What is the Multiple Listing Service (MLS)?
The MLS is a database of homes for sale in your local area. Real estate agents use the MLS to locate homes for the clients they represent. Listing a property on the MLS notifies all local brokers that your home is for sale. Only licensed real estate agents and brokers can list property for sale in the MLS.
How does the MLS Help Me Sell My Home?
Real estate agents and brokers use the MLS almost exclusively to search for properties for their buyers. Over 80 percent of buyers are represented by real estate agents, so it is essential if you want to reach the most buyers and receive the most offers. In other words, if you don’t list on the MLS you’ll be missing out on reaching 4 out of 5 buyers.
What are the steps to be listed on the MLS? How long does it take?
1. Purchase a package that includes a Flat Fee MLS listing or upgrade your package to include an MLS listing.
2. A Real Estate Broker Affiliate will contact you via e-mail within 2 business days of your purchase with instructions on how to complete the MLS paperwork.
3. You must complete the paperwork and fax or email it back to the Real Estate Broker Affiliate. When you complete this paperwork, you must indicate how much you are willing to pay the buyer’s real estate agent – this must be between 2-3% of the selling price of your property.
4. The Real Estate Broker Affiliate will post between one and ten photos of your property on the MLS and Realtor.com. They will provide instructions on how to submit your photo to them. It is highly recommended that you post a photo for maximum results.
5. Once your paperwork is completed and submitted to the Real Estate Broker Affiliate, your property will be placed on your local MLS within 1 business day. You will receive e-mail notification from your Real Estate Broker Affiliate that your home has been successfully listed in the MLS along with a copy of your listing to review.
6. Your property will be uploaded to Realtor.com within 72 hours of being listed on the MLS. Note: Realtor.com is not the MLS, but a stand alone website for Realtors to expose their MLS listings to the public. It is also the largest national real estate website!
Note: This process may vary slightly based on the rules of the individual MLS boards around the country, which are beyond the control of FSBOmarketplace.com.
Why would a real estate agent list my property if they are not going to get a commission?
Our Real Estate Broker Affiliates work for a flat fee. They do this for several reasons including volume and more exposure for their name. Furthermore, if that Realtor brings you a buyer, they receive the 2% or 3% commission you’ve agreed to pay the buyer’s agent.
How does listing on Realtor.com help me sell my home?
Realtor.com is the nation’s largest real estate website and the most important resource the public uses for locating properties for sale. By listing on Realtor.com your property is guaranteed the widest exposure with access to millions of potential buyers across the country.
Is the MLS the same as Realtor.com?
No. Realtor.com is a national real estate website operated by the National Association of Realtors (NAR) to give the public access to MLS listings. Only homes that have been listed on a local MLS through a licensed real estate agent will be picked up by NAR and shown on Realtor.com.
Will I have to pay any commission to the listing agent?
No. You pay only a flat fee to the FSBOmarketplace.com. However, you will be responsible for paying the buyer’s agent a 2% or 3% commission. 3% is recommend for maximum effectiveness as there are a few Realtors that will show a home less if it does not offer a full 3%.
How much commission do I have to pay a buyer’s agent?
Ultimately, you decide the amount you are willing to pay but it should be between 2-3% of the selling price of your home. Anything less and most agents will not bother showing your property as you will be competing with other listings for agent’s attention.. If you find the buyer without a buyer’s agent, then you will not have to a commission.
Who will be showing my property?
You will be responsible for all property showings. If a potential buyer is interested in your property, their real estate agent will contact you directly to set-up a showing of your property. You will need to be there to open the door for the agent and their buyers or provide the real estate agent a code to a lock box on your front door.
Will my contact information be displayed on the MLS and Realtor.com?
You will be the “Showing Contact” on the MLS. This way, buyer’s agents will contact you directly if they would like to show your property to their buyer clients. Realtor.com does not allow seller information to be displayed on their site because they cater to real estate professionals and have strict guidelines regarding property listings. If a potential buyer is interested in your property they can contact any real estate agent and provide the MLS number listed on your Realtor.com ad. The buyer’s agent will then contact you directly to set up a showing of your property.
How do “For Sale By Owner” sellers benefit from a Flat Fee MLS listing?
First and foremost, you will receive significantly more exposure to potential buyers! More than 80% of buyers use real estate agents, and these agents use the MLS as their main tool to find homes for their clients.
Secondly, unlike listing exclusively with an Realtor, you get to keep control and save thousands of dollars! Enjoy the benefits and cost savings of the “For Sale By Owner” method while giving your property the additional exposure of the MLS. The flat fee you pay to get your home on the local MLS is considerably less than the thousands you would pay in traditional commission.
How long will my listing remain on the MLS?
Your property listing will remain on the local MLS and Realtor.com for 6 months or until your property sells, which ever occurs first. It may be extended for an additional charge.
How many photos can I post on the MLS and Realtor.com?
The number of photos allowed on the MLS varies by MLS association. Usually, you can post at least 6 photos on the MLS with many areas allowing for 10 or more. However, you can only post 1 photo on Realtor.com. You will need to send your photos to your assigned Real Estate Broker Affiliate. They will provide you instructions on how to do this. The photos need to be saved in a .jpg file, 640 x 480 pixels is acceptable but 800 x 600 pixels are ideal.
Will my property listing be posted on any other MLS affiliated websites?
There are literally thousands of MLS affiliated websites across the country that post MLS listings. Your property may be listed on one or more additional MLS affiliated websites giving you extra exposure! FSBOmarketplace.com nor our Real Estate Broker Affiliates are affiliated with these private websites and cannot control whether or not your listing is posted on any particular website.
Can I make changes to my MLS listing?
You may make two changes to your MLS listing during your listing period, free of charge! Additional revisions can be made for a fee which will be determined by your assigned Real Estate Broker Affiliate. Changes to the price or status (sold or under contract) of your MLS listing are always free.
All edits must be submitted to your Real Estate Broker Affiliate in writing (email, fax or snail mail). Your Broker Affiliate will make the requested changes within 1 business day. It may take up to 10 days for changes to your MLS listing to be reflected on Realtor.com.
Can I get additional help or services from the listing agent?
Almost all of our Real Estate Broker Affiliates in our flat fee MLS network will provide additional services including contract review, negotiating, and close of sale. These services are subject to additional fees and can be discussed with that agent.
If I already have a yard sign, can I use it instead of the listing agent’s sign?
In most states, the answer is “Yes”. However, due to local regulation, the use of “For Sale By Owner” signs are not allowed in your yard when listed on the MLS in the following states: AL, GA, IN, KY, LA, MS, NY, OH, SC, TN, UT & VT. In these cases, alternative signs can be provided by the Real Estate Broker Affiliate.