WHAT IS THE MLS?
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.
How long can my property be listed on the MLS?
The listing 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 3 month listing extension for a fee of $100.00. A
listing extension form must be signed and returned to Mink Realty 5 days
prior to the expiration date of your original contract date. If your
listing expires before we receive this form, all new forms must be
completed and you will be charged a $300 RE-LIST fee.
Will my house be listed on REALTOR.com web site and others?
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
If I sell my home 'on my own' how much will it cost me?
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 need 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.
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.
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? Yes, this
is true. Most 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 do not want to work with seller directly. They fell 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.
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.
How long does it take to get my house in the MLS?
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
getting your home listed on the MLS our Mink Realty yard sign will be
delivered and installed in your yard and a lock box will be placed on
your door. There is a $100 deliver fee. If you wish to pick up the sign
and lock box from our office for free or you can choose to have it mailed to you for a small fee of $18.00, however this does not include the frame. You can purchase a frame from Home Depot for $16.00.
How do I know the MLS information is correct? We will email you a copy of the MLS listing for your approval. 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 we 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.
Can I have my phone number on the Yard For Sale Sign? Our Standard Mink Realty sign has our phone number on it. 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 the buyers wants to
purchase your home, I will write the offer and help with negotiations
and It will cost you an 1.5% commission to Mink Realty for the SILVER, 2% for the GOLD and 3% for the Platinum. This
would be considered "Dual Agency" where Mink Realty would represent both
the buyer and the seller.
Who will be handling all the showings my home?
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.
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 write an offer, we will write the offer, assist with the home inspection, title
company and get you from contract to closing for an additional 1.5% ($3,000 min with SIVLER PKG, 2% for the GOLD PKG ($4,000 min) and 3% for the PLATINUM PKG ($5,000 min) . This includes buyers that attend your open house, family members or friends.
Should I use a lock box on my home?
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. Your package includes a combo lock box. That code
is given to the showing service and they provide this code to agents
that request a showing on your home.
CAN I PLACE AN AD IN THE COURIOR JOURNAL FOR MY SUNDAY OPEN HOUSE? Sure, however
Mink Realty MUST be listed in the ad since your home will be listed on
the MLS. This is a Kentucky State law. You may have your phone number
listed so potential buyers can contact you directly. Sending e-mails to your
family and friends is the best marketing you can do.
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 20 photos. REALTOR.COM displays a maximum of 35 photos.
Each local website decides how many photos they will display.
Can I pay less than 3% to a Buyer’s Agent?
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 will save that way.
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?
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. We will then send you a Seller Agency form that indicates we have received an offer on your home. You will need to print, sign and return that to us immediatley. We will then forward you the offer on your home for you to review. Once you decide how your want to respond, you send us an email with your response and we will forward that 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 we will forward to you for your signature of acceptance.