I highly recommend all my FSBO, or For Sale By Owner, Sellers go over a thorough investigation of how the Flat Fee MLS (MLS = Multiple Listing Service) Program Works.. This Q&A Section, provided by one of our affiliates flatfeelisting.com, listed below is a great description of how the Flat Fee MLS Listing Process Works & may answer questions a FSBO may have as how Realtors will Preview and Sell Your Listing, Home, or Property.. Feel free to Contact Me, Justin Shirley, @ 941-448-4872 for additional Questions and More detailed descriptions of Your Flat Fee MLS Listing..
The MLS is the best and only way to sell a property. 90% of all properties are sold as a result of the MLS, or Multiple Listing Service.
The MLS is a tool for realtors to list and sell properties. The listing real estate broker for your state is going to list your property in the MLS for a flat fee. If you do not wish to pay a commission (as a result of a real estate agent bring you a qualified buyer), you cannot get listed in the MLS. The MLS rules require that a commission be listed up front for every property that an agent enters into the MLS.
If a real estate agent brings you a buyer, you must pay a commission at close of escrow. You cannot be listed in the MLS if you did not wish to pay a commission if your property sells thru a real estate agent. The commission must be specified up front on the paperwork that you will complete after making payment. If you sell your own property as a “for sale
What is the Multiple Listing Service?
The Multiple Listing Service (MLS) is the key to Home-Sales Success. The MLS lists the vast majority of real estate listings which are listed “for sale” by real estate brokers and their agents. All types of real estate property is listed in the real estate multiple listing service; houses, townhomes, condominiums, commercial property, lots, acreage and even rental properties. There are 1000s of regional Multiple Listing Services located thru out the nation. Real Estate Associations in all 50 US states and Canada run their own MLS Systems. Statistics show that homes listed on the MLS sell faster.
“The MLS” is the secret to success of real estate sales, directly responsible for about 4 of 5 sales nationwide. About 85% of home buyers use a REALTOR® to help them locate a property. When a possible buyer contacts a Real Estate Agent regarding a home purchase, the Agent will search the MLS for homes matching the buyers’ desires, wants and needs. Statistics show that homes listed on the MLS sell faster.
Is this the same Multiple Listing Service (MLS) to which all Realtors® belong?
Yes. All participating MLS REALTORS® belong to their regional association of REALTORS®. The Listing Agent that will be assigned to place your property in the proper MLS for your region will be paid from the flat fee that you pay to TheSarasotadeed.COM- There is no additional fee to pay the listing agent that is assigned to list your property into the real estate multiple listing service.
How Much Money does the Real Estate Listing Agent that lists my house into the MLS get paid?
The Listing real estate agent only gets paid a flat fee for listing your property into the MLS.
Why would the listing real estate agent want to list my home in the MLS if they’re not going to receive a commission when it sells?
Realtors in our network provide services for a flat fee for two main reasons – volume business and more exposure for their real estate firm.
Is there a “MLS” which may be used by owners selling themselves, without a REALTOR?
NO. There is no FSBO MLS System. The general public is not allowed to list their own property in the REALTORS® Multiple Listing Service. Only a State Licensed REALTOR® Member may access their regional MLS to list a property for sale, or find homes for buyers. This is the same MLS used by REALTORS® in your area, one you will be listed in, which is accessed by Agents in your area.
NOTE: Please be aware in order to get your property listed into your regional Multiple listing Service it has to be listed by a licensed Real Estate Listing Agent that is a member of the MLS. This agent is assigned to you by thesarasotadeed.com and gets paid by thesarasotadeed.com - There is no additional money you pay to the listing agent. A REALTOR® has to be involved in order for your property to be listed into the MLS and REALTOR.com®
Is the MLS the best way to sell my home?
Yes, the vast majority of homes are sold through the MLS due to the large network of REALTORS® working with home buyers. The National Association of REALTORS® (NAR) reports homes listed by REALTORS® result in a higher net price to Sellers compared to “FSBO” home sale transactions.
Will Realtors Show & Sell my home if it’s not listed on the MLS?
It is not likely. Of course, there are a very few exceptions. REALTORS® operate completely from MLS computer listings. The MLS Listing Agreement specifies the REALTORS® commission and without this agreement REALTORS® will bypass FSBO homes. Of course, you may sell your home without a REALTOR®, but once listed, REALTORS® do not regard you as a FSBO but simply another listing for them to sell. Real Estate Agents will generally avoid FSBO properties due to the fact that they are working with buyers and have no written agreement to be compensated. If the seller has not agreed in writing to pay a commission to a Buyer’s Agent, the buyer could cut the Agent right out of the deal and negotiate directly with the seller.
Will Realtors® Show and Sell my home even though I paid for a Flat Fee Listing?
Yes. Your MLS Flat Fee Listing will look exactly the same as any other listing. There is no way to tell how much you paid to get on the MLS. Regardless of whom you listed with or what you paid, your listing will look no different from any other listing in form and style. The listing broker’s name appears on the MLS, not TheSarasotaDeed.COM name. Our flat fee listing method gets your property on the same MLS used by your area REALTORS®. Your listing will appear the same as all other mls property listings.
Is it True some Agents may not show my home if they know it is a flat fee listing?
Absolutely not! That is a misleading and somewhat fraudulent representation made by some Real Estate Agents in a clever attempt to dissuade you from doing a flat fee MLS listing. First of all, when the Agent sees your listing on the MLS computer, there is no way the Agent knows it’s a flat fee listing. The Listing Agent’s name and contact information shown on your Multiple Listing Service will be your Listing Agent, not TheSarasotaDeed.com. In addition, the listing commission is not disclosed on the MLS! Even if the Buyer’s Agent somehow knew you were not paying a high traditional listing commission, that would not effect the showings, since the Agent is not concerned about the commission you are paying the listing broker. After all, the Buyer’s Agent ONLY cares about the commission offered to him/her to sell your home, not how much you paid the Listing Agent!
Will Realtors® show and sell my home if I am not listed with their company?
Yes. The main purpose of MLS is for REALTORS® to sell each other’s listings.
How important is it the listing REALTORS® office be in my neighborhood for my home to sell?
It does not matter. It’s merely an often-used false marketing method and fabrication to get you thinking it makes a difference so you end-up listing with them. Comparatively few potential buyers reside in your neighborhood. Most buyers come from another part of town, different areas, another city, or out-of-state. Even if a prospective buyer happens to live nearby, why would location of the listing broker make any difference at all? Keep in mind, a buyer who comes via The MLS in all likelihood already has a REALTOR® who is their buyers’ Agent. A buyer rarely hires the Listing Agent. If the Buyers’ Agent needs to contact the Listing Agent they normally use the phone or fax to submit purchase contract offer . . . in-person contact is never really needed. The listing broker could be located in another city or even out-of-state, it really makes no difference.
Who Will Realtors® call for Showings?
You have several options, and should discuss the best alternatives with the agent who will take care of your listing. You can have agents call you directly to make appointments, if you wish. The most common way showings are done, is the listing broker indicates showing instructions on the multiple listing service computer. This can say “Call Owner direct to arrange for a showings” (giving your name and contact phone number) P.S. There are a few areas in the country (Ohio) where broker’s phone number is given for showings as the MLS does not permit Owners’ contact info. If so, the listing broker will refer the call directly to you, to schedule the showing appointment. REALTORS® customarily call Owner before showing the home.
How long should I expect to be on the market?
Your home should sell quickly if priced right, in a good location and shows well. The MLS & REALTOR.com® will draw maximum attention to your home.
How long will my property be listed on the MLS for the flat fee?
The MLS flat fee listing is good for 6-months. Most homes are sold within a couple of months of listing or sooner. Many homes listed have sold within a day to a week. Rarely is a renewal of the listing needed. The agent will offer renewal of the listing — check with agent as to the fee, which you pay him/her direct (some agents renew INCLUDED-this is listed on the website).
Can I cancel my Flat Fee Listing at anytime?
Yes, you can cancel your listing at any time. Just notify the listing agent you wish to cancel your listing.
Is there a benefit to listing with a traditional high-commission broker?
NO. Your listing will end up in the same MLS if you were to re-list your property with a more Traditional Real Estate Agent charging you higher commissions. Of course, there are no refunds once your property is listed in your regional Multiple Listing Service (except possibly under the terms of our “REALTOR® Referral” Money-back Guarantee.) You may also apply for the “Money Back Guarantee” by sending FlatFeeListing.com an email
Do you offer a money-back guarantee if not satisfied after my home is listed, if I cancel my listing to go with another REALTOR?
If you are not completely satisfied you can qualify for a 100% money-back guarantee under certain conditions. This is based on TheSarasotaDeed.COM referring your listing to a new real estate broker, and who is acceptable to both of us. In the event you want to cancel (for any reason), and wish to list with a more traditional broker (of course, prior to getting a sales contract), we agree to refund the money you paid us by rebating the money payable at close-of-escrow as long as all parties agree to a standard REALTOR® Referral Agreement.
What’s included with my listing?
The MLS, REALTOR.com &; and about 50 other real estate internet sites, plus many extras as listed on the website page for your state.
Commission Questions
What is the difference between a “Selling Agent” and a “Listing Agent”?
The term Agent means a Licensed REALTOR.® Some people use the word Agent others use the word REALTOR - it means the same as far as descriptions go to the public.
· Please note that TheSarasotaDeed.COM is not your Listing Broker/Agent.
· TheSarasotaDeed.COM provides a referral service to owners of real estate property. Once you buy the service from flatfeelisting.com, we refer your MLS flat fee listing to a Listing Real Estate Agent that is a member of your regional MLS. This Listing Agent is providing you with a tremendous service by listing your property in the MLS, REALTOR.com, etc. and saving you thousands of dollars in real estate commission for the flat fee you paid flatfeelisting.com - Once your property is listed in the MLS, TheSarasotaDeed.com pays the listing real estate agent.
· A Selling Agent is the Real Estate agency who actually sells the property. They are sometimes called Buyer’s Agents.
· The Listing Agent is the Real Estate agency who lists your home for sale in the MLS.
Do I have to pay a Commission if house sells because of the MLS?
Yes. Any REALTOR® bringing a ready, willing and able buyer with a satisfactory contract will be due a “selling” commission of your choice. This commission must be determined by Seller when completing the Listing Agreement. This Commission paid to the selling agent is shown on the MLS.
How much commission do I have to pay to the Buyer’s Agent?
The commission the Seller pays the Buyer’s Agent is totally up to the Seller. Real Estate commission fees are not FIXED, fees are negotiable by LAW. REALTORS® cannot demand the Seller pay a certain commission to sell their home on the MLS. REALTORS® that demand the seller pay 3% to buyer’s agent can and will have their license revoked.
If I find my own buyer, will I still have to pay a selling commission?
No. If you find a buyer for your home with no Agent being the procuring source, there is no commission to pay.
Lockbox, Sign & Photo Questions
Items listed on the state pages may vary at any time without notice. Not all agents offer exactly the same included items. We may have to change agents temporarily due to current agent out of town, or for any other reasons. If this happens, your included items may vary.
You get 1-photo included INCLUDED with your MLS and Realtor.com listing. However, some agents allow more photos in the MLS for an additional charge.
You get 1-photo included INCLUDED which appears on Realtor.com. This is the same photo that appears on the MLS. However, some agents allow more photos on Realtor.com for a small charge.
You may also get a sign or realtors lockbox from the listing real estate agent - Some agents offer a INCLUDED sign, other agents charge a fee for the sign. Agents that offer a lockbox charge for it, which you pay them directly for. The SELLER can purchase a mechanical lockbox from any hardware store (Ace, HomeDepot or Lowes). FlatFeeListing does not include a “for sale sign” or lockbox, but this can purchased seperately.
Do I need a lockbox while house is listed on MLS?
Owner can decide whether or not to use an optional key-lockbox, which is a metal container for your house key(s) and is normally hung on the front door knob or gate. The MLS Listing will advise Realtor’s if they can not reach you by phone, they may use the key lockbox for showings. It provides access to Agents when the owner is away, thus assuring full exposure to prospective buyers. Without a lockbox, Agents representing buyers will have to set appointments to meet you at the house to view the home. If you do not have a lockbox, you may miss out on some potential buyers who do not have time to wait. Lockboxes are completely removable and controllable by you. Your Listing Agent will indicate your showing instructions on the MLS and contact phone number to call you first for showings. Showings are most always done on an appointment only basis (assuming key lockbox is not used if unable to reach you). It is rare an Agent will knock on the door without first making appointment with the homeowner. If you want a REALTORS® electronic lockbox you can request one from the listing agent (not all flat fee listing agents have or use electronic lockboxes, due to the cost and delivery time required for installation and removal from door with special key only real estate agents have.) The listing agent will lease one to you for a fee.
I have a For Sale By Owner sign, should I use the Realtor’s sign?
You can replace your sign with the Realtor’s sign if you wish. If you prefer to display your listing broker’s sign, many do offer a sign INCLUDED or as an optional service for a fee. After you get listed in the MLS, ask your Real Estate Agent if you can use their for-sale-sign, rather than your “For sale by owner sign.”
Can I use my own exterior home photo for the MLS?
Yes, it is recommended that you send via email to the listing real estate agent the photo(s) in jpg format. However, it is highly recommended to let the MLS photographer* take a professional photo of your home. Once inputted into the MLS, the photographer is dispatched to take the photo. Photos usually uploaded to the MLS within a few business days. The MLS then transfers the photo to the public internet sites for your area. *subject to some MLS regional restrictions - some MLS have a photographer to take an exterior photo and others do not have a photographer to take a photo. If the MLS does not have a photographer to take 1 photo, the seller can submit a photo via email to the agent.
Can I have additional photos added to the MLS or get a Virtual Tour?
Yes. After you get listed on the MLS ask your Real Estate Agent for that option. Many of the referral Real Estate Agents usually offer extra photos for a small fee (some even do for INCLUDED) and virtual tours from $89 to $199 which is a reasonable additional fee. The cost is very minor compared to the benefit of saving thousands of dollars in real estate commission. However, additional photos and virtual tours are not necessary as the real estate multiple listing service in all likelihood will sell your home, with or without paying for extra cost services.
Do you offer INCLUDED forms and contracts?
Your listing agent will supply you with the forms you will need. If your home sells thru the MLS, the buyer’s agent will prepare the purchase contract.
Listing Questions
Why signup with TheSarasotaDeed.COM
We only work with licensed and experienced Real Estate Brokers
We have one of the largest Realtor Network in America
Your property will be listed quickly
We offer more Quality exposure than any other Competitors
We give you more Value
We are open Weekends
There are no hidden fees or charges
We Can INCLUDE forms, plus reports, etc
No other Flat Fee MLS company offers as much exposure and coverage!
What steps are involved in getting my property listed in the MLS?
Place your flat fee listing order
The Flat Fee Listing Real Estate Agent that is a member of the regional MLS for your area is contacted and given your contact information
The Flat Fee Listing Agent will typically list your property within 24-48 hrs . . . after getting your completed forms back, such as the Listing Contract, MLS Data Sheet, etc. However some agents do not work weekends, so you will have to wait until Monday to be listed.
Your home is listed on the MLS, REALTOR com® & other websites as soon as you return paperwork to the Listing Agent
How do I determine the sales price for my home?
You can Click on link below to get this information INCLUDED. We have heard from many sellers in most states that this service works extremely well — Zillow.com
How does information about my house get on the MLS?
The Listing Agent will have you complete the MLS Data Sheet. This Data Sheet will require you to answer all questions listed, which will supply Buyers with the type of information they require to see if your home meets their buying criteria. The MLS Data Sheet fields cannot be customized. You will however be able to write a description highlighting your home’s special features. The information on the Data Sheet also goes to REALTOR.com®, plus all the public internet sites for your area.
Can I add more information to the MLS later?
Yes. You can add information to your listing, such as room dimensions or description by emailing this information to the listing agent..
Can I make changes to my MLS listing?
Yes you can make changes. Contact the listing agent by email with the changes.
Internet & Website Questions
What is the difference between public websites, such as REALTOR.com, and the MLS?
Public websites like REALTOR.com receive listings directly from the MLS itself. Unlike the MLS which is updated instantly, the public internet sites are typically updated every 1-2 business days. Because of this, REALTORS® only use the MLS system, which is a closed system linked to their offices.
Can I go to a website and see my MLS listing?
Yes, the MLS is on the internet and buyers can go and view all the listings. Plus in order to get listed on REALTOR.com® you have to first be listed in the MLS.
I hope this clears up any questions, or concerns you may have about the Flat Fee MLS Listing process.. Please Contact Shirley International Realty Inc. about Selling Your Home!
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