WHAT IS THE MLS?
A multiple listing service (MLS) is an effort among real estate brokers to share data on homes for sale and to cooperate with and compensate each other for assisting with the sale. MLS's create the most comprehensive, computerized database of homes for sale in the real estate community. The majority of property sales are directly related to MLS exposure. When you see a home for sale on any real estate website, that information most likely came from the MLS database, the tool real estate agents use.
Does Mink Realty Assist the seller in pricing their home?
We leave pricing the home up to the seller. If is very difficult pricing a home when I don't even see the home. The seller knows what they paid for the home, what upgrades that have made to the home in comparison to their neighbors better than anyone else. I do provide a tool "What's my home worth" at the top of my website that will send you comps of sold properties in your area that may help you in determining your listing price. If you still have trouble coming up with your listing price it may be a good idea to have your home appraised.
How long can my property be listed on the MLS?
The Silver PKG listing is good for 6 month, the GOLD and Platinum is good for 12 months, with an option to cancel at anytime. If you wish to continue the listing when the 12 months are up, you can purchase a 6 month listing extension for a fee of $250.00. A listing extension form must be signed and returned to Mink Realty 5 days prior to the expiration date of your original contract date.
Will my house be listed on REALTOR.com web site and others?
Yes! REALTOR.com is the largest on-line property listing site with more than one million five hundred thousand available houses nationwide. Your home will be listed within 24 hours of your home being input into the MLS system. You home will also be listed on many other national real estate websites such as ReMax.com, Seminon.com and many more. The MLS feeds these websites automatically. Mink Realty does not have control over these other websites as far as how many photos they use from the MLS.
If I sell my home 'on my own' how much will it cost me?
If your home is listed with Mink Realty and you find a Buyer (that does not have a buyer's agent) you would owe ZERO commission to a buyer's agent.. If there is no buyer's agent and you would like Mink Realty to write up the sales contract for you, we can do that for a flat fee of $500, as long as all the terms have been agreed upon such as sales price, Ernest money, closing time frame and so on. If you need Full Representation from Mink Realty to assist you with negotiations with the buyer on all the terms of the contract, we can write it up, assist with inspections, repair requests, lenders and the title company to help get you to the closing table for a flat fee of $1,500. This would be in addition to the closing fee that is due Mink Realty with the Gold or Platinum Pkg. That would be an incredible savings to you to sell your home without paying any commission.
Will my listing be different than other listed properties paying a full commission?
No! Listing your home with Mink Realty will appear exactly the same as any other listing. Our Showing Service helps with this because agents won't have to contact the seller directly. Real Estate Agents would prefer to deal with other agents or a showing service rather than contacting the seller directly. Most all Realtors use this showing service to set up their showings so they are used to this. They are NOT used to calling seller directly and do not like doing this.
Is it true that if I try and sell my home FSBO without it being listing on the MLS, an offer 3% to the selling agent, that agents still will not show my home?
Maybe, You would definitely have a lot less showings because real estate agents only look on the MLS when searching for homes to show their buyer clients. They do not look at FSBO homes. Agents prefer not to work with seller directly. They feel they have to do too much work. Therefore even if you offer 3%, it will not be shown near as much as if it were listed on the MLS. Most agents won't even be aware that your home is for sale unless it is listed on the MLS. Most of your calls will be from agents wanting you to list your home so they can get the commission when it sells.
Can I still use my FOR SALE BY OWNER sign if I list my home with Mink Realty?
No, it is a MLS rule that only the brokers for sale sign can be placed on the listed property. All FSBO signage must be removed from the property once the home is listed with Mink Realty or any other Real Estate Company. Any fines that are incurred as a result of a FBSO sign being present on a listed property will be the sellers' responsibility.
Do I get any assistance with the SILVER PACKAGE? You get assistance with setting up your listing on the MLS. Once your home is listed on the MLS, You do not get any assistant with the offer,counter offers, home inspections or repair requests. However, if you get stuck and need assistance, you can upgrade at anytime to Realtor Assistance Option for a flat fee of $1,000 and pay nothing more at closing. Of course it will cost you a little less just to choose the GOLD plan up front.
How long does it take to get my house in the MLS?
Typically, we can have your home listed within 48 hours after we receive payment and all the listing forms are completed, signed and returned to us.
How long does it take to get the YARD SIGN & (lock box -if ordered)?
Within 48 hours after receiving payment your sign will be mailed to you. Remember you still have to purchase a FRAME from Home Depot to install the sign into. It takes a couple days for you to receive our sign once I have mailed it. Once I have a signed listing contract, I will send you instructions when you can pick up the sign from our office so it will be ready to install in your yard once the MLS listing goes LIVE. If you chose the option for us to deliver your sign for $50, it will be delivered to you on the day your listing goes LIVE.
How do I know the MLS information is correct?
I will email you a copy of the MLS listing for your review. It is your responsibility to review the listing to ensure that everything is correct. Any requests for changes will be made immediately. This is your listing and I want to make sure it is listed exactly how you want.
When you enter my listing in the MLS, is there a special number to identify my property?
The MLS assigns a specific number so Realtor's can easily identify your property. It's called a MLS number.
If a REALTOR sells my home do I have to pay that REALTOR a commission?
Yes. As stated in the listing contract, sellers must pay a commission to that selling agent. Most sellers offer a commission of 3% but up can offer anywhere from 2.5 - 3 percent. Once the Listing Contract is signed by you, that commission is NOT negotiable. Neither You nor your agent can ask the other agent to lower their commission at any time.
What telephone number will be on my MLS listing?
Mink Realty's phone number will be on the MLS listing, however the sellers phone number will be in the agent notes that states "AGENTS: for questions about the home please contact the seller directly". Real Estate Agents with Buyers will schedule all showings though our Showing Service to set up all showing appointments on the seller's home. This is a more professional approach and agents like using this service. On the signs that are mailed, it has a blank space for the seller to place their phone number. You can purchase numbers at Home Depot.
Can I have my phone number on the Yard For Sale Sign? Our Standard Mink Realty sign has our phone number on it if your pick up the sign at our office. If we receive a call we simply forward that to you. However we do have some Mink Realty For Sale signs that has a blank space for the sellers phone number. If you would prefer this type of sign just ask us. You will need to purchase numbers at Home Depot and place phone numbers in the space.
What telephone number will be shown on Realtor.com and all the other real estate websites?
Mink Realty's phone number will appear on all the real estate websites. Buyers that view your home on a real estate website that do not have an agent will contact Mink Realty. Mink Realty will forward those calls to you so you can showing your own home and save you on the commission. If there is no buyer's agent then you owe ZERO commission.
Who will be handling all the showings my home?
Most of the time, Real Estate agents with buyers will show your home. Agents will use our showing service system to schedule appointments on your home. You will be given a showing APP when you sign up. You will receive a text message indicating a showing request with the date and time. You should respond YES to that text if you agree.
At times buyers that do not have an agent will contact Mink Realty and request to see your home. We will forward those calls to you and have YOU show your home to the potential buyer. If that buyer wants to purchase your home, since there is no other agent, you will owe zero commission to a buyer's agent. Mink Realty can write up the offer for you for a fee of $500 if you would like.
Should I use a lock box on my home?
Yes! It is much more convenient for other agents to access your home by using a lock box.. That way you don't have to make arrangements for showings. Mink Realty offers two types of lock boxes. A SUPRA "electronic" keybox is a device that holds a key to Seller's home. Only licensed real estate agents, appraisers and home inspectors have access to this device using a SUPRA E-KEY. The SUPRA keybox can email you when an agent opens the lock box to gain access to your key. You can order a SUPRA keybox at our on-line store for a $100.00 fee. You can also use a combination lock box. If your package includes a combo lock box, the code is given to the showing service and they provide this code to agents that request a showing on your home. My combo lock box rental is $45.00 or you can purchase your own at Home Depot.
How does the Showing Service work and am I required to use the Showing Service?
Yes! Mink Realty provides a Showing Service for all our listings. A Showing Service is much easier on both the Seller and the Real Estate Agent as the Showing Service has staff manning the phones 12 hours a day so you don't have to worry about missing a call from an agent wanting to show your home. The buyer's agent schedules a showing on your home through this service. The seller will receive a text message indicating the day and time the agent is requesting to show your home. If the home is vacant there is nothing you need to do. The service is just letting you know that a showing has been scheduled. If you are currently living at the home, you will need to respond to that text message, confirming that you are OK with the agent showing on that day and time. You simply reply YES. If you don't agree replay NO and give other instructions when they can show the home. We also provide you with a Showing Time APP that you can download on your phone that tracks all your previous and upcoming showings as well as any feedback given from the buyer's agent. All sellers love this showing time service. It makes it very convenient for everyone.
How Many Photos of my home can be used?
Up to 50 photos can be provided and placed on the MLS system. Not all websites will display all 50 photos. REALTOR.COM displays a maximum of 35 photos. Each local website decides how many photos they will display. Mink Realty has no control over all the 3rd party websites.
Can I pay less than 3% to a Buyer’s Agent?
While there is no “standard commission rate”, the prevailing market rate on just about 99% of all listings is 3%. We allow 2.5%, 2.75% and 3%. Mink Realty is a Buyer agent- friendly company and prefer any Realtor not to use a "less than standard commission rate" as an excuse for not showing your house a client. We will not allow offering anything less than 2.5% to the buyers agent. However if you show your own home to a buyer that is not represented by a real estate agent, you won't have to pay any commission.
Will I continue to get ongoing support even after my home is listed on the MLS? Absolutely! You will continue to receive ongoing support till your home is sold and closed. I will send you information via email throughout the listing process. Please check your email frequently! Anytime you have a question, feel free to email or text me. What happens once we receive an offer on our home? We will notify you immediately once we receive an offer on your home. We will then forward the offer to you via email for you to review.
How does the seller receive an offer?
When a buyer's agent writes an offer on a property they will send it directly to the listing agent via email. I will forward that offer directly to the seller. The seller must immediately sign a seller agency form and return it to me before negotiations start with the buyers agent (if you live in Kentucky). With the Silver package, the seller will work directly with the buyer's agent on all negotiations. With the Gold and Platinum Package, I review the offer and go over the offer with the seller. Once the seller decides how they want to respond, they send me an email with their response of the offer and I forward that response to the buyers agent. We will go back and fourth negotiating like this with the buyer's agent until both buyer and seller have agreed upon all the terms in the contract. Once an agreement has been made, the buyer's agent will send an updated contract with all the agreed upon terms and I will forward to the seller for their signature of acceptance. With the Platinum Package I would send this electronically so they would sign electronically. The Gold Package would have to print out the offer, sign the acceptance, initial the bottom of each page, scan the document in and email it back to me. I would then forward to the buyers agent.