We’ve all heard it before.  The words of Vince Lombardi to the Green Bay Packers on the first day of training camp in 1961 after a terrible conclusion to the previous season.  He realized the importance of getting back to the basics sometimes and mastering the fundamentals.  Also this audience continues to grow and some people reading here are not as experienced as others.

Most of this information is not at all intuitive.  We are not born knowing it.  Some we need to learn, even though we don’t need to know everything.  This is as we don’t need to know how to tune up our car to be able to drive it.  So here we go.

What is an MLS entry-only listing?

Traditional, full-service agents, in return for a pledge of a healthy amount of commission, put your house in the MLS and then expose the house to prospective buyers.  They put out a sign.  Sometimes those type agents take phone calls about the house and show it to prospective buyers.   Sometimes full-service agents can hold an “Open House.”   They, or their assistant can answer your questions whenever you wish, around the clock. That type agent agrees to make recommendations concerning the sale.  They receive and negotiate any offers on the house.   They are ‘Full-service.”  But, more often than not, the house is sold by another agent who saw the house in the MLS.

With an MLS entry-only listing, for a few pennies on the dollar, you answer the phone. You set up the showings.  If there is an “Open House,” you do it.  You negotiate your own sale.  And the house is still often sold by another agent who is a member of the MLS.

Do I Still Use a Broker?

Yes.  Absolutely.  A broker who is willing to do this type of listing must meet the requirements of any other, plus some extra.  He also must make clear to the seller what tasks he does and doesn’t do.  In some ways, it is like calling a newspaper and placing an ad.  The paper promises to run the ad.  Newspapers don’t promise that people will read it, or that it will be effective.

In some ways, this type of broker is a highly regulated, insured, licensed clerk.  Even if the broker wanted to do extra, he has signed an agreement that he would not.  Therefore this type broker is probably not on call around the clock.  He may not work weekends.  Once the house is in the MLS, his job is done.

You Can’t Buy a Hamburger and Expect a Steak

Most people, and most sellers are quite accustomed to the old type, full-service agent.   Naturally, they expect their ways are that of ALL agents.  But, in most cases, these new type agents may keep what is closer to “business hours.”  They may have even signed an agreement to give you NO advice negotiating.  Sometimes customers don’t remember that. Occasionally a customer gets mad when the agent is not sitting at his computer, waiting for their call Sunday night.  Sorry, “MLS entry-only” is not the same as “full service.”  Instead of spending all my time on one or two listings, I work with a LOT of customers.

And yet, even though this sounds pretty basic, last week one of my customers asked me quite seriously, “how do you make any money this way?”

Written by Don Martin.  For his updates go here.

Don Martin, Martin Properties (615) 973-8970  www.mlsDon.com

Photo credit: Lee Edwin Coursey via Visual hunt / CC BY

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I have used this lock type personally in many different places.  It hasn’t let me down yet.

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