Q-What is the difference between a traditional full service broker and your Flat Fee MLS Listing service?
A- A full service broker will help you determine a selling price, list your home on the MLS, schedule showing appointments and negotiate the sales contract on your behalf. For these services you pay a hefty listing fee of 2.5%-3% of the selling price (this is in addition to the 2.5%-3% you will be required to pay the Buyer's Agent). That's a total of 5%-6% in commissions! We offer you a way to list your property on the same MLS for a flat listing fee of only $399. In exchange, you assume some of the duties traditionally performed by the Listing Agent - including showing the property. You pay only the Buyers Agent portion of the commission at closing. If you find the buyer yourself, you pay NO commission.
Q- What is the MLS and who owns it?
A- In most areas, the MLS is a corporation owned/controlled by the local association of Realtors. To input listings, you must be a licensed Broker/Agent and a member of the local association of Realtors (we and/or our local affiliates hold this membership in most areas). MLS Members cooperate by showing and selling the homes listed by other members, for which they receive a commission for bringing the buyer to the seller. The commission amount offered to the agent who brings the buyer is almost always listed (usually required by the MLS) along with the detailed information about the home and picture(s).
The MLS is the primary tool agents use to find a property when they have a buyer. Over 80% of buyers use agents to help them find properties (especially the most motivated buyers: relocations, pre-approved, etc.). For most agents, the MLS is the tool used every day to find a home for their buyers (for many agents, it is the only tool they use to find homes.) The MLS is not available to the public, only MLS Members can view the MLS listings. In recent years, most MLS systems have distributed some listing information to websites like Realtor.com and allowed MLS members to show some listing information on their own websites.
Our service enables you to get the best of both worlds: get MLS exposure to buyers and pay a commission
"only if you accept an offer from a buyer involved with an agent".
The average customer walks away from closing with a check that is $8,000 or higher than using a traditional agent.
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Q- What is the "Buyers Agent" commission and how much should I offer?
A- The Buyer's Agent commission is the amount you are willing to pay a real estate agent that brings you a qualified buyer. This amount is determined by you at the time of the listing and is paid to the Buyer's Agent at closing. This amount should be competitive with other listings in your area if you want to take full advantage of the MLS. These commissions typically range from 2.0% - 3.5% of the selling price.
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Q- Can I list on MLS with no commission for buyer broker?
A- All MLS listing programs require the offering of a commission if a real estate licensee finds you a buyer. If you find a buyer without a real estate licensee, you will owe NO commission. The amount of commission is determined by you - the seller. Typical commissions for buyers brokers range between 2.0% - 3.5% of the selling price.
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Q- Can I still sell my home "by owner" while it is listed on the MLS?
A- Yes. We do not take away your right to sell the property yourself. If you find a buyer on your own, you pay absolutely NO commission (because the buyer comes directly without a broker). Please review your final MLS listing agreement for any limitations. Some MLS boards have special requirements/rules.
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Q- Is this the same MLS other real estate agents throughout the country use?
A- YES! Absolutely. Each area in the country has a specific MLS that they use in the area. Our local Flat Fee Listing Realtor can provide you with more details of coverage in your area. Your listing will absolutely go on the correct MLS board for your area. We guarantee it!. Yes it is the place where any other Realtor in your are will list the property on. We offer a 100% money back guarantee if the listing is NOT on the correct MLS board.
For example, in the greater Chicago area, The Multiple Listing Service of
Northern Illinois (the "MLS") is the largest and most widely used database in Chicago and the surrounding suburbs. So if your property is in the greater Chicago area, this is where we would list your home. Your local Flat Fee Listing Realtor can provide you with more details of coverage in your area. Your MLS Listing is guaranteed to go on the appropriate MLS system for your property or your Money back. 100% Guarantee
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Q- Will the MLS really help me sell my home?
A- Definitely. To sell your home you have to let people know it's on the market. The MLS gives you exposure to the hundreds of thousands real estate agents nationwide and the buyers they represent. The fact is over 80% of buyers use a real estate agent when looking for a home, real estate agents use the MLS. It's that simple.
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Q- Will my home get exposure on the Internet?
A- Yes. Your home will appear on several popular real estate web sites linked directly to the MLS free of charge. These sites include realtor.com, homeadvisor.com and other local newspaper websites
subject to availability.
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Q- Will my listing look the same as other listings?
A- Absolutely. The format is standard for all MLS listings. There's no
difference.
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Q- Can I hire a Realtor to help me negotiate my home sale contract, handle my closing, and advise me of any laws and/or regulations with which I need to comply in showing and selling my
home after I list with your discounted service?
A- Yes, you have that option if it becomes frustrating or other
priorities arise. We recommend that you hire an experienced realtor or attorney
to review your sales contract and handle your closing. It makes sense to seek legal advice right from the start.
Most realtors & attorneys will charge a flat fee for home sale contract review and closing related
work.
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Q- Why not just advertise my home "For Sale by Owner" in the newspaper, and forget the MLS listing?
A- Most people responding to newspaper ads are not yet really serious about buying a home. They are still in the dreaming or
inexperienced first time buyers, looky-loos. Once a buyer gets serious, over 80% of the time he or she will hire a realtor, and that realtor will
pre-approve your buyer & show the buyer homes that are listed on the MLS.
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Q- May I still advertise my home for sale in the newspaper and other advertising venues in addition to having
ByOwnerMLSHomes.com.com or it's affiliates (subject to terms) list my home for sale on the MLS?
A- Yes. However, if you want listing agents to stop calling you in an attempt to get your listing, any such ad should include your broker's name.
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Q- Why do realtors use the MLS instead of other databases--for example the many internet sites that list homes for sale?
A- Each home listed on the MLS must include in the listing the compensation amount the seller is offering to any realtor who produces the buyer. By using the MLS, realtors therefore are able to know upfront not only which home sellers will compensate them, but how much they will compensate them in the case of a sale.
Q- What if my needs change and I want to terminate my
listing and keep my home? or make any changes to my listing.
A- You may terminate your listing at any time if you communicate your termination request to
us in writing (via fax). Please see you listing agreement for details. All price changes need to be in writing and need to be faxed. To make other changes in your listing please email
us with your MLS # and the changes you'd like.
You are required to inform your listing broker within 24 hours of certain events (e.g. the asking price has changed, a contract for sale is pending, or a closing has been executed).
Q- Who's telephone number is used for contact information on the MLS?
A- Typically, in the MLS Showing instructions field, all agents with buyers are instructed to contact you directly.
Q-
Can ByOwnerMLSHomes.com or its affiliates provide me a combination lock box in which I can put a key to my home so that realtors to whom I give authorization can show buyers my home when I am unable to be there?
A- Yes. For an additional fee of $75 (Combination) your local realtor will provide you such a lock box.
Electronic SUPRA Boxes also available for $250 and is subject to local availability. For Further instructions on installing the Electronic Supra Lock Box
Q- Exactly how does the lock box work? How does the real-estate agent get the code or password to open the box?
A- Tell the agent that calls you where the lockbox will be (recommended to be on the front door) and combination for their files. Generally, agents will call you, request a showing at a certain time and date. You should write down their name, company, and office phone number. Then call them back, verify it is a real estate office and they are a licensed agent, then leave them a message with the lockbox combination (assuming the time and date is ok with you).
Q- If I want to hold an open house for buyers or broker tour, will
ByOwnerMLSHomes.com or it's affiliates assist me?
A- Yes, to the extent that we will advertise your open house or broker tour by adding it to your MLS listing. It is your responsibility to actually conduct the open houses and/or broker tours.
To schedule an open house or broker tour, by the end of the day the Wednesday before the weekend you are planning the open house (or the week before the broker tour) fax or email your assigned agent with your open house or broker tour request.
Q- Who determines the amount of compensation that will be paid to a buyer's realtor, if the buyer who purchases my home is represented by a realtor?
A- The compensation to be paid to the buyer's realtor, if the buyer is represented, is determined by you, the seller, and offered by our affiliates on your behalf in the MLS listing.
If you hired a traditional realtor, as opposed to one from our service, that realtor's exclusive listing contract with you might, for example, obligate you to pay him or her a commission of 5% to 7%* of the sale price of your home. The traditional realtor would then offer a buyer's realtor a portion of that commission, on your behalf, in the realtor MLS listing. A recent search of the MLS indicated that most sellers offer between 2.5% to 3% of the sale price to buyers' realtors.
* Because realtor commissions are determined independently, these commission percentages are just estimates offered to help you calculate your savings.
Q- Who pays the buyer's realtor?
A- You (the home seller) does, at closing. that's the only commission,
you don't pay a listing agent !!!