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1) What is the MLS?
The MLS is a cooperative listing service among licensed real estate agents and brokers. Members of the MLS input detailed information regarding properties available for sale into a database that is distributed to all participants in the MLS. All members of the MLS have a right to show/sell an advertised property and are promised a commission should they present an offer that results in the successful sale of an advertised property. The vast majority of home sales are made through participation in the MLS.
2) Why would I want my property listed in the MLS?
As a For Sale By Owner, your exposure to potential buyers is limited. Your choices for advertising are generally confined to: yard signs, newspaper ads, for sale by owner and classified websites, open houses, and word of mouth. This is often not enough to attract buyers, most of whom are working with agents. Real estate agents consider the MLS as the inventory of homes to sell and use it to locate properties for their clients. Real estate agents rarely use newspaper ads or other advertising to locate available properties, even though they may use them for their own advertising. Having your property listed in the MLS will provide needed exposure and will increase the chances that a real estate agent will find a buyer for your home. Real estate agents are motivated to sell properties listed in the MLS because the seller has already agreed to pay a commission.
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3) How long will my listing be on the MLS and how many ... ... ....photographs can I submit?
We will list your property on the MLS for up to six months. We include a maximum of 20 photographs in the MLS listing. We are able to post the maximum number of photographs allowed for each MLS. Please note that each MLS is unique and not every MLS may allow a maximum of 20 photographs.
4) Will my listing appear anywhere other than the MLS?
Yes. Your home will also appear on REALTOR.com, Homes.com, HomeSeekers.com, AOL, MSN, websites of local real estate brokerages that display MLS listings, and other websites that features listings from the MLS.
5) Do I have to pay a commission to an agent that brings the buyer, if so how much?
Yes. Real estate agents do not work for free. To be listed in the MLS, you must advertise a commission to the agent (cooperating broker) who represents the buyer. If a real estate agent presents an accepted offer and it goes to closing, you pay the commission advertised in the MLS listing. The commission is paid at the close of escrow. We generally recommend an advertised commission of 2-3%.
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6) If I find a buyer not procured by an agent, do I have to pay a commission?
No. You are free to sell the property to any buyer not procured or represented by a cooperating broker, in which case no cooperating broker commission is due.
7) Can I cancel my listing at any time?
You can cancel the MLS listing at any time by providing us with written instructions to do so (assuming there is not a contract pending on the property involving a buyer who was procured by a cooperating broker). There are no termination fees or other penalties in the event that you wish to cancel your listing. However, no refunds will be provided after the subject property has been listed in the MLS.
8) Do you assist me when I receive an offer on my property?
No. Under the Flat Fee MLS listing program, our services are strictly limited to listing the subject property in the MLS. If you feel that you need assistance in interpreting or determining the merits of a purchase offer, conducting negotiations, completing the required disclosures and inspections, or otherwise moving your transaction to settlement, we recommend that you obtain professional representation. We are available to represent you from offer to closing for a Flat Fee of $3,000.00. The fee is paid at close of escrow and only upon the successful sale of your property.
