Flat Fee MLS PLUS Frequently Asked Questions

DEFINING THE MULTIPLE LISTING SERVICE (MLS)

The MLS is a body of Realtors in specific defined areas who come together and agree to provide their Real Estate listings for all member agents use to find homes for their buyers. These Realtors must be approved by the MLS before they can join and pay monthly dues to the MLS for they privelege of being a member. Additionally the Realtors must abide by the State Real Estate Laws, National Association of Realtor's Code of Ethics, Rules, Regulations, Policies and Procedures as well as those established and approved by each MLS's Board of Directors. Each MLS maintains a database of all Broker/agent members and their listed homes for sale or lease. Real Estate Agents search the MLS to find homes that meet their buyer's criteria. All Real Estate Agents and Brokers in good standing with the MLS can list homes and search the database for homes that meet their buyer's needs. The commission amount determined by the Seller is specified in the Listing Contract as to what the Buyer's agent receives. This is displayed on the MLS Listing along with the detailed information about the home and picture(s). Approximately 90% of buyers use Real Estate agents when buying a home. All agents use the MLS when searching for homes for their buyers.

HOW DO STATE LAW REQUIREMENTS DIFFER FROM STATE TO STATE?

State Real Estate laws vary and may have very different Real Estate requirements. The Legislature of each State establishes and approves the Real Estate Laws. These State Laws are reviewed by the Department of Justice of the US for fairness to the consumers. Brokers and agents not only must be State licensed and comply with State laws, but also a member of the National, State and local Association of Realtors and the MLS's they wish to list properties in. Some belong to multiple MLS's depending on the areas they wish to work in. Rules and Regulations will vary from one MLS to another.

WHAT IS THE LISTING BROKER/ AGENT'S ROLE?

Only licensed real estate brokers & agents can list property in an MLS. Some Flat fee MLS internet companies will tell you that only an upfront flat fee is required by the Listing Broker, this might be true depending on the Listing Broker, however many States have laws that require the Listing Broker to be involved in the transaction when another Realtor is involved and there are minimal fees required by Flat Fee MLS Plus Listing Brokers for that representation. Each State has different requirements and it is explained on a state-by-state basis as you place your MLS Service order to have your home listed. Complete listing broker transaction assistance is approx. 1/2% at closing when another Realtor sells your home.

WHAT IS THE LISTING BROKER/ AGENT'S ROLE IN PREPARATION AND PROVIDING CONTRACTS AND FORMS?

The Listing broker will provide all the necessary listing forms and disclosures. The Listing broker usually does not provide additional contracts and documents if it is an "Entry Only" listing. In the states where the Listing Broker is required to assist the Seller, or if the Seller chooses Transaction assistance, the Listing Broker and the Buyers Agent working together do all document preparation required for the transaction.

THE LISTING BROKER/AGENT COMMISSION IS?

This varies according to each Broker, each State and the requirements of that state's Real Estate Laws, the total commission of Flat fee MLS Plus listings will never exceed 3.5% at closing when another Realtor sells your home, this amounts to approximately 1/2 of what traditional brokers charge sellers.  Be cautious when Internet Flat Fee companies tell you that you "ONLY" pay the upfront fee!!! This may be false!! Check your state laws so you won't be duped or confused. Better still choose Flat fee MLS Plus, and we will provide you with all information pertinent to your property and your State Laws.

THE BUYER'S AGENT COMMISSION IS?

The buyer's agent will know from the MLS listing what their fee is going to be prior to showing each listing. It is mandatory that this be shown on the MLS listing. You must pay the buyer's agent the commission you have agreed to pay on the Listing contract if you accept an offer brought to you by a Buyer's Agent. We recommend offering a Buyers Agent commission between 2 – 3% as your listing will be in competition with all others, and the Buyer's Agent may show only the listings that they can make the most on. Generally Buyers Agents "MAY CHOOSE NOT" to show a listing for any reason they so choose.

IF I FIND MY OWN BUYER IS THER A COMMISSION OWED?

"No" commission is owed if you find the buyer unless you desire to work with the Listing Broker to secure Transaction Assistance.

WILL THE SELLER'S PHONE NUMBERS BE LISTED ON THE MLS AND REALTOR.COM?

MLS's vary from one to another, some allow for the Seller's phone number to be on the face of the listing, others do not, If possible we use an appointment setting service and all MLS's allow this phone number to appear on the face of the listing. You will be called either way according to the showing instructions you provide your Listing Broker. Realtor.Com does not allow Seller's Phone numbers to appear on the listing; only the contact information of the Listing Broker appears on Realtor.Com

HOW SOON WILL MY LISTING APPEAR IN THE MLS AND REALTOR.COM?

The Listing Broker that is assigned to the seller normally contacts you within 1 business day and explains the procedure and what the requirements for your listing are. Once you, the seller fills out and signs all documents required by State Law and return them to the Listing Broker, the MLS listing is generally up within 1 business day. The Realtor.Com listing depends on how often your MLS uploads, it generally appears within 48 hours.

WHAT DO YOU MEAN BY MONEY BACK GUARANTEE?

When a commission is paid to the Listing Broker at closing that is at least $1,000.00 we will refund the amount of your initial upfront fee in full at closing. This can be done on State required transaction assistance fees, Sellers who choose transaction assistance, or converting to a full service brokerage that we refer you to.

DO YOU RECOMMEND TRANSACTION ASSISTANCE BY THE LISTING BROKER IF IT IS NOT REQUIRED BY MY STATE'S LAW?

That of course is up to the Seller, but one concept is that by choosing the "Entry Only Listing", that is what you get "Entry Only".  This takes away motivation from the Listing Broker to help you get your home sold. Listing Broker Transaction Assistance for a minimal fee forms a solid partnership with the listing Broker/agent and the agent tries harder to help you get your home sold & closed since they benefit also at closing and you still save about 50% over "Traditional" Real Estate Company services. Studies show that 4 times as many listings close with Listing Broker transaction assistance to the seller than "Entry Only" Listings.

WHAT OPTIONAL ITEMS DOES FLAT FEE MLS PLUS OFFER?

Signs, Realtor.Com Showcase listings, 25 photos, Market Analysis, Agent Feedback, Transaction Assistance and Escrow, Supra Lockboxes in some areas. These items can be purchased and provided for additional fees with an "Entry Only" listing. If you need or choose seller transaction assistance for our minimal fee of .5% at closing, these options are included and the fee is paid only at closing if a Realtor sells your home.

WHAT ARE MY SAVINGS WHEN USING FLATFEEMLSPLUS.NET OPPPOSED TO CHOOSING A TRADITIONAL BROKER?

Assume that you are selling your home for $200,000. One scenario shown below uses a Traditional full-service Real Estate Broker with a 6% commission. The other scenario uses our Flat Fee MLS Plus service including total seller transaction assistance by the Listing Broker. Buyer's agents are paid from the total commission at closing. Most buyer's agents are paid approx. 2.5%

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Thank you Flatfeemlsplus! You exceeded our expectations with your great knowledge, your expertise and professionalism And we paid 3% total commission. - David J., Memphis, TN

FlatfeeMLSplus is the right way to get help to sell in a tough market. We sold our home in only 4 days and got full asking price. The Listing Broker assisted us through the closing and it was a great experience! We paid a total of 3% at closing. - Mike, Cabot, AR

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