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Flat Fee MLS Frequently Asked Questions
General Questions
What is the Multiple Listing Service (MLS)?
The Multiple Listing Service (MLS) is a computerized network of thousands of real estate firms across the country. Within this network, real estate agents share detailed property and sale information as a means of working together to serve those buying or selling their homes. The MLS is used by such well-known brokers as RE/MAX®, Century21®, Coldwell Banker® and others.
Most real estate professionals will tell you that the MLS is absolutely critical to selling a home. In fact, it's estimated that 85% of all homes sold nationally are listed in the MLS. When a potential homebuyer contacts a real estate agent to help them find a home, that agent will search the MLS to find a property that matches their client's needs and requirements. Research proves that homes listed in the MLS sell faster, and at a better price.
Is using the MLS the best way to sell my property?
Without a doubt. Most homes are sold through the MLS system. Furthermore, the National Association of REALTORS® (NAR) indicates that properties listed in the MLS by REALTORS® actually end up selling at higher prices compared to For Sale by Owner (FSBO) transactions.
Does FlatFeeLongIsland.com use the same MLS that professional REALTORS® do?
Yes, the very same one! The listing agent that places your property in the MLS for your geographic region will be compensated through the one-time flat fee that you pay for your listing. There are absolutely no additional fees required on your part. The reasons that agents in our network can afford to provide this service so inexpensively are a) the high volume of people using this service and b) they receive valuable exposure for their real estate agency. Additionally, if the listing agent brings in a buyer for your property, they will receive the real estate commission that you have agreed to pay the buyer's agent.
Is the MLS system the same as REALTOR.com®?
No. These are distinctly separate services with different websites and users. REALTOR.com® is a public website, managed by The National Association of REALTORS®. It picks up the information from hundreds of Multiple Listing Services across the country.
Unlike the MLS, which is updated instantly, public websites are usually only updated every few business days. Because it is always current, most REALTORS® prefer to use the MLS system.
I'm selling my home using the FSBO approach. Is there an MLS system that I can use without the services of a REALTOR®?
No, there is no MLS system available to FSBO sellers, and the general public does not have the ability to list their own property in the Multiple Listing Service. The only person who can list a property in the MLS is a state-licensed REALTOR®. In other words, a licensed real estate agent must be involved in order for your property to be listed in the MLS.
How long should I expect my property to be on the market once I list it in the MLS?
If your home is priced appropriately, in a good location, and shows well, it should sell quickly. Placement in the MLS and on REALTOR.com® will maximize these positive characteristics by providing the most visibility for your home.
Agents and Commission
What is the difference between a "selling agent" and a "listing agent"?
The term agent refers to someone who is a licensed professional real estate agent. Some people use the word "agent" while others use the word "REALTOR®". Generally speaking, these terms mean the same thing. A selling agent, also called a buyer's agent, is the real estate agency that actually sells a property. A listing agent is the real estate agency which lists your home for sale in the Multiple Listing Service.
Please note that FlatFeeLongIsland.com is not your listing broker/agent. Rather, we provide a referral service to property owners. Once you buy the service from FlatFeeLongIsland.com, we refer your flat-fee MLS listing to a listing agent who is a member of your regional MLS. Once your property is listed in the MLS, FlatFeeLongIsland.com pays the listing real estate agent. This listing agent is providing you with an extremely valuable service by listing your property in the MLS. For just one low flat fee, they allow you to save thousands of dollars in real estate commissions.
If my home sells as a result of appearing in the MLS, do I have to pay a commission?
Yes. Any REALTOR® that brings you an eager and willing buyer will be owed a selling commission. The amount of this commission will be determined by you when completing your listing agreement. The commission that you agree to pay to the selling agent will be displayed on your MLS listing.
How much commission do I have to pay to the buyer's agent?
This is completely up to you. Real estate commissions are negotiable under the law, and agents cannot demand that sellers pay them a certain commission amount. In fact, REALTORS® that demand a certain commission amount from a seller will most likely have their real estate license revoked.
If I find a buyer for my home myself, will I still have to pay a selling commission?
No. If you find your own buyer for your home and no agent is involved, you are not obligated to pay any commission.
Will real estate agents show and sell my home if it's not featured in the MLS?
Probably not, though there are always exceptions. Since the MLS Listing Agreement indicates what commission the agent will receive, they tend to work exclusively with computerized MLS listings. Without such a listing, FSBO homes are often overlooked by most agents, since they have no guarantee of compensation. However, if your FSBO home is listed in the Multiple Listing Service and you have agreed in writing to pay commission to the buyer's agent , a REALTOR® will have more incentive to introduce a buyer to your home.
Would it help me to list my home with a traditional agent?
No. If you were to go with a traditional, high-commission listing agent, your MLS listing would appear in the same MLS as it would if you purchased a flat-fee MLS listing through FlatFeeLongIsland.com. Of course, there are no refunds once your home is listed in your regional MLS, with the exception of our "REALTOR® Referral" Money-Back Guarantee.
Will REALTORS® show and sell my home even though I paid for a flat-fee MLS listing?
Absolutely! Rest assured, your flat-fee MLS listing will look no different than any other MLS listing in the system. The name of the broker who listed your property in the MLS will appear on your listing, not the name of FlatFeeLongIsland.com. Meaning that REALTORS® who view your property will have no way of knowing how much you paid to get listed in the MLS.
I've heard that some agents may refuse to show my home if they know it's a flat-fee MLS listing? Is this true?
No. This is absolutely untrue. Rather, this is a misleading statement made by certain real estate agents who do not want you to use our flat-fee MLS listing service. Again, as mentioned above, there is no way any agent will know that your MLS listing has been purchased through FlatFeeLongIsland.com. This is because the listing agent's name appears on your MLS listing, not ours.
Moreover, even if a buyer's agent knew you weren't paying a traditional high listing commission to get your home in the MLS, they'd have no reason to be concerned. The buyer's agent is only worried about the commission he or she has been offered to sell your home-not the listing agent's commission.
Will REALTORS® show and sell my home if I am not listed with their agency?
Yes, they will. The primary purpose of the Multiple Listing Service is for REALTORS® nationwide to be able to see each other's property listings and to find suitable properties for their clients.
Shouldn't the listing agent be located in the same neighborhood as my property?
Not necessarily. Some agents might tell you that this makes a difference, leading you to believe you need to list your property with a local agent. The truth is that few potential buyers live in your neighborhood-most will come from a different city, state or even country. Remember that the majority of buyers who come to you via the MLS already have a real estate agent (buyer's agent). A potential buyer very rarely hires the listing agent for the property they're interested in. If the buyer's agent needs to reach the listing agent, they typically use the phone or fax to send the purchase agreement; an in-person meeting is not usually necessary. So the fact that the listing agent is in another city or even another state shouldn't affect your real estate transaction in any way.
Who will REALTORS® call if they want to show my property to interested buyers?
They will contact the seller-you. Typically, the listing agent provides showing instructions in the MLS system. In this case, the instructions will say, "Call the owner/seller directly to arrange a showing" and provide your name and contact information.
There are a few areas in the country, such as Ohio, where the MLS does not permit display of the owner's contact information. Instead, the agent's phone number is given for showings. If this is the case, the listing broker will refer the call directly to you, and you will schedule the showing appointment. Generally speaking, REALTORS® call a property owner/seller before showing the property.
Is the listing agent involved with the sales contract?
Generally speaking, no. In order to save on commission, you'll need to handle many details of the sales transaction yourself. The listing agent is really only getting paid to list your property on the MLS. If you need help with the purchase contract, counter-offers, contingency issues, or closing matters, the listing agent may be able to offer you extra services for an additional cost. Most of the agents in our referral network offer additional optional services for sellers that need them.
Is the listing agent involved in negotiations?
No, unless you specifically request their assistance. Otherwise, you will be responsible for managing all property showings, inquiries, and sales contract issues on your own.
Getting Your Property Listed
Why use the FlatFeeLongIsland.com flat-fee listing service?
There are a number of great reasons to purchase a flat-fee MLS listing with FlatFeeLongIsland.com. Here are a few:
- We work only with licensed and experienced real estate agents
- Your property will be listed within 24-48 hours after you sign up
- There are no hidden fees or charges-just a reasonable flat fee
- We offer convenient forms and useful reports at no extra charge
- No other flat-fee MLS company offers as much valuable exposure!
What is included with my flat-fee MLS listing?
When you purchase a listing through FlatFeeLongIsland.com, your property will appear in the MLS, on REALTOR.com®, and on approximately 50 other real estate websites. You will also receive numerous "extras" as listed on the Extras page and your specific state website.
When I buy a flat-fee MLS listing, how long will my listing be active?
When purchased through FlatFeeLongIsland.com, your flat-fee MLS listing is good for a period of six months. Most homes sell within a couple of months. Some only take a week to sell-or even a day! It's a rare occurrence when a flat-fee MLS listing needs to be renewed. But if you find that your listing does need to be renewed, you will be able to do so through the agent who originally listed your property by paying him or her a flat fee directly.
What does getting listed in the MLS involve?
Getting your property listed in the Multiple Listing Service with FlatFeeLongIsland.com couldn't be easier! Here's how it works:
1) Place your order for a flat-fee MLS listing.
2) The real estate agent that belongs to the regional MLS for your area is contacted and given your information.
3) This agent will typically list your property within 24-48 hours after receiving your completed forms (i.e., Listing Contract and MLS Data Sheet). Note: If the agent doesn't work on the weekend, you may have to wait until Monday to be listed.
4) Once your paperwork is completed and returned, your home will be listed on the MLS, REALTOR.com® and other real estate websites. Then it's ready to be viewed by hungry buyers!
Can I cancel my flat-fee MLS listing anytime I want?
Yes, you may cancel your property listing at anytime. All you need to do is notify the listing agent.
If I'm not completely satisfied after I purchase my flat-fee MLS listing from FlatFeeLongIsland.com, can I get my money back?
If you are not completely satisfied with your flat-fee MLS listing, you may qualify for a 100% money-back guarantee under certain conditions. In this case, we will refer your MLS listing to a new broker who is acceptable to both of us. If at some point you wish to cancel for any reason and list with a traditional real estate agent, FlatFeeLongIsland.com will return the fee you paid us by rebating the money payable at close-of-escrow, provided that all parties agree to a standard REALTOR® Referral Agreement.
How do details about my property get in the MLS?
To obtain this information, the listing agent will have you complete the MLS Data Sheet. The information included in this document will enable interested buyers to evaluate your home and determine if it meets their buying criteria. The fields in the MLS Data Sheet cannot be customized. However, you'll have the opportunity to write a description about your home's unique features and selling points. The information you enter into the Data Sheet also goes to REALTOR.com® plus all of the public websites for your geographical area.
Can I make changes to my flat-fee MLS listing?
Yes, you will be able to make changes to your listing. To do this, you'll need to contact the listing agent with the new information.
Can I add more information to my MLS listing later if I wish?
Yes. You will have the ability to add extra information to your listing at any time by simply e-mailing this information to the listing agent.
Will I be able to see my MLS listing on a website?
Yes. The MLS is available on the Internet so that buyers can easily view all available listings.
What websites will my home appear on?
Your MLS listing will appear on 50 real estate websites, including REALTOR.com®, MSNhomes.com, Homes.com, Homestore.com, Homeadvisor.com, Yahoo.com and others. Additionally, licensed REALTORS® have the ability to display MLS listings directly on their own private website. Your listing will receive exposure through multiple channels!
Who uses REALTOR.com®?
Anyone can access and use REALTOR.com®, but it is mostly used by private parties looking for properties throughout the U.S.
What if I only want my property listed on REALTOR.com®?
Unfortunately, this is not possible. You have to get listed in the MLS before your listing can appear on REALTOR.com®
How long will it take for my listing to appear on the real estate websites?
The MLS sends listing data to different websites at various times during the day. Once your listing is entered into the MLS system, it will appear instantly to REALTORS® and their buyers.
Can I print and e-mail color brochures of my property?
Yes. REALTOR.com® allows you to print and/or e-mail color brochures of your home. These brochures can be handed out to potential buyers as a unique way to showcase your property.
Do I need a lockbox while my property is listed on MLS?
As the property owner, you can decide whether or not to use an optional electronic key-lockbox. This is a metal container for your house key(s) and is normally hung on the front door knob or gate of your property. The lockbox allows buyer's agents to show your home to potential buyers while you are away or unavailable. If you decide to use a lockbox, your MLS listing will advise real estate agents that they can use the lockbox for showings if you cannot be reached by phone. A lockbox is controlled by you and can be removed at any time.
If you do not have a lockbox, agents representing potential buyers will have to make appointments to meet you at your home for a showing. Very seldom will an agent knock on your door without first making an appointment with you. Not having a lockbox may mean that you miss out on some prime opportunities to sell your home. If you want an electronic lockbox, you can get one from the listing agent, who, if they have them available, will allow you to rent one for a fee.
I have a "For Sale by Owner" sign up in front of my property. Should I use the REALTOR®'s sign?
You can replace your sign with the listing agent's sign if you wish. Many agents include a sign or provide it as an optional service for a fee. Once you get listed in the MLS, ask the listing agent if you can use their "for sale" sign. In certain states, such as Alabama, Georgia, Kentucky, Indiana, Iowa, Mississippi, New Mexico, Ohio, Oklahoma, South Carolina, and Utah, the MLS does not allow for an FSBO sign when a property is listed in the MLS. Please note that MLS rules and regulations change on a daily basis and vary by state. FlatFeeLongIsland.com has no control over this aspect of your flat-fee listing.
Can I use my own exterior home photo for my flat-fee MLS listing?
Yes. If you have an attractive, high-quality photo of your property, you can send it to the listing agent via e-mail in .jpg format. However, your best bet is to let the MLS photographer take a professional photo of your home. Here's how it works: Once your home is listed in the MLS, the MLS photographer is sent to photograph it. This photo will generally be available within a few business days. The MLS then transfers this photo to the public websites for your area. Please note that your area MLS may or may not have a photographer who can take exterior photos. If your MLS does not have a designated photographer, you have the option of submitting a photo via e-mail to your listing agent.
Can I have more photos or a virtual tour added to my MLS listing?
Yes. After your property is listed in the MLS, ask the listing agent about adding extra photos or a tour. Many of the listing agents used by FlatFeeLongIsland.com offer extra photos for a small fee and virtual tours from $89 to $199. Keep in mind that this cost is insignificant compared to the benefit of saving thousands of dollars in real estate commissions. However, since a listing in the MLS is probably all it will take to sell your home, you may not even need to add these types of extra services.
Does FlatFeeLongIsland.com include the necessary forms and contracts needed by FSBO sellers?
Yes. There are FSBO forms currently available on our website, and we are continually adding more forms for your convenience. When you purchase a flat-fee MLS listing from FlatFeeLongIsland.com, we'll e-mail you all the forms you need if you take the FSBO approach. And if your home sells through the MLS, the buyer's agent will prepare the purchase contract.
How can I get my contract reviewed?
You may wish to consult the listing agent regarding review of your contract, since they are the most qualified to do so.
Once my paperwork is received, how long will it take for my home to get listed in the MLS?
Property listings are usually entered into the MLS system on the same business day that the paperwork is received, depending on the time of day.
How do I figure out the right sales price for my home?
Visit Zillow.com to get helpful guidance and tips for determining the sales price for your home.
How do I pay for my MLS listing?
Payment for your flat-fee MLS listing is made in advance using PayPal.
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