierge – 2.5% Commission: The “Concierge” plan includes everything from the Full-Service package. Additional services include professional cleaning and home staging.
- Redfin Premier Agent – 1.5% Commission: This package is exclusively for luxury properties and includes everything that comes with the Full-Service package.
Mobile App: Yes
👉Our Take: When you opt for Redfin, you can save a considerable amount on the commission fees. Although Redfin tries to provide its service 3x faster than the traditional method, it limits its ability to provide personalized service.
Here are some advantages of choosing Redfin:
- Advanced Technology: Redfin is primarily known for its advanced tech platform and mobile app.
- Full-Service Agents at Low Commission – 1.5%: Redfin offers a full-service package for just 1.5%. It saves you thousands of dollars compared to the traditional 3% listing commission.
- Detailed Paperwork: Redfin handles the necessary paperwork and an elaborate listing agreement with a marketing plan.
- Nationwide Coverage: Redfin covers 80+ markets in the US.
- Easy Deal Closings: Redfin agents help with negotiations and guide you throughout your home-selling process. It will make your closing easy and faster.
» Redfin Pros and Cons: Read about the advantages and drawbacks of Redfin services.
The disadvantages of using Redfin are:
- Pricing Inaccuracy: Many sellers have complained about certain factors like lot area, a gated compound, or a city location not getting considered during valuation.
- Long Time for Listing: As per Redfin’s agreement, it takes almost 15-18 days to verify the seller’s property and list their house.
- Lack of Customer Service: There has been negative feedback about the ack of personal attention by Redfin salaried agents.
- Limited Agent Selection: As per customer reviews, Redfin lacks an array of agents. This means you get an agent assigned automatically without having any choice in the matter.
- Lack of Personalized Services: Customers have often complained that Redfin agents are not able to give personalized service, as they serve a high volume of clients.
Redfin has an average rating of 3.3 out of 5 stars on Yelp and an average of 3.7 out of 5 stars on Google.
» Redfin Reviews: The reality of 1% fees, pros, cons, and alternatives!
Redfin, founded in Seattle in 2002 by Mr. David Eraker, covers 80+ markets in the US. It provides an elaborate listing agreement with a marketing plan for your home.
However, this agreement specifies a long 18-day timeframe for listing your property on the MLS. Additionally, some customers have expressed concerns about the non-availability and unprofessionalism of their agents.
4. HomeLight
GOOD AGENT COVERAGE
Listing Fee: 2.5% of sale price4.6/5
HomeLight has a network of thousands of successful real estate agents and brokers. It is an agent-matching tech-platform.
- Standard Commission: HomeLight is a free agent-matching platform. The agent you get through this platform will charge the standard commission of 2% to 3% for listing.
👉 Our Take: HomeLight provides decent agent-matching services. However, the standard listing commission means zero savings for you.
» HomeLight Reviews: The Truth You Need To Know
HomeLight offers a number of advantages to both sellers and buyers:
For Home Sellers:
- Free Agent Matching: The agent matching service from HomeLight is free for home sellers. HomeLight furnishes details of the best real estate agents in your neighborhood. Depending on the agent, the traditional 5% to 6% commission is charged.
- Estimators and Calculators: HomeLight offers Home Value Estimator, Best Time To Sell Calculator, Agent Commissions Calculator, and Net Proceeds Calculator to home sellers.
- HomeLight Simple Sale: HomeLight has a network of pre-approved buyers. If you want to sell your house fast, this option allows you to sell it to a cash buyer within 7 days.
For Home Buyers:
- Home Search Feature: Buyers can search for homes by city, zip code, or address.
- Estimators: HomeLight offers estimators like Home Affordability Calculator, Down Payment Calculator, and Closing Costs Calculator for home buyers.
In our research, we have found some red flags associated with HomeLight.
- Inconsistent Agent Quality: The agents they assign may not work at your convenience. Even the listing speed will be based on the agent selected.
- Off-market Restriction: Registering on HomeLight will get you offers from agents instantly. Although the process is fast, only homes that are off-market are allowed.
HomeLight has an average rating of 4.6 out of 5 from 237 reviews on Sitejabber.
HomeLight is an agent-matching company established by Drew Uher in 2012. It is a single platform where home sellers meet their prospective home buyers.
It has a huge broker database. However, every agent handles multiple clients at a time. This leads to miscommunication and a lack of personalized support.
5. UpNest
Negotiable FEES
Listing Fee: Varies as per the agent4.7/5
UpNest offers agent-matching services. Here’s how it works:
- No Upfront Cost: UpNest connects you with top local real estate agents at no upfront cost. Agents will discuss commission rates, fees, and potential discounts directly with you.
👉 Our Take: With UpNest you get multiple real estate agent options to choose from. However, agents’ commission rates and qualifications can vary significantly, and the quality of service may depend on the broker you select.
Here’s what UpNest offers:
- Multiple Agent Proposals: Get 3–5 commission quotes from top local agents. Compare options easily without contacting agents yourself.
- Quick Turnaround: Receive agent matches within 24 hours of signing up.
- Transparent Pricing: View all commission rates and potential savings upfront. There are no hidden fees or pressure to commit.
- Nationwide Coverage: It offers service throughout the US. It connects you with the local agent who has current market insights.
Here are some of the downsides of working with UpNest:
- No Guaranteed Savings: UpNest does not offer guaranteed savings. Instead, each agent sets their own listing fee.
- No Control Over Agent Selection: UpNest shows you commission quotes from selected agents. As a result, you might miss out on other qualified agents who are part of their network.
UpNest has a rating of 4.7 out of 5 stars on Google.
» UpNest Reviews: Is UpNest actually saving you money in 2024? Read to find out.
UpNest is an online licensed agent-matching service provider. It is headquartered in California. Move, Inc.,(Realtor.com the parent company) acquired Upnest in June 2022.
UpNest pairs you with local agents with a proven sales record. However, you may end up fixing a high commission with the agent.
Discount Real Estate Brokers Elk River: How Much Will You Save?💲
Elk River discount brokers can help you save almost the entire 6% commission, depending on your home’s worth.
If you choose a 6% full-service Realtor, you’d pay $22,500 to sell an average $375,000 house in the Energy City. But, if you choose a flat-rate broker company, you save thousands. With Houzeo’s Gold plan, you only pay $2,304 and save $20,196!
NAR Settlement Saves Sellers Thousands in Commission
The NAR Settlement went into effect on August 17, 2024. Buyer agent commissions can no longer be offered on the MLS. This means sellers will save thousands! But it also means there’s a lot more compliance and litigation risks.
Here’s what this means for you:
- Sellers Can Save Thousands in Commissions: You will likely be paying much less than the traditional 3% buyer agent commission. That’s because buyer agent commissions will be negotiated twice: Once when buyers engage Buyer Agents and again when sellers review offer contracts.
- Seller Priority #1 Will Be Paperwork (to Mitigate Compliance & Litigation Risks): Buyer agents mitigate all types of risks. From seller disclosures, offer contracts, contingencies, inspections, repair requests, appraisal, and closing – Buyer agents keep the paperwork tight. Their state licensing authorities, Realtor associations, and MLS’ audit paperwork compliance. Without buyer agents, sellers will have to learn and adapt. Or risk expensive litigation.
- Negotiations Can Now Feel Like Haggling: Buyer agent commissions will now be part of offer contracts and buyer agency agreements. Buyers may ask sellers to include commissions in the form of seller concessions. That means home buyers and sellers alike will be negotiating commissions. Sellers will need expert licensed brokers to help them with these negotiations.
- Buyer Agent Commissions Can Be Offered Offline: Buyer agent commissions can still be offered outside of the MLS. They just cannot be advertised on the MLS.
Discount Realtors in Elk River: Pros and Cons
Even though cheap Realtors in Elk River will save you thousands in commissions, you should consider the advantages and disadvantages of hiring one:
Pros ✅
- Sell Home for a Discounted Fee: You’ll pay less fees for a discount real estate listing in Elk River than a 6% Realtor. Even if you only want to list your Minnesota home on MLS, you pay a much lower fee than the typical 3% listing agent fee.
- Receive Full-Service Realtor Services: Discount real estate agents in Elk River will provide the basic services that any traditional agent would. This includes assistance with pricing your home, marketing, paperwork, and negotiations.
Cons ❌
- You May Become a Victim of Hidden Fees: Some discount brokerages in Elk River may charge hidden fees or sell essential services a la carte. Beware of shady discounted agents who lure you in with significantly low fees. Do your research and look at the best discount realtors in MN.
- Unreliable Service Quality: Discounted real estate brokers in Elk River handle multiple clients at once to make up for the reduced commission rate. They may not be able to provide personalized assistance all the time.
- High Cancellation Fees: An MN discount real estate broker can charge a minimum withdrawal fee within a specified period. Remember to carefully review the terms and conditions of the contract before signing.
Alternatives to Discount Real Estate Agents in Elk River
Here are some options if you do not want to opt for a discount Realtor in Elk River:
- Sell Your Home For Sale By Owner: In a FSBO sale, you’ll have to opt for “DIY” marketing strategies like using FSBO signs, word of mouth, open houses, etc. But your listing won’t be on Zillow, Trulia, Realtor.com, and Homes.com! Meanwhile, FSBO websites in Minnesota will help you list on the MLS and increase exposure.
- Sell Your House to Cash Buyers: Almost all cash buyers in Elk River scour the MLS for Elk River homes for sale. This includes iBuyers, investors, and home flippers.
- Sell With a Full-Service Realtor: If you are not interested in saving your equity, you can hire a full-service, in-person Realtor in Elk River. You’ll end up paying a full 5% to 6% commission. That’s $22,500 on a $375,000 home gone!
Frequently Asked Questions
Who are the best discount real estate brokers in Elk River?
Houzeo.com and Home Avenue are the top discount real estate brokers in Elk River. Both provide an incredible combination of savings and technology. However, Home Avenue has only 92 reviews while thousands of sellers have rated Houzeo as 4.9 out of 5.
» Houzeo Reviews: Find out why 15,000+ home sellers love Houzeo.
How much is the real estate agent fees in Elk River?
On average, traditional agents in Elk River charge 5% to 6% of the sale price as commission. On the other hand, discount real estate brokerage firms in Elk River charge 1% to 3%.
How do I find a discount broker near me in Elk River?
You could choose a discount broker, or list your home using Houzeo. With Houzeo, your home will be listed on the MLS within 24 to 48 hours.
Can you negotiate Realtor fees in Elk River?
Yes, you can! In fact, post the NAR Settlement, you can now also negotiate buyer’s agent commissions.
