512-743-5434

 

Kris Colquette

REALTOR®

Smart Source Realty

 

Questions & Answers

Go Back To:: 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.

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®. 

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.

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.  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 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.  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.

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).

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?
Not with MLS there isn't. 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.

Commission Questions

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

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. That being said - It's incredibly usual for the buyers agent to be paid 3%.  Some agents will not show homes that pay any or much less than this.

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 Questions

Signs are free to use from Smart Source Realty when available.  You may also use signs purchased from Home Centers such as Lowes and Home Depot.  Lockboxes can be rented from Smart Source Realty for a nominal fee when available.  We have electronic lockboxes and less expensive combo lockboxes.

Do I need a lockbox while the house is listed on MLS?
Owners 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 will 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.

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.

Do you offer INCLUDED forms and contracts?
Your listing agent will supply you with the forms you will need. We can assist you with contract writing and negotiations.

Listing Questions

How do I determine the sales price for my home?
You can Click on link below to get this information INCLUDED. It's not perfect but it will get you close. -- Zillow.com  I can provide you a market analysis for an additional fee.

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.

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.

How long will it take for my MLS listing to appear on the public internet sites?
The MLS sends listing information at different times to the different public internet sites. Once your listing is entered into the MLS system, it appears instantly to REALTORS® and their buyers.

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

Sales Purchase Contract Questions

Is the Listing Agent involved with the sales contract?
Typically No -To save on commission, you will handle many details of the sale yourself. The Listing Agent is mainly getting paid to list your property on the MLS, as you requested. If the Seller requests assistance with the purchase contract, counter-offers, placing contract in escrow, contingency issues, closing & settlement matters - the Listing Agent offers extra services for a reasonable additional fee. If you want or need additional assistance involving your transaction (though you should be able to handle things yourself) ask your Agent about other available services. Most of our associates offer additional optional services.

Is the Listing Agent involved in negotiations?
No, not unless you specifically request the Listing Agent's consultation. You will handle all showings, inquiries, and sales contract presentations on your own.

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

General Questions

Once my paperwork is received, how long before my home is listed in the MLS?
Depending on the time of day, listings are usually inputted into the MLS system the same business day everything is received.

How do I pay for my MLS listing?
Payment is made in advance with check, Mastercard, VISA, or American Express 

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.  MLS is used by agents to find homes for their buyers.

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 private parties who want to search for appropriate properties throughout the nation.