MLS (Multiple Listing Service) is the most comprehensive computerized database of homes for sale, with over 1.5 million listings nationwide. Only Real Estate Brokers are eligible to become members of the MLS and enter their listings on the database.
The MLS is used by Real Estate Agents to market and promote their own listings and to cooperate with other Real Estate Brokers. Real Estate Brokers, in turn, are compensated with part of the commission. The majority of real estate transactions are as a result of direct MLS exposure.
As members of the MLS, The Realty Dot is making this important marketing tool available to home sellers for a fraction of the cost! By having your property in the MLS, it will be exposed to thousands of local Real Estate Agents who otherwise would not have known that your property was for sale and would not have shown it. This is the same MLS used by conventional brokers who charge a full listing commission.
2. Will The Realty Dot place my home in the correct MLS?
Yes. Your listing will be placed in the same MLS that any local agent would place your property in. The MLS is divided into many subdivisions based on your city and/or county. The Realty Dot will place your house in the correct MLS specific to your property's location. We will work with you directly as your Licensed Broker. We will not refer you to another broker who will list your property and never be heard from again. We specialize in maintaining your listing. There are no additional fees or hidden charges.
Realtor.com is a website that loads all of its listings directly from every MLS. This allows Real Estate Agents and perspective home buyers to view listings nationwide. Realtor.com is the official Internet site for the National Association of Realtors. Realtor.com's 1.6 million home listings are provided by 603 participating Realtor Multiple Listing Services(MLS). Therefore, to have your home featured with a color photograph and all pertinent information on Realtor.com, you must first list your property for sale in the MLS. Your property will be Showcased 2-3 days after your listing has been made active.
4. What if I sell my property myself?
If you sell your property without a Buyer's broker, NO COMMISSION IS DUE! You would have invested only $199 (Flash Listing Package).5. Will other Real Estate Agents show my home to their prospects?
Absolutely. The MLS is the primary source that Real Estate Agents use to find properties for their buyers. Most MLS listings are sold by an agent that is compensated for their half of the usual 5% or 6% commission. With our service you offer to pay the Buyer's agent a commission of your choice (1, 2, 2.5%, etc). Best of all, The Realty Dot allows you to choose the commission percentage offered to Buyer's Agents (normally 2.5% or 3%). You may change the Buyer's Agent commission at any time!
6. Will agents with buyers boycott my listing because I am saving so much money?
No. Agents want to find a home that meets their buyers needs as quickly as possible, as long as they get paid a competitive commission for bringing the buyer. It is extremely rare that an agent would refuse to show a home that pays them a competitive commission and meets their buyers needs. There may be a very small number of agents in some areas that violate the Code of Ethics and Federal law prohibiting a boycott, but it is extremely rare. In general, the MLS listing does not tell them how much you are paying to list your home, only what you are offering to pay the agent who brings the buyer, so the agent won't know how much you are saving.
It is more common for an agent who hopes to list your home themselves (for 6%!) to say that agents won't show your home to their buyers. While making this statement violates Federal Law and the Realtor Code of Ethics, realize that this is attempt to list your home because the agent doesn't have a good reason why you should pay their higher price.
In addition, the local, State, and National Associations actively police agents who make these comments. A recent article written by a Realtor Association Attorney states: "Two or more firms should never agree to refuse to deal with or cooperate on less favorable terms with another competitor (usually a discount broker) or attempt to drive such competitor out of business. Boycotts such as these are illegal. Nothing can be done to intimidate "discounters" so that they will abandon their alternative marketing strategies. You should never indicate that other brokers would not do business with the discount firm."
7. How do Real Estate Agents show my home?
If an agent would like to show your home, they will contact you directly from your phone number given in the MLS. It's that simple. If you would like Realtors to show your property while you are away, we recommend a lockbox. You may purchase a key lockbox for only $49.95 when you list.
To also help you market your listing, we also offer "For Sale" arrow signs and flyer boxes.
8. What happens if a Real Estate Agent contacts The Realty Dot directly?
The Realty Dot will instruct the agent to contact the seller directly. Our answering service is always available, so you will never miss an important showing!
9. May a buyer contact me directly after a Real Estate Agent shows my home to them?
No. That buyer is the Real Estate Agent's prospect and therefore would be entitled to the selling commission.
10. Will a yard sign be provided?
Realty Dot ‘For Sale’ yard signs are available for purchase and are also included in our Premium and Deluxe listing packages. The signs feature The Realty Dot website address, logo and phone number. The sign can be personalized with your MLS number and your direct phone number.
A professional sign with your MLS number will inform Real Estate Agents that you are willing to cooperate with any Real Estate Broker that brings you an acceptable offer.
11. Can I cancel my listing at any time?
Yes you can. You may withdraw your listing at anytime without further obligation. You may also renew your listing to extend your exposure in the MLS.
12. How long before my home will be on MLS and the Internet?
Your home will be on the MLS within 24-48 hours (Specific to your local MLS), MLSyourway.com and Showcased on Realtor.com®.
13. Is a photograph of my home taken? Will the photograph be on MLS and the Internet?
Normally an MLS photographer will take a picture of your home, typically within 1-2 weeks. The photograph will be taken of the exterior front and you do not need to be at home. We recommend that your submit your own photos for faster service. Some MLS's accept up to 10 additonal photos at no additional cost!Your photos will also be Showcased on Realtor.com! An important feature for your listing.
14. What happens when I receive an offer on my property?
We suggest that you have an attorney review the offer before you sign it, since it is a binding agreement. After a contract is pending, please complete the contract pending form included in your listing packet and return it to The Realty Dot with a copy of the signed contract.
15. How do I list my home with The Realty Dot?
Just click here to register online. You can also call our office toll free at (877) 856-4615 or email us to request a listing package. Upon completing your listing package, you can fax the forms back to our toll-free fax at (866) 728-7885 and be on the MLS within hours.
Don't have a fax number? Just download your free version of efax at http://www.efax.com and receive your own fax number immediately.
Call (877) 856-4615 toll free for assistance with your MLS listing.
