WHAT IS AN MLS?
A multiple listing service (MLS) is a effort among real estate brokers to share data about homes for sale, and to cooperate with and compensate each other for assisting with the sale. MLSs create the most comprehensive computerized database of homes for sale, and the majority of real estate sales are a direct result of MLS exposure. When you see a home for sale on any real estate website, that information probably came from the MLS database. The MLS is the tool real estate professionals use to keep informed. Through MLS4owners.com, this “prized possession” of real estate brokers is now available to homesellers at a fraction of the price.
WILL MY HOME SELL FASTER AND FOR MORE MONEY IF I EXPOSE IT THROUGH THE MLS?
Yes, the MLS is the marketplace for real estate. Until MLS4owners home sellers had no way to get maximum exposure without paying a high commission. Lack of market exposure is the biggest obstacle facing For Sale By Owners (FSBO).
WILL ADVERTISING WITH MLS4OWNERS REALLY SELL MY HOME?
Yes, if your home is marketed through MLS4owners and priced correctly for its condition and the market, your home will have the broadest possible exposure.
HOW LONG DOES IT TAKE TO GET INTO THE MLS AND ON THE WEBSITES?
We will send your information to the local MLS Broker within one business day of receiving your Webpage information and payment. Within 1 business day, your local MLS Broker will contact you with the local MLS agreement and listing data sheet. Within 24 hours, most local real estate websites will have linked to the MLS data. National websites such as Realtor.com, Zillow normally display properties within 1 day.
Just send your local broker an email and they will make your changes. All changes to price and commission need to be in writing, so email is the preferred method of notification. Remember, your MLS4owners webpage is accessible 24/7 for all changes.
WHAT IS A KEYBOX, AND HOW DO I GET IT?
A keybox is a device that holds a key to your house. Only licensed real estate agents have access to this device. If you want your home available for viewings even when you aren’t home, lock boxes are wonderful and a real convenience for real estate agents and homebuyers. If you want to maintain control of who is showing your home, you should not have a lock box. If you would like to use a MLS key box ask your local MLS broker when they contact you with your MLS listing agreement.
WHAT HAPPENS WHEN I RECEIVE AN OFFER?
Congratulations! You should negotiate directly with the buyer or the buyer’s agent. When you have completed negotiations and accepted the offer, to comply with MLS rules you MUST notify your local MLS broker to update your MLS listing to show that you have a pending sale.
CAN I DO ADDITIONAL MARKETING ON MY OWN?
Sure, you can advertise wherever you choose. We find that most For Sale By Owner advertising results in few calls from qualified buyers, with most of the response coming from real estate agents and other service providers looking for new business. However, it never hurts to advertise on your own.
Working With Buyer Agent Questions
HOW MUCH SHOULD I OFFER TO AGENTS WHO WORK WITH MY BUYER?
This is the number one question we receive. The choice is yours! When our general manager sold his Tacoma house this way, he didn’t know whether his buyer would prefer to work with an agent or not, and he wanted to attract the largest possible audience. He offered 3% because it appeared to be what most of his competitors (neighbors) were offering. He received offers through agents and direct from buyers, and the best offer was direct, so he paid no commission. Our customers’ most common choices are 2.5% and 3%.
HOW DO AGENTS KNOW WHAT COMMISSION I AM OFFERING?
The buyer’s agent’s fee (also known as the selling office commission) is advertised in the MLS database, so agents know before they call you what you are willing to pay them to show and sell your home.
MAY I OFFER A ZERO COMMISSION?
No, as the MLS exists for brokers to share information and provide compensation, we are not permitted to offer a zero commission. The MLS requires that all members be aware of a specific commission that is being offered, and that the amount displayed in their database be non-negotiable. While we can change the amount in the database, the MLS requires that agents know how much they will be paid to show and sell the home.
No, multiple listing service rules prohibit including commissions in the remarks that show up on public websites. However, real estate agents will know what you are offering because they have access to the multiple listing service databases.
CAN I JUST SAY THE COMMISSION IS "NEGOTIABLE"?
No. multiple listing service rules require that you disclose the commission in your listing. You are agreeing that you will pay that commission if an agent represents a buyer on the terms and conditions you advertise.
WHAT DO REAL ESTATE AGENTS THINK OF MLS4OWNERS?
Many buyer agents recognize that we bring inventory into the marketplace that would otherwise be a For Sale By Owner, and they have earned millions of dollars in commissions by helping our customers save many more millions when they sell their homes. Some listing agents do not like our program, because they would rather that you signed up with them, and frankly we aren't on many Christmas card lists. Of course, most agents love to work with honest, cooperative, friendly sellers who are offering a competitive commission, and you can maximize your sales potential by treating all interested parties in a professional manner.
HOW DO AGENTS SHOW MY HOME?
Agents will see your home in the multiple listing service, or one of their clients will find your home on one of many websites. The agent will then call you for showing instructions or follow the instructions posted in your advertisement.