Frequently Asked Questions for Flat Fee MLS Listings
What is the Multiple Listing Service?
The Multiple Listing Service (MLS) is an extensive database of information on real estate properties listed by real estate brokers and their agents. The MLS is only available exclusively to the members of the MLS, providing a large advantage to buyer’s and sellers who utilize the services of REALTORS®. To understand how the process works, when a client contacts an agent regarding a home purchase, the agent will search the MLS for properties meeting their criteria. If a REALTOR® finds a buyer for your house, you will only pay a 3% commission of the sales price and never a listing commission. (Or whatever commission you are offering as stated in the MLS)
A few points regarding the MLS and Listing Agents:
Less than 5% of listing agents actually sell the homes they list. Why? They simply use the power of the MLS by listing the properties for thousands of agents to bring their buyers respective buyers. 85% of home buyers use a REALTOR® to help them locate a property. Why is this important? The answer is simple, REALTORS® use to the MLS to search properties for their clients. The flat fee listing method lists your property on the same MLS as the local REALTORS®. You can put the power of the MLS to work for you and save 3% commission.
What is the difference in Congress Realty as opposed to the 'National' Companies?
Unlike the 'National' Companies, Congress Realty is licensed in every state we operate. Many of these companies refer or attempt to refer their business to Congress Realty. By coming directly to Congress Realty, you will effectively be eliminating the middle man.
Is it true that most houses are sold through REALTORS® and they usually sell for more?
Yes. According to the National Association of REALTORS®, homes listed on the MLS average a higher net of 7% more.
Is the MLS really going to help me sell my house?
Absolutely, listing in the Realtor's MLS is crucial if you are serious about selling. 85% of home buyers use the services of a real estate agent, and real estate agents use the MLS to search for houses on the market.
How can your services help lower the price of my home?
If you list with a REALTOR® and pay a 6% commission, you may need to increase the price of your home to defray your high commission expense and end up with the healthy bottom line your desire. With our program, you practically eliminate the Listing Commission. This allows you to lower the asking price of your home, making it available to more buyer's and more competitive with other properties currently for sale.
How long can my property be listed on the MLS for flat fee?
The economy listing is good for up to 6 months; extensions are available.
Will my house be listed on the REALTOR.com® web site and others?
Yes. REALTOR.com® is the largest online property listing site with more than one million five hundred thousand available houses nationwide. This accounts for about 80% of all available houses in the U.S. More than five million potential buyers visit the site each month.
If I sell my home 'by owner' how much will it cost me?
If you sell your own home to an unrepresented buyer - you only pay the initial flat fee.
Will my listing be different than other listed properties paying a full commission?
No! Your listing will appear exactly the same as any other listing with “Full Price” REALTOR®.
How long does it take to get my house in the MLS?
Typically, we can have your property listed the next business day after listing.
How long does it take to get the sign & lockbox?
Typically, 2-3 days.
Why do I need to be listed in the MLS?
To gain the greatest exposure! There is simply no substitute for the power of the MLS!
Can I use my own "For Sale" Sign?
Although we do not recommend it, in many cases, you may use your own sign. Some MLS's and States, however, do not allow a FSBO sign to be used. Keep in mind, traditional REALTORS® will feel more comfortable about receiving their commission if the words FSBO are not included anywhere in your language or Signage.
How do I know the MLS information is correct?
We will email or Fax you a copy of the MLS listing for you to review. After you have looked over the listing, we will immediately make any and all changes that you request.
Can I make changes to my MLS listing?
You can email changes after reviewing the MLS Listing - there is no charge for changes.
When you enter my listing in the MLS, is there a special number to identify my property?
The MLS assigns a specific number so Realtors can easily identify your property.
If I list with you, will my property be on the same MLS as the local REALTOR® use?
Yes. Your property will listed on the same MLS as used by REALTORS®. 24/7
If a REALTOR® does sell my home do I have to pay the REALTOR® a commission?
Yes. When you fill out the documents to list with us, you are asked how much commission you'll pay to the buyers' agent. Most sellers offer a commission of 3%; however, the amount you offer is determined by you prior to listing. After you have entered this amount into the MLS, it is NOT negotiable.
Whose going to do all the paperwork involved?
We will be more than happy to take care of the paperwork for you as apart of our Full Service Program. We will carefully walk you through each and every phase, supplying Professional advice along the way.
*** Please note, in the state of Nebraska, we do not collect any listing fees upfront. Please see our Nebraska Listing agreement for details or call 800 657 6579 ext 1.