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From time to time I get questions. Yes, occasionally, they are the same as I have answered previously, but they seem to vary situationally in the perception of different sellers. Frankly, the traditional real estate architecture, must be so well known, and unvarying, as to make these MLS listing service transactions look incredibly exotic.
Occasionally it is good to start with the base definitions and rules for the playing pieces in the game.
What is the Multiple Listing Service?
The MLS (Multiple Listing Service) is a computerized database which enables Realtors to display property listing information, so that cooperating brokers can view and evaluate listings. In certain areas, some of that information may be made available for public viewing, as well.
What is flat fee MLS?
Flat fee MLS is a term used to describe a practice in which Realtors place information about a property for sale into the database of the local Multiple Listing Service (MLS) for flat fee, as opposed to a commission based on the contract selling price. The exposure associated with an MLS listing will be realized at a fraction of the cost. No additional listing fees will be required to set up your listing.
Who is Martin Properties?
Martin Properties is a Tennessee based, flat fee Multiple Listing Service provider. Martin Properties has developed a platform that gives its web customers the ability to submit their own listing information, via the mlsDon.com website, and have the data transmitted directly to the broker. The listing will then be entered into database of the Multiple Listing Service.
How do Agents/Buyers contact me?
Buyers/Agents contact the Seller directly to set up showings. The Seller’s contact information is placed in the “Showing Instructions” of the MLS for Buyer’s Agents to see. However, it is a violation of the MLS for a Seller’s contact information to be placed in the Public Remarks section or on Partner MLS Websites. If a Buyer/Agent calls Listing office, we tell them the Seller is responsible for setting up showings, and we give them the contact information, or after hours, our voice mail directs callers to TNFlatFee.com for the contact phone number. So, all calls are directed to the Seller. Any emails inquiries are forwarded to the Seller.
Will I need to offer compensation to a buyer’s agent?
Yes. In all cases, where the property is “listed” in the MLS for a flat fee, the seller must offer compensation to a “Buyer’s Agent”, typically 1% to 3% of the selling price. You set this amount, and this fee is paid to the cooperating broker ( buyer’s agent) for producing a purchaser, only when the transaction closes. As previously stated, you will not be required to pay a commission to a buyer’s agent if you sell to someone who is not working with or claimed by a specific broker. The title agent conducting your closing will be be instructed, pursuant to your purchase and sales agreement (or Compensation Agreement), to disburse any fees due to the Cooperating Broker.
Can my property be listed on the MLS for longer than my listing agreement calls for?
Yes. However, listing agreements must have a definite expiration date. Therefore, additional paperwork will be required to extend the original period contemplated in the agreement. Don’t let fear make you quit early.
Who will be in control of my Flat Fee MLS listing?
What are the duties of a limited service flat fee MLS listing broker?
The duties of a real estate broker will strictly depend on the laws of the state in which the property is located. If your state does not impose minimum service requirements, then the duties will be limited to the following: As a real estate licensee who has only an “Entry-Only” brokerage relationship with you, Martin Properties owes to you the following duties: 1. Dealing honestly and fairly; 2. Disclosing all known facts that materially affect the value of residential real property which are not readily observable to the buyer. 3. Accounting for all funds entrusted to them. 4. Entering your listing into the MLS only (for which you paid.)
How soon will my MLS listing appear?
MLS Listings initially become active, and subsequent updates occur within 24 to 48 hours (not counting Sunday) made are available for public viewing 24/7 immediately after they are completed by broker. All listing and changes/edits must be accompanied by request completed by you, the seller.
This game is more user-friendly than it is exotic, and in time, we hope to succeed in this goal of increasing familiarity with the new knowledge. You call me if you need at (615) 973-8970.
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