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FLAT FEE FAQ

By Ronald Shaffery, Toms River ,TOP Producer

Real Estate Agent with Keller Williams Shore Properties Toms River NJ

April 01, 2008 07:32 AM

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. 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 out of 5 sales nationwide. About 85% of home buyers use a REALTOR® to help them locate a property. When a potential 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.

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 use the REALTORS® Multiple Listing Service. Only a State Licensed REALTOR® Member may access and use their local MLS and list a property for sale, or find homes for buyers. This is the same MLS used by REALTORS® in your area, the same as the one you will be listed in, which is accessed by local Agents in your area.

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 the Sellers compared to "FSBO" home sale transactions.

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 commission is not shown. The listing brokers name appears on the MLS. Our flat fee listing method gets your property on the same MLS used by your local REALTORS®. Your listing will appear the same as all other mls property listings.

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 that the listing REALTORS's office be in my neighborhood for my home to sell ?
It does not matter. It's merely an often-used false marketing method to make you believe it makes a difference so that you end-up listing with them. Comparatively few potential buyers reside in your neighborhood. Most buyers come from another part of town, 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 working with them. 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 a purchase contract offer and 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 call Realtors for Showings?
You, the Seller. The most common way showings are done, is the listing broker indicates showing instructions on the multiple listing service. It will say "Call Owner direct to arrange for a showings" (giving your name and contact phone number) 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.

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 really a benefit to listing with a traditional high-commission broker?
Not really, please keep in mind both REALTORS® in all likelihood will list your property on the same MLS system, so your listing will end up in the same place if you re-list your property with a more Traditional Real Estate Agency charging you higher commissions. Of course, there are no refunds once your property is listed in your area Multiple Listing Service

What is the difference between a "Selling Agent" and a "Listing 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.

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.

If the Listing Agent sells my home will I still owe a commission?
Yes, but you still pay 50% less commission. Typically about 2-2.5% If the Listing Broker has a buyer for your home, he/she will also become the selling agent and be entitled to the selling side of the commission. Regardless of which REALTOR® sells your property, you still pay no listing commission and only pay 2-2.5% to the broker who was the procuring cause of the sale.

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.

Do I need a lockbox while my house is listed on MLS?
Owners can decide whether or not to use a 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 with a contact phone number to call showings. Showings are most always done on an appointment only basis (assuming key lockboxes are not used).

Do you offer free forms and contracts if I sell my home myself?
Yes, we do offer free forms. We are adding more forms for your convenience. When you list your home with us, we will email you all the forms needed if you sell by owner. If your home sells thru the MLS, the buyer's agent will prepare the purchase contract.

Can I make changes to my MLS listing?
Yes you can make changes, just contact the listing agent (usually by email).

Can I go to a website to print and email color brochures of my listing?
Yes. REALTOR.com® offers the ability to print and/or email color brochures of your listing to hand out to potential buyers.

What Internet sites will my listing appear on?
Depending on your area, your listing may appear on many different internet sites. Plus licensed REALTORS® can display all of the MLS listings directly on their own private website. However, it is really impossible to predict exactly how many websites your listing will be on. Aside from the private websites owned by REALTORS®, your listing may also appear on major public internet sites such as REALTOR.com®, MSNhomes.com, Homes.com, Homestore.com, Homeadvisor.com Yahoo.com and others.

Will my contact information appear on Realtor.com® & other public websites?
No. REALTOR.com® is NOT the MLS. REALTOR.com's main benefit is for home-buyers to contact a REALTOR® for more information and showings. It is not for home-buyers to contact you as a FSBO (which is a common misconception). REALTOR.com® has a rule that seller's personal information is not allowed to appear (but it does go on The-MLS - please don't get them confused). Contact information (Seller's Name, Phone Number and Address) appears on the Multiple Listing Service for Realtor's to view and to contact sellers for showings, etc.

Can I ONLY get my House listed on REALTOR.com®?
No. You have to get listed into the MLS before your listing can appear on REALTOR.com®

How can I get my contract reviewed?
The Listing Agent is the most knowledgeable and qualified person to review the contract for you.

Is REALTOR.COM and THE-MLS SYSTEM THE SAME?
No, they are separate and distinct services with different websites and usage. Realtor.com is run by The National Association of Realtors® and picks up all the Nationwide MLS Listings from the hundreds of Multiple Listing Services around the Nation and puts the property information in their website.

Who uses Realtor.com? Do Realtors access it?
Anyone can access and use it but NO, it's rarely used by Real Estate Agents. It's designed for and mostly used by the public who want to search for appropriate properties throughout the nation.

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Ronald Shaffery, Toms River ,TOP Producer

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