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Frequently Asked Questions
Is
this the same Multiple Listing Service (MLS) to which all area Realtors®
belong? Compensation/Commission Questions What
is the difference between a "selling agent" and a "listing
agent"? Materials and Vendors Questions Should
I have a lockbox? Do I
have control over all listing information? What
is the difference between public internet sites, such as Realtor.com, and
the MLS? Sales/Contract Questions Are
you involved with the sales contract? General Questions What is
expected of me once I list with you?
Is the MLS the best way to sell my home? Actually, it's about the only way. Statistically, the overwhelming majority of homes in our area are sold through the MLS due to the large network of Realtors working with home buyers. Back to the top.
Will Realtors sell my home if I do not list on the MLS? No, not likely. With very few exceptions, Realtors operate soley from MLS listings. The MLS Listing Agreement sets forth the Realtor's compensation and without this agreement Realtors will bypass FSBO homes. Of course you may sell your home without a Realtor, but once listed, Realtors do not regard you as a FSBO but simply another listing for them to sell. Real Estate Agents will generally avoid FSBO properties due to the fact that they are working with buyers and have no written agreement to be compensated. If the seller has not agreed in writing to pay a commission to a buyer's agent, the buyer could cut the agent right out of the deal and negotiate directly with the seller. Back to the top.
Will Realtors® show and sell my home even though I went flat rate instead of paying a high commission? Yes. There is no way to tell how much you paid to get on the MLS. Regardless of whom you listed with or what you paid, your listing will look no different from any other listing in form and style. Back to the top.
Will Realtors® show and sell my home if I am not listed with their company? Of course. The very purpose of MLS is for Realtors® to sell each other's listings. Back to the top.
Will Realtors® call you or me? You. Realtor® custom is to call before showing your home. Offers will be promptly presented. If you choose our consultation option, we will provide broker assistance regarding offers. Back to the top.
How long should I expect to be on the market? Your home should sell quickly if it is priced right, is in a good location and shows well. Our listings will create the drama and excitement necessary to draw maximum attention to your home. Back to the top.
How long is the listing period? Listing periods are in 6 month increments. Additional 6 month periods are available at option of the parties for $75.00. Most homes are sold within the initial 6 month period. Rarely is a second period needed. Back to the top.
Am I locked in for the full 6 month listing period? No, of course not. This is just a marketing period giving us authority to advertise your property. Many homes are sold within the first few hours or days of being listed. You always retain control of your listing and can extend or shorten the duration as you wish (see the Listing Agreement for further details). Back to the top.
What is included with my listing? The listing text, an exterior home color photo, Realtor.com® and other internet sites provided by your local MLS. Back to top.
What if I am working with an agent? If you are in a contractual arrangement with any other broker or your property is currently listed with another broker, this is not intended as a solicitation of your business or that listing. We honor and respect relationships with other brokers. Otherwise, we will be happy to list your home and help you find a new one. Back to the top.
What is the difference between a "selling agent" and a "listing agent"? A selling agent is the Real Estate agency who actually sells the property. They are sometimes called buyer's agents. The Listing Agent is the Real Estate agency who lists your home for sale in the MLS. Back to the top.
With your plan I understand that I am saving commission on the "listing" side of things by going with the flat rate, but do I still have to pay a "selling agent?" Yes. Any Realtor® bringing a ready, willing, & able buyer with a satisfactory contract will be due a small "selling" commission of your choice. Most common the amount is 3% of your selling price, but you are always free to offer whatever commission you desire. Back to the top.
If I find my own buyer, will I still have to pay a selling commission? No. If you obtain the buyer with no agent being the procuring source, there is no commission. Back to the top.
If you don't charge commission, how do you make your money? We operate on extremely high volume. Chances are, your neighbor sold their home through us. We can supply scores of references. We do not make house calls or hold open houses, so our time is devoted to producing only the highest quality listings and passing the savings on to you. Back to the top.
Must I have a lockbox? No, but Realtors® are on a fast track and depend heavily on them for quick access. Realtors® show many homes within a very short period of time and your home cannot be sold without access. We strongly recommend a Realtor® lockbox in all MLS areas. Signs are also recommended as a major marketing tool. Back to the top.
I have my own sign, why should I use yours? We recommend that you replace your sign with our agency sign upon going in the MLS. A FSBO sign specifically excludes Realtors® and that is not your intent. When driving down streets, agents look for the agency signs rather than house numbers. When seeing your FSBO sign, agents may think that the listing agent has “lost” the listing & consequently they will not be paid a commission. Our agency sign reassures Realtors that your home is actively listed on the MLS. Back to the top.
What services do vendors supply? Photography & Internet services are provided by the MLS & other 3rd party vendors. Therefore schedules & services are approximate and subject to availability and change without notice. UPS shipping charges apply to marketing materials. Back to the top.
May I use my own exterior home photo for the MLS? YES! You may choose either to submit your own photo for uploading in the MLS system or you may have the MLS photographer take a professional photo of your home. If you send us your own photo: The photo must be in jpeg or gif format and photo may not be any larger that 1 MB in size. The photo will be copyrighted by the MLS system and it will not be returned to you. Photos are usually uploaded and will appear in the MLS system within 1 business day. If you select this option the MLS photographer will NOT be taking a photo of your home. If you later choose to have the photographer take a new photo, the fee will be $25.00. Please Note: DO NOT email us the photo until you are listed in the MLS system and have received your confirmation email from us with your personal web page information. Back to the top.
How does the additional photo option in the MLS and on Realtor.com work? If you choose this option, you may send us up to 6 photos of your home to appear in the MLS system and on Realtor.com (you will be emailed instructions once listed). One photo must be and exterior, front view of the home, however, the others may be of anything you wish: master bedroom, kitchen, deck, pool etc. With this option, you will be able to show potential buyers from all over the world just what your home has to offer. Back to the top.
How do I return your materials? All materials are the property of Clark Select Properties, Inc, and are to be returned at your expense within 10 days following settlement or termination of your listing. The return address label will be in your U.P.S. shipment. Sign posts are taken down a few days before settlement or end of listing. Back to the top.
How do I get the free forms and contracts you offer? A link to all of the forms and contracts we offer can be found on the personal web page you will receive once your home is listed. Back to the top.
Do I have control over all listing information? No. The MLS arranges required information according to multiple choice templates. We cannot customize. Further, most fields are not transferred to public sites, only the most basic. Back to the top.
Can I add any specifics later? Possibly. We input only required fields. If you wish to add information in non-required fields (room dimensions, sq ft, etc.) you may do so by written amendment after listing. We will provide the form, there is a $20 editing fee. Back to the top.
How do I make changes to my listing? You may make multiple changes to your listing at any one time for a small fee of $20.00. After listed, you will receive instructions by email. Back to the top.
What is the difference between public websites, such as Realtor.com, and the MLS? Public websites like Realtor.com only display thumbnail sketches of listings which they receive directly from the MLS itself. Realtors use only the MLS system, which is a closed system linked to their offices. They do NOT use the public internet sites. Back to the top.
Can I go to a website and see my MLS listing? Yes, you may go to Realtor.com or another public website in your area and view a paraphrased version of your listing. This is NOT your actual MLS listing. Unless you are a licensee and MLS member, you cannot access the MLS to see your actual listing. The MLS is a closed proprietary system for Realtors only. You may request a copy of your actual MLS listing from us once listed. Back to the top.
How
long will it take for my MLS listing to appear on the public internet
sites?
Can you edit public web sites? No. The MLS has partnership arrangements with public sites and provides photo and text according to their templates. Sensitive owner’s information such as name address and phone number is omitted. We have no control over public sites and cannot edit. Back to the top.
Will my contact information appear on the public websites? No. The public internet sites, such as Realtor.com are aligned with the MLS and are designed to drive leads to Realtors. They do not allow your name, address, telephone numbers or other personal information to appear. We cannot override their partnership arrangements. We will, however, forward any leads received through the public internet sites directly to you via email. Your name and number, of course, will appear as the contact information in the MLS system and agents will call you directly for showings and presenting sales contracts. Back to the top.
Are you involved with the sales contract? Your listing is more than just an ad, it is an actual MLS listing in the Realtors® Multiple Listing Service. To save on commission, you will handle many details of the sale yourself. However, as the listing agency, we are still required by law to process and maintain many documents relating to the listing and sale. Back to the top.
Are you involved with negotiations? No, not unless you specifically request broker consultation. You will handle all showings, inquiries, and sales contract presentations on your own. Upon accepting a contract, you will forward it to us for processing. Back to the top.
What is included in your processing? Sales contracts, addendums, MLS status changes, warranty documents and other documents as required. Additionally, as the listing broker, we communicate with the selling agency, title company processor, appraiser and other parties. We do not handle the settlement itself. Back to the top.
Is there an additional charge for this processing? To cover these additional administrative expenses, a sales transaction fee of $175.00 is applied when your home goes under contract. It is billed to you at settlement and is only due if settlement occurs. Back to the top.
How do I pay for my MLS listing? You will be billed via email after your home has been entered into the MLS system. Payment is due within 15 days of being listed. Back to the top.
What is expected of me once I list with you? We are a Licensed Real Estate agency and have many laws and regulations we need to comply with. In turn, there are laws and regulations you will also need to comply with. 1. To make any changes to your listing it is required that a Listing Amendment form be used. A link to the form will be provided to you on your personal web page once listed. 2. Within 48 hours of a Sales Contract being signed by you, we will need 1) A copy of the entire sales contract and 2) A completed Under Contract form. A link to the form will be provided to you on your personal web page once listed. 3. Within 48 hours after Settlement we will need a copy of your Hud-1 Settlement Statement, provided to you by your settlement company right before or at settlement. Back to the top.
Once you receive my paperwork, how long will it take to list my home in the MLS? Depending on the time of day, listings are usually inputted into the MLS system the same business day everything is received. Back to the top.
Can I later list my home with another Real Estate agency? Yes, of course. But remember that all Realtors are on the MLS is the same MLS system, so you will wind up in the same place. You may withdraw your listing at any time from the MLS system by simply using our Listing Amendment form (provided to you once listed). A full release of the Listing Agreement will occur when the Listing Amendment form is received and any outstanding monies are paid. Back to the top.
What is the general sequence of events after listed? The following is not guaranteed, but is a general time line of events:
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