Frequently Asked Questions
Why do I want my home in the MLS? More than 80% of buyers are working with an agent who is a member of the MLS. The big advantage to you, as the seller, is that every single broker and agent participating in the MLS has an incentive to sell your home. This effectively puts every agent in the area to work selling your home! The first place a buyer’s agent looks is always the MLS. There is simply no better way to gain instant and widespread exposure for your home than listing it on the MLS. And the amount of exposure is one of the key aspects of getting your home sold as quickly as possible.
What is the MLS? The MLS (Multiple Listing Service) is a database of properties currently on the market in the area. Brokers participating in the MLS (which includes virtually all Brokers in the area) list all the homes they have for sale and agree to share in the sales commission of the properties. This means that if I list your property on the MLS for you, but another agent finds a buyer for your house, that other broker or agent is entitled to part of the commission.
How do I get my home on Realtor.com? The only way to do that is by listing your home in the MLS, which is tied to realtor.com.
Do you advertise in the paper or homes magazine? Most of our agents do not, but we can for an additional fee. There is a misconception that advertising sells real estate. Studies have proven that the vast majority of real estate sales are the result of Realtor networks like the MLS. Less than 2% of homes actually sell from a newspaper or magazine ad. We don't recommend advertising this way to market your home. Most of the calls we get from these type of ads are from buyers already working with an agent, and studies show that most of the calls "For Sale By Owners" receive from newspaper ads are from agents trying to list the home.
Why do agents advertise in the newspaper or magazine if it is not effective? Agents advertise in these because they are a good way to promote their name, and try to capture potential buyers not already working with an agent. The problem is that when you (the seller) pay additional fees, you are subsidizing advertising expenses that do nothing to sell your home! We aggressively market your home using a variety of Realtor and internet networks (where buyers are looking), instead of wasting money on advertising that simply does not work. This is why we are able to provide customized fee structures for our clients.
What makes your marketing services more effective than advertising in the homes magazines or newspapers? Over 90% of homebuyers are looking on the internet where they can get faster, easier, and more updated and detailed access to information about homes for sale. We are part of a national affiliated network with over 100,000 agents in 85 countries where your home is marketed - including other networks like Yahoo homes, The New York Times, trulio.com, and many others.
Do you do open houses? Not usually, but each of our agents can customize the services and fee structure to include open houses. Or we can provide the tools to help you conduct your own open house. It is important to know that less than 1% of homes ever sell from an open house. Agents will sometimes do open houses to try and capture potential leads, or they may conduct an open house to satisfy the seller when there is little showing activity on the house. If the market is slow - it is slow, and no amount of open houses will make a difference in getting the home sold. It doesn’t make sense to pay additional fees for something that simply doesn’t work. If you are not listing your home in the MLS, you may consider having an open house - we will provide you with the tools and resources to assist you with open houses.
Why is setting the right sales price so important? Pricing your home correctly is another key factor for getting your home sold in a reasonable time. If your home is priced too high, potential buyers and their agents, who are looking at similar homes, often will not consider looking at a home that is out of a market price range. If you could buy a comparable home for less, you’re not going to buy the same or comparable home that costs more. Even if a buyer wanted to pay more for the same type of home, it would need to appraise in order for the buyer to receive financing. Most buyers are not in a position to make low-ball offers because of financing constraints, and because agents have become very good at doing a market analysis - they are going to know if the home is priced too high. In a declining market, pricing becomes even more critical as homes are usually sitting on the market longer.
Are there any up front fees for your home selling services? Not for most programs, but we do offer optional services that may require an up front fee. There are no up front listing fees for our traditional services, non-mls program, or FSBO program. There is a small up front fee for our EQUITY SAVERsm program.
What is a Co-op fee? Brokers participating in the MLS are entitled to a part of the commission or co-op. The big advantage to you, as the seller, is that every single broker and agent participating in the MLS has an incentive to sell your home. Co-op fees will vary from region to region. Co-op fees, as with all commission rates, are negotiable. But brokers can set policies as to what $ amount of co-op their office will offer. The co-op fee in our area is typically 3%, and as a result, we will take a lessor portion of the fee (the listing side portion) and pay a 3% co-op to the selling (buyer's) agent to ensure that all agents have an incentive to show and sell your home.
For more questions call Michael @719-460-7004 or email us! |