The real estate industry, like many others, is struggling with rising costs. Whether you are purchasing a home, investing in property, or maintaining an online presence, these changes impact everyone. At Agent Elite, we are committed to providing our clients with valuable services, including high-quality websites, effective Facebook advertising, and additional products like Local Presence, Reputation Management, and Design Studio. However, due to increasing costs, we must adjust our minimum MLS Board Pass-Through Fee from $6.25 to $10 per month, starting September 1st.

Understanding the MLS Board Pass-Through Fee

Before diving into the reasons for this change, let’s clarify what the MLS Board Pass-Through Fee is. When a property is listed, the data often originates from a Multiple Listing Service (MLS) board, a centralized database used by real estate agents to share listings and access information. Our service providers, who manage the integration of MLS data into our websites, must pay fees to these MLS boards. These costs are then passed on to companies like ours, and ultimately to our clients, as part of maintaining access to these up-to-date property listings.

Why the Adjustment?

Several key factors have influenced the need for this fee adjustment:

Rising Costs and MLS Board Pass-Through Fee Increases:

Over the past few years, MLS boards have raised their fees due to increasing costs. Inflation, higher demand for real-time data, and the need for advanced technology have all contributed to rising operational expenses. As a result, our service providers have increased their charges to us. This, in turn, requires us to adjust the fees we charge our clients.

Impact of Rising Costs on MLS Board Pass-Through Fee:

Inflation has impacted nearly every part of the economy, including the real estate industry. Data from the U.S. Bureau of Labor Statistics shows that inflation rates have fluctuated between 3-5% annually in recent years. This has led to price increases on items ranging from software licenses to server maintenance. Like any business, MLS boards are feeling these economic pressures and have adjusted their pricing accordingly.

Volatile Housing Market and Higher Interest Rates:

The housing market has experienced significant volatility, with home prices rising and interest rates increasing. The National Association of Realtors has reported a 15% increase in the median home price over the last two years. This has spurred a heightened demand for MLS data as agents and clients seek more accurate and up-to-date information. Meeting this demand requires MLS boards to invest in their infrastructure, which in turn drives up their operational costs.

Increased Operational Costs for Service Providers:

Our service providers, who facilitate MLS data integration, face rising costs due to higher fees from MLS boards, increased labor costs, and necessary investments in technology. These increased expenses are unsustainable without adjusting the fees charged to clients.

After a careful review of our costs, the increased charges from MLS boards, and our commitment to maintaining high-quality service. This adjustment is necessary to cover the rising costs while ensuring we continue to offer competitive services in the market.

Maintaining Transparency Amid Rising Costs and Fee Adjustments

At Agent Elite, transparency is at the heart of our operations. We understand that any price adjustment can cause concern, especially in today’s economic climate. Our decision to adjust the MLS Board Passthrough Fee is driven by the need to balance rising costs while still delivering exceptional value to our clients. We remain committed to providing clear communication and maintaining your trust throughout this process.

Moving Forward

We are focused on providing more value to our clients in the coming days. Our efforts include investing in new technologies, expanding product offerings, and enhancing customer success to ensure you receive the best possible service. These initiatives are designed to give you the best opportunity for success.

Thank you for your continued trust in Agent Elite as we navigate rising costs and the MLS Board Pass-Through Fee adjustments. If you have any questions or concerns about the rising costs and MLS Board Pass-Through Fee, please reach out to our support team or create a ticket in your personal support center. We are here to help you continue growing your real estate business effectively.

Thank you for being a valued client of Agent Elite. Together, we will navigate these challenges and continue to thrive in the evolving real estate landscape.