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About the MLS
for sale and are listed with licensed real estate brokers. There are over 900 regional MLS databases in the USA, and MLSNI, or Multiple Listing Service of Northern Illinois is the largest one in the country. Currently, there are more than 120,000 properties listed in the MLSNI. Also, about 50,000 licensed real estate brokers and agents are searching this database on a daily basis, to assist their buyer clients in their property search. We are authorized members of the MLSNI.
Approximately 80% of all real estate transactions are for MLS listed properties. Also, a property has to be listed in the MLS in order to be listed on Realtor.com. Approximately 70% of buyers start their search on Realtor.com. So, listing in the MLS is a prerequisite for listing the property in exclusive websites such as Realtor.com and its many partners, and getting the necessary exposure for your property for sale.
and agents when they search the MLS. Also, the listing will be available to individual buyers who browse the internet on Realtor.com, ChicagoTribune.com, ChicagoSunTimes.com and many other highly trafficked websites. So, you get the best of both worlds - all licensed real estate professionals will be able sell your property to their buyer clients, and individual buyers will contact you directly.
your property, and a licensed real estate professional procures you a buyer, then you pay them a buyer's agent commission. If you sell your property on your own to a buyer that contacted you from Realtor.com or any other website, the you do not pay ANY commission. More on commissions in the next question.
property that is listed in the MLS has to offer compensation to the buyer's agent. This commission needs to be agreed upon before listing the property, and to be paid at the closing, if and only if, that agent procures a ready, willing and able buyer.
offer to the buyer's agent is typically between 2% and 3%, depending on the property price and market conditions. This is only HALF of what traditional agents charge, and these are huge savings to you, the seller. Finally, you only pay these 2-3% if an MLS participating broker or agent brings you a buyer. If you sell on your own, and you have every right to so, you pay NO COMMISSION AT ALL, and you get all the advertising benefits of listing just like with a full time broker.
We do not. All you pay to us is the flat fee. No hidden charges, no surprises at the closing table.
called "cooperative commission". There is a field in the MLS database designated especially for describing the commission, and real estate agents and brokers are actively viewing this field for every property.
typically 2% to 3%, but the choice is ultimately yours. This commission can be changed at a later date without affecting the status of the listing.
costs of advertising and closing the property via the MLS. This fee comes from the 2- 3% commission that you will pay to the buyer's broker at the closing, and it is NOT an additional cost to you. For example, if you sell your property for $100,000 and you offer 2.5% buyer's agent commission, the commission field in your MLS listing will read "Coop: 2.5% - $200" and the buyer's broker will expect to receive $2,500-$200=$2,300. The $200 comes back to us to cover the administrative costs of the listing and the closing.
agreement and property input form. Realtor.com and other websites may take up to 3-4 business days to synchronize with the MLS database. This updating process is automatic, and it varies by website.
not sell within that period, it will be extended at no additional cost. So, the listing is good until you sell your property. Many of our competitors offer 6 month listings, and charge re-listing fees. We do not. All you pay is the initial flat fee.
we will make those changes as soon as possible, and no later than 24 hours. Changes to the price, status, and buyer's agent commission need to be signed and faxed to our office. All changes are free of charge.
as soon as the listing is active. Also, we will email you the full listing, in the version that most real estate agents view it in the MLSNI. You can visit Realtor.com and other websites, and search for your property by using the MLSNI unique ID that we will assign to your listing.
companies which charge you a cancellation fee.
field in the MLSNI for the "showing instructions" and there we will put your contact information. Usually that field looks like this "For showings call owner John Doe at 773-555-1212". Brokers and agents always look in this field when they are making a showing request, and all calls will go directly to you.
(depending on the package)when a potential buyer contacts us about your property. Our goal is that our seller clients complete a transaction for the best price and lowest commission. Therefore, we do not act as dual agents, meaning we do not represent buyers in transactions where we have a flat fee MLS client as the seller. This is to guarantee that we stand by our seller clients, and that there aren't any chances for a conflict of interest. So, we will forward directly to you any call, email or other contact information from potential buyers.
business days of the day your MLSNI listing became active, and if we can not remedy the issue, we will refund you the flat fee. No questions asked.
agreement allows you to sell your property "by owner" and owe no commission to anybody, but makes us the exclusive agent for MLSNI purposes.
market your property.
brokers see a "For Sale By Owner" sign, they pass by it because they assume that they will not get any compensation from that seller. So, to avoid confusion, we recommend that you use our sign. Our sign has a blank space where you can write your contact information, so potential buyers or agents can call you directly.
1. Accept delivery of and present to the client all offers and counteroffers to buy, sell or lease the client's property or the property the client seeks to purchase or lease;
counteroffers and notices that relate to the offers and counteroffers until a lease or purchase agreement is signed and all contingencies are satisfied or waived; and
contingencies.
electronic file, and email it you, and when you sent your counter offer we will do the same in the other direction. Also, we will offer our professional advice and guidance in negotiating the deal, and we will be there to answer any questions that you may have.
you through the transaction. Transactions vary in complexity, but we recommend that you hire an attorney as soon as you receive an offer on your property.
transaction. We will, however, need you to tell us if the closing happened on the contracted date, so we can update the MLSNI with the closing information and avoid any fines.
on selling your property for HALF the commission or commission free! |
Learn more about the Flat Fee MLS Listing Process!
welcome to
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