Sellers FAQ
FREQUENTLY ASKED QUESTIONS
What is the Multiple Listing Service?
A Multiple Listing Service (MLS) is a means by which to facilitate the correlation and dissemination of listing information among participants so they may better serve their clients and the public; and a means by which authorized participants make offers of cooperation and compensation to other participants. In plain English, it is a database of properties for sale in specified areas and is controlled by the local Board of Realtors®. It is the resource for real estate agents in finding homes for their buyers and for advertising their listed properties for sale to other real estate brokers/agents
How much does it cost to get on the MLS?
It costs a one time, up front, flat fee of $350.
How long and where will my home be advertised on the MLS?
Your home will be advertised on the local MLS Listing System for six months. Your property will also have an enhanced listing "Showcase Property" on Realtor.com. Realtor.com is controlled by the National Association of Realtors®. Realtor.com is also the exclusive real estate listings provider for America Online's Real Estate Channel (AOL®), including Netscape®, CompuServe® and AOL® City Guide, which gives your property listing additional exposure. Your property will also be shown on the Florida Association of Realtors® website (fl.living.net).
If a buyer finds your home on Realtor.com, you owe no commision.
Do I have to pay a commision if my buyer comes from Realtor.com?
No.
Will I receive a refund if my home does not sell within the six month listing term?
There is no refund if your home is not sold. However, if your property does not sell within the six month listing term and you wish to convert to a full service listing with an agent, the $295 MLS Listing charge will be deducted from the commission at closing.
What is the benefit of having my home on the MLS?
There is a huge benefit to having your home listed on the MLS - media exposure. Your property for sale information will be advertised continuously worldwide and will be made available to more potential buyers and the thousands of local real estate agents! Your property will be exposed to a greater number of potential buyers, resulting in a higher price and quicker sale. The majority of homes are sold with the help of the MLS exposure!
What is the difference between a Seller's Agent and a Buyer's Agent?
A Seller's Agent lists the property, thereby "marketing" the property to potential buyers and other real estate agents working with buyers. A Buyer's Agent is like a personal shopper assisting the property purchaser with all the aspects of the purchase.
What does it mean to cooperate (co-op)?
Cooperating with brokers (co-op) means that you are willing to pay a Buyer's Agent a fee for bringing a buyer to you. Traditionally, a buyer's agent is expecting a 2% - 3% commission based on the property selling price. It is necessary to set the commission amount you are offering to pay cooperating agents/brokers on the MLS at the time of listing. The higher the commission, the more incentive it will be for agents to bring prospective buyers.
What are the benefits of using a Lock Box?
A Lock Box or key safe allows your home to be shown to prospective buyers when you are not there. This combination lock box is typically hung on a door of your house and keeps your key safe. A lock box is very helpful so that you will not miss out on any potential buyers seeing your property. You can give the Buyer's Agent the lockbox combination to show your property when you are not available. Usually the combination can be changed if you wish to change it frequently for more privacy. Lock boxes or portable key safes can be purchased at hardware stores, lock and safe stores, or online.
Can I make changes to my listing information?
Yes. You can make changes up to ten times within the six month listing term.
If I do not want to "co-op" with a Real Estate Agent, is the MLS Listing still a good idea for me?
No. A Buyer's Agent's business is to sell properties in exchange for a professional fee (brokerage commission). The majority of homes are sold with the help of the MLS and real estate brokers and agents. By using the MLS, you are recruiting thousands of brokers and agents to work to sell your property.
What is the difference between a Realtor®, a broker and an agent?
A real estate agent is licensed by the state to work under a broker. A real estate broker is licensed by the state to practice individually. A Realtor® is a broker or agent who is a member of the professional Realtors®' Association and is thereby able to utilize the multiple listing service (MLS).
Do I have to pay an agent if I put my home on the local MLS Listing Service but find the buyer myself?
NO. You would have only spent the initial MLS fee of $350.