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. The MLS automatically feeds all the other websites such as Realtor.com, Trulia, Zillow and all the others.
Does Mink Realty Assist the seller in pricing their home?
I 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 and Gold MLS listing package is good for 6 months, the Platinum is good for 12 months, with an option to cancel anytime. If you wish to continue the listing when the listing is getting ready to expire, 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. Your 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. You will still owe me $250 at closing as stated in the listing contract. If there is no buyer’s agent and you would like Mink Realty to write up the sales contract for you, I can write it up for a flat fee of $500, as long as all the terms have been agreed upon such as sales price, earnest money, closing time frame and so on. If you need Full Representation from Mink Realty to assist you with writing the offer, home inspections, repair requests, and working with the title company to help get you to the closing table, I charge a flat fee of $1,500. This would be in addition to the $250 closing fee. This would be an incredible savings to you to sell your home without paying any commission. Remember, the buyer’s agent usually handles these tasks but if there is no buyer’s agent, someone still needs to write up the contract, order a home inspection, prepare a repair request and work with the title company for the closing.
Is it true that if I try and sell my home FSBO without it being listing on the MLS that agents will not show my home even if I am willing to pay them 3% commission? 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 a “FOR SALE BY OWNER” sign if I list my home with Mink Realty?
No, it is an 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 or GOLD PACKAGE? You get assistance with setting up the listing on the MLS. Once your home is listed on the MLS, you do not get any assistant with offers, counter offers, home inspections or repair requests. However, if you get stuck and need assistance, you can purchase the Realtor Assistance Option for a flat fee of $800. This can be purchased on my website at any time.
How long does it take to get my house in the MLS?
Typically, I can have your home listed within 24 hours after I receive payment, photos, MLS input the listing contract and completed seller disclosure forms uploaded to my website.
How do I get the Mink Realty Yard Sign?
After I receive the signed listing contract, you will be given instructions where you can pick up the yard sign (and lock box if ordered) from my office if you live in Louisville or Southern Indiana. If you selected the option of having the sign mailed to you for $15.00, you should receive that within 2-3 days of your order being placed. Remember you still have to purchase a FRAME from Home Depot to install the sign into. The signs that are mailed has a blank space for the seller to place their phone number. You can purchase numbers at Home Depot to keep the sign looking professional. This sign does not have to be returned to me after your home is sold.
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 within the first 12 hours. 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 realtors can easily identify your property. It’s called an 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 buyer’s 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 listed in the agent notes that states “for questions about the home please contact the seller directly”. Real Estate Agents with Buyers will schedule all showings though the Showing-Time 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, there is a blank space for the seller to place their phone number. You can purchase numbers at Home Depot.
Should I use a lock box on my home?
Yes! It is much more convenient for other agents to access your togoleseembassy home by using a lock box. That way you don’t have to make arrangements for showings. You can also rent a combo lock box for $45. The lock box code is input in the showing service system, then that code is given to agents that request a showing on your home once the seller confirms the showing. You can purchase your own combo lockbox at Home Depot or Lowes if you prefer.
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%. I 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 to a client. I do not allow anything less than 2.5% to the buyer’s 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.
How does the seller receive an offer?
When a buyer’s agent writes an offer on a property, they will send it directly to me 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 buyer’s agent (if you live in Kentucky). With the Silver and Gold package, the seller will work directly with the buyer’s agent on all negotiations. With the Platinum Package, I review the offer and go over the offer with the seller.