Frequently Asked Questions About
MLS FLATFEELISTING

Q. What steps are involved in getting my property listed in the MLS?

• Place your flat fee listing order
• The Flat Fee Listing Agent in your area is contacted and given your contact information
• The Flat Fee Listing Agent contacts you within 24-hours with appropriate forms to be completed . . . Listing Contract, MLS Data Sheet, etc.
• Your home is listed on the MLS, Realtor.com & other websites as soon as you return paperwork to the Listing Agent
• Listing Agents emails your MLS # then signs & lockbox are shipped to you via UPS ground

Q. What is the Multiple Listing Service?

A. The Multiple Listing Service (MLS) is the key to home-sales success. The MLS lists the vast majority of real estate listings listed for sale by real estate brokers and their agents. All types of real estate are listed in the real estate multiple listing service, including houses, townhomes, condominiums, commercial property, lots & acreage. There are hundreds of local Multiple Listing Services located thruout the nation. Real Estate Associations in all 50 US states and Canada run their own MLS Systems.

"The MLS" is the secret to success of real estate sales, directly responsible for about 4 of 5 sales nationwide. About 85% of home buyers use a REALTOR® to help them locate a property. When a possible buyer contacts a real estate agent regarding a home purchase, the agent will search the MLS for homes matching the buyers desires, wants and needs.

Q. Is there an "MLS" which may be used by owners selling themselves, without a REALTOR®?

A. No, there is no FSBO MLS System. The general public is not allowed to use the REALTORS®s Multiple Listing Service. Only a State Licensed REALTOR® Member may access and use their local MLS and list a property for sale, or find homes for buyers. This is the same MLS used by REALTORS® in your area, one you will be listed in, which is accessed by local agents in your area.

NOTE: When using our MLS Flat Fee Listing service, please be aware that you have to have a Listing Agent to get your property listed into your local Multiple listing Service. A Realtor has to be involved in order for your property to be listed into the MLS and Realtor.com

Q. How do I save almost one-half in commissions?

A. By only paying one real estate commission, instead of two commissions as most sellers end-up paying! When you list your home with a so-called Traditional Real Estate Broker to put your property on the MLS he/she charges a commission, typically 3% on average, occasionally 2-½ % and sometimes 3-½ % or more.

That very high listing cost is assessed simply to place your home listing in your local MLS system, and little more. In addition, the broker who later brings your buyer also expects to earn a commission upon sale (known as a co-broke commission), which also averages about 3% to 3-½ % or more. This adds up to selling costs (after paying two commissions) of between 5-½ % to 7% or more.

P.S. Nationwide average real estate listing and sales commission is 6% to 7%. However, there are some places where commissions are even higher than 6 or 7%, as much as a staggering high 10%. With a "FLATFEELISTING" real estate commissions are reduced by one-half, no matter what the typical realty commissions are in your area.

Q. How much commission do I have to pay to the Buyer's Agent?

A. The commission the Seller pays the Buyer's Agent is totally up to the Seller. At the time you complete the listing agreement you decide how much commission to pay the Buyer's Agent. Real Estate commission fees are not FIXED, fees are negotiable by law. Realtors cannot demand the Seller pay a certain commission to sell their home on the MLS.

Q. How do you offer such a unique money-saving service?

A. We have referral arrangements with real estate brokers thruout the nation where for a small pre-paid flat fee, our listing broker associates will list your property on your local multiple listing service, not charging listing commission. This means you only pay real estate commission to the broker who brings your buyer and end-up saving almost one-half, even after deducting our flat-fee.

Q. A REALTOR® has told me they have buyers and will personally sell the house. Is that correct?

A. Please do not be fooled! Very rarely will it happen! Unfortunately, some real estate agents claim they have buyers as a marketing ploy to convince you to list with them. Often their assertion is exaggerated or even made-up (perhaps based on wishful thinking), and they do not really have serious buyers.

If they really do have a buyer as claimed, it's quite unlikely the possible buyer is looking for a property like your home, your square footage, located in your neighborhood, and same price bracket. One more oddity with their assertion is if they really have a buyer why not bring the buyer over regardless of what firm has your MLS listing? After all, that REALTOR® still makes the full co-broke commission, thousands of dollars. The reason they want the listing is that way they get paid if someone else sells it, which will happen most all the time.

Q. What are the statistics on how frequently the listing salesperson sells their own listing?

A. Nationwide, only 5% of listing agents actually sell the home they personally listed. That's not a misprint, an insignificant 1 out of 20 MLS listings sell by its listing agent! About 95% of all home listings sell due to it being listed in the MLS, and are sold by a different agent, rarely the listing real estate salesperson. This is due to the basic premise behind the real estate multiple listing service (which has hundreds or thousands of local members), resulting in many agents possibly having a potential buyer, not solely the listing agent (who is only one person).

Q. Is it true most houses are sold through REALTORS® and they usually sell for more?

A. Yes, the vast majority sell as a direct result of their MLS Listing. Plus, The National Association of REALTORS® (NAR) reports homes listed by Realtor's result in a 7.02% higher net price to home-sellers compared to "for sale by owner" home sale transactions.

Q. How may a FLATFEELISTING give us the flexibility of offering a lower price to the buyer if I must do so?

A. If you list with a traditional REALTOR® and agree to pay a typical 6% or greater total commission, you may need to increase the price of your home to defray your high commission expenses. With our flat-fee-listing program you practically eliminate the high "Listing Realtor's" commission.

Price flexibility is quite a valuable (but not too well-known) flat-fee-listing key-benefit which can help you in two-ways:

1. You may lower the initial asking price of your house, making it attractive to more buyer's, and more price competitive with other properties listed for sale.
2. If a buyer submits an offer which is under your asking price you may be able to accept that lower offer (or perhaps make a reasonable counter-offer), knowing you are saving thousands of dollars, which gives you good price flexibility.

Q. How long will my property be listed on the MLS for flat fee?

A. The MLS flatfeelisting is for a maximum time of 6-months. Not too worry much about the term as most all of our flat fee listings sell, and sell well before the 6-month listing expires.

Q. May my flatfeelisting be cancelled early if I change my mind?

A. Yes, but there are no refunds once your property is listed in your area Multiple Listing Service (except under the terms of our "REALTOR® Referral" Money-back Guarantee).

Q. Will my name, address and phone number be listed on REALTOR®.com for potential buyers to call me direct as a "for sale by owner"?

A. REALTOR®.com is NOT the MLS. REALTOR®.com's main benefit is so home-buyers may contact a REALTOR® for more information and showings. It is not for home-buyers to contact you as a FSBO (which is a common misconception). REALTOR®.com has a rule that seller's personal information is not allowed to appear (but it does go on The-MLS - please don't get them confused). Contact information (Seller's Name, Phone Number and Address) appears on the Multiple Listing Service for Realtor's to view for contacting sellers for showings, etc. However, some MLS's allow for seller contact information to appear.

Q. Will my house be listed on the REALTOR®.com web-site and other real estate sites?

A. Your listing and house photograph may appear on publicly accessible Internet-sites like REALTOR®.com, and others. It will not be your full MLS listing but an abbreviated version. REALTOR®.com is the largest online property listing site with more than 1,500,000 available homes nationwide. This accounts for roughly 80% of all available houses in the U.S. More than 5,000,000 potential buyers visit REALTOR®.com each month. Note: Since these are 3rd-party sites we do not guaranty your inclusion there

Q. Is REALTOR®.com The Multiple Listing Service, or part of The MLS? How valuable is REALTOR®.com?

A. No, REALTOR®.com is not the MLS (they are separate firms), and is available on the-web for the home-buying public to locate properties, and so they may in-turn contact the listing agent or another REALTOR® for more information and showings. REALTOR®.com is not used by REALTORS® (they use the MLS computer), nor is it used much by local buyers.

REALTOR®.com's main value is providing a good way for out-of-town or out-of-state buyers to easily locate homes in other areas. It's a free additional marketing tool featuring nationwide web-exposure to help you sell. Buyers from there most all the time end-up working with a REALTOR®. Though REALTOR®.com has value and gives you nationwide exposure, the MLS is the key to real estate sales success to sell your property fast and for top-dollar - trust us on that.

Q. Will I get buyers by placing for sale by owner listings on the many free (or low cost) real estate web-sites who offer FSBO marketing, with photo's, etc., rather than spending much money paying a REALTOR® or doing a flat rate listing?

A. That's extremely unlikely to happen! It's quite rare a home sale takes place using online for sale by owner listing services. About 80% or more of all home sales (nationwide) occur thanks to the real estate multiple listing service (MLS). Selling by owner-run open-houses and low-cost small classified ads in local newspapers are much more effective and likely to get better results than the many FSBO Advertising web-sites, but still far less likely to get a buyer compared to Realtor's MLS.

Q. If the listing broker sells my home will I still owe a commission?

A. Yes, but you still pay only 1 commission - paying 50% less commission. If the Listing Broker has a buyer for your home he/she will be entitled to the co-broke commission for selling it. Regardless of which REALTOR® sells your property, you still pay no listing commission and only pay one real estate commission in total (saving almost one-half), due to the broker who was the procuring cause of your buyer. When a REALTOR® sells your property, you never pay more than one sales commission, plus the small flatfeelisting service fee.

Q. Will my listing be different than other listed properties paying a full commission?

A. No, it looks exactly the same as any other listing, and no where on the mls listing does it indicate the fact it is a flatfeelisting. The listing commission is not shown. The listing brokers name appears on the MLS. Our flat fee listing method lists your property on the same MLS used by your local Realtors. Your listing will appear the same as all other mls property listings.

Q. A real estate agent we spoke to told us some agents may not show my home if they know it was a flat rate listing, is this correct?

A. Absolutely not! That is a misleading and somewhat fraudulent representation made by some real estate agents in a clever attempt to dissuade you from doing a flatfeelisting. First of all, when the agent sees your listing on the MLS computer, there is no way the agent will know it's a flat fee listing. (Note: The listing agents name and contact information shown on your local Multiple Listing Service system will be your listing agent/broker).

In addition, the listing commission is not shown so they have no idea you are not paying one! In fact, all other mls listings do not disclose the listing broker commission. Even if the buyer's agent somehow knows you are not paying a high traditional listing commission, that would not effect the showings in any way as the agent really does not care about the commission you are paying the listing broker. After all, all he/she cares about is the compensation offered to the broker with the buyer, not how much you paid the listing agent!

Q. By surfing the web we have seen other flat fee firms offering MLS listings too, is there a difference between your realty firm and others?

A. Surprisingly, many of the other flat fee firms are not even licensed Realtors® They are often unlicensed private parties who refer sellers to Realtors without being one themselves! Some reasons they are not licensed may be the need for schooling, ongoing educational requirements, yearly costs, fees & expenses, state government testing, and strict licensing requirements involved. By being a licensed real estate broker we enjoy several major advantages over those non-licensed firms, including a better and wider referral agent network, greater real estate knowledge, and required strict adherence to The Association of Realtors Code Of Ethics.

Q. We have seen other well-known national realty firms also saying they do discount or flat fee listings but they seem to be priced much higher, why is that?

A. Yes, there are firms like "Help U Sell"® and some local offices of major nationwide real estate companies such as "Century 21"® who may say they too offer flat rate listings. Often, they are really doing regular type of high-cost high-commission listings or trying to sell the home themselves (such as help-you-sell listings). Not too likely, without listing your home in The MLS). For example, a postal mailing we received from "Help U Sell"® offering $2,950 helpusell listings but (very negatively to success) omitting the "real estate multiple listing service." Successful home sales are unlikely without being listed in the MLS.

Q. A neighborhood real estate agent mentioned it's important the listing realtors' office or home be in my neighborhood for my home to sell. Is that correct?

A. No, simply not so. It's merely an often-used false marketing method and fabrication to get you thinking it makes a difference so you end-up listing with them. Comparatively few potential buyers reside in your neighborhood. Most buyers come from another part of town, different areas, another city, or out-of-state. Even if a prospective buyer by chance happens to live nearby, why would location of the listing broker make any difference at all? It does not matter.

Keep in mind, a buyer who comes via The MLS in all likelihood already has a REALTOR® who is their buyer agent. A buyer rarely hires the listing agent. If the buyers' agent needs to contact the listing agent they normally use the phone anyway (or fax to submit purchase contract offer), in-person contact is never really needed. The listing broker could be located in another city or even out-of-state, it really makes no difference.

Q. A REALTOR® tells us we should list with him as his (traditional full-commission) brokerage firm will market my home more than a flat fee listing firm will, including doing newspaper and magazine ads, and other media. Are these important to the successful sale of my home?

A. As a former so-called "traditional" real estate firm we can say without a doubt REALTOR®-run newspaper, magazine and media ads are almost worthless, having very poor results. Look at your Sunday Newspaper and you will see how those ads get lost among so many other advertisements. Most all are ignored by home buyers (who typically prefer using a REALTOR® - and The MLS), rather than filter thru all the ads to find a suitable home. As far as costly glossy paper Home Magazines are concerned, those ads need several weeks lead-time for insertion due to the long publishing time involved. After all that time goes by (and their lack of popularity with serious buyers), they are of very dubious value.

Q. We have heard homes sell due to having an open-house. Are open-houses offered by my flat fee listing broker?

A. REALTOR® operated open-houses are significantly over-valued. It is rare for a home to sell at a REALTOR®-run open-house. Realtors mainly use open-houses as a good way to get new clients, knowing they are of dubious value for selling the home. However, owner-run open-houses are more effective and will tend to work much better. An owner-run open house has advantages over a REALTOR® open-house, including (importantly) less intimidation factor compared to REALTOR® open-houses.

Buyers are often very intimidated by a REALTOR® meeting them at the door, fearing he/she may be a high pressure salesperson, wanting to get their name/phone number and later contact them to become a client. An owner can also do open-houses for longer hours and frequency. Thus, if you wish to do so, you may run your own open houses while mls listed. They are much more likely to work vs REALTOR® run ones.

Q. Will we be missing much by my agent not doing advertising and REALTOR®-run open-houses?

A. No. As discussed above, that type marketing ads very little value to the sales process, as a relatively small number of properties sell by those methods. Please keep in mind the REALTOR® Multiple Listing Service is the true secret to real estate sales success! Our referral agents do not usually offer advertising and open houses, as the high cost and great time involved would result in them not being able to do low-cost flat fee listings in the first place.

However, as mentioned above, owner-run open-houses tend to work much better than REALTOR®-run, and you may do that is you wish. We are sure you will agree a savings of 3% commission, which for example equals $4,500 on $150,000 home, $7,500 on a $250,000 property, and $13,500 on a $450,000 house, is much more beneficial to you than the dubious value of media advertising and REALTOR®-run open-houses!

Q. How and When will I hear from your local listing agent?

A. We contact our referral associate right-away by both phone and email, with instructions to email or call you ASAP. However, sometimes the listing broker may be busy with clients, away from his computer and phone, or otherwise not immediately available. As soon as he receives our MLS Listing order he/she will try to reach you as soon as possible, perhaps leaving a message if they can not get you right-away. Barring unforeseen delays, they normally will try to contact you in 24 to 48-hrs.

Q. May we get the name of the real estate agent who will be putting us in my Realtors Multiple Listing Service before placing my MLS Order? Also, what if I don't "like" my listing agent?

A. No, the name is confidential. Of course, you get it once you pay by submitting your mls listing order-form. As far as "liking" your listing agent/broker is concerned, it's not relevant as the Multiple Listing Service will sell your home, not too likely the broker. This is the basis behind the multiple listing service, a large number of local agents in effect working for you, not one. You do not need to like, or even meet and know your broker, who could be out-of-the-area or even out-of-state. Being an area mls member is the main factor, to get listed in it.

Regarding why we closely guard our referral associate names. Here are several explanations: Our referral real estate agent/broker may not want area realtors to know he does low-cost flat rate listings. Or, he may not offer flat fee listings locally, often doing them via out-of-state referrals only. The agent may only offer traditional high-commission 6% or 7% listings locally, therefore not wanting full-commission clients to know they also do low cost flat fee mls listings, so as to not jeopardize high-profit listings! Another reason for confidentiality is our competitors may want to find out who our realty associates are so they too may utilize them.

Q. How long does it take to get my home listed in the real estate multiple listing service?

A. Our listing broker is not able to get you listed in the MLS until they get additional documentation from you, including local listing agreement and MLS data input form. It's needed for details and information on your property for entry into the agents MLS computer. Sometimes (assuming he can reach you right-away), he/she may be able to get you listed in the MLS within 24-hrs if all needed forms are promptly received by listing agent/broker.

Q. One we get on the real estate multiple listing service, how quickly will we have showings and how are the showings arranged for?

A. You may get showings right-away, as soon as the day or day after you get on the MLS. Frequently, there are a number of showings during the first week you are listed on The-MLS. The most common way buyer showings are done is the listing broker puts showing instructions on the multiple listing service computer, saying Realtor's should call the owner (giving your name and contact phone number), so Realtor's may call you direct to arrange for a showing and convenient to you appointment time. P.S. There's a few areas where the brokers phone number is given for showings as the local MLS does not permit the owners contact info. If so the listing broker will refer the call directly to you, or the broker/agent will contact you to schedule the showing appointment.

If you decided to use an optional key-lockbox (which normally is on your front-door), the MLS Listing will also advise Realtor's if they can not reach you by phone, they may use the key lockbox for showings. Your listing agent will ask you exactly how you want showing instructions worded and preferred contact phone number.

Q. How long does it take to get things, including for-sale yard-sign, key lockbox and photograph of our home?

A. Your free sign and key-lockbox will be shipped via UPS the next business day after completion of processing your order-form, and your MLS Listing Number being sent to us by the Listing Broker or the Seller. Sometimes the agent is slow in submitting the MLS # to us, it is recommended that the Seller submit the MLS # to us to speed up the shipping process of sign & lockbox.

Free house photograph is normally taken by local association of Realtors MLS photographer, and viewable in both the MLS and on REALTOR®.com, usually in less than a week.

P.S. If you prefer to display your listing broker sign, it can normally be arranged. After you get Multiple Listing Service listed, ask your real estate agent if you can use their for-sale-sign, rather than flatfeelisting sign. In some areas, the MLS requires that the Listing Broker display his sign on the property. You can also display our sign along side of the Realtor's "For Sale Sign"

Also, free sign/lockbox can not be shipped-out or processed until we get your MLS Number from our associate who listed you.

Q. Will we be getting House For Sale Flyers we can give to potential buyers?

A. Yes, they are free by printing them directly from your printer by simply going to the REALTOR®.com website. On the main-page type-in your City & State, then go to Other Options. Once on that web-page go to bottom and enter your MLS Listing Number. Once your property listing appears, print-out page-1 - which gives lots of information and details on your property and a photograph. You may use this for your free for-sale-flyer. You can print flyers one at a time, or photocopy them.

Q. I may want more than 1 photograph of my home, may I get more? Can I also get a virtual tour?

A. Yes, most all the time that can be arranged. After you get listed on the MLS ask your real estate agent for that option. The vast majority of our referral real estate agents offer extra photos and tours for a reasonable additional fee. Its cost is very minor compared to the benefit of thousands of dollars in real estate commission savings. However, additional photos and virtual tours are not really needed as the real estate multiple listing service in all likelihood will sell your home, with or without paying for extra cost services.

Q. Will the listing REALTOR® help with the purchase contract, possible counter-offers, placing the contract in escrow, contingency issues, closing and settlement matters, etc?

A. Typically No - the Listing Broker is mainly getting paid to list your property on the MLS, as you requested. If the Seller requests assistance with the purchase contract, counter-offers, placing contract in escrow, contingency issues, closing & settlement matters - the Listing REALTOR® may offer extra services (for a reasonable additional fee). You may want or need additional assistance involving your transaction (though you should be able to handle things yourself). If so, (after you get on the MLS), ask your agent about other available services. Most of our associates offer additional optional services. The Listing Broker is offering you an extremely valuable service by listing your property on the MLS for only a flat fee.

Q. Of course, we want to avoid paying any additional fees to save money (no more than your flatfeelisting cost). Will we really require additional assistance with the sales transaction from our listing broker?

A. In most cases the answer is No, you will not have to pay any additional costs to the listing brokerage. This is because the agent representing your buyer typically does much of the work as part of their service and duty to the buyer. That includes writing the original purchase-offer contract, hiring a Title Insurance Company, hiring pest and home inspectors, etc.

Lots of other work and duties, documentation, deeds, disclosure forms and responsibilities fall upon the title insurance firm, who performs significant amounts of work so your close of escrow goes smoothly and they are able to successfully issue their Commitment of Title Insurance Policy. Between the buyers agent and title insurance firm, most 'work' ends-up being done by others for your benefit at no additional cost.

Q. Do you offer a money-back guarantee if we cancel our listing to go with another REALTOR®?

A. Yes. FFL's no refund policy (effective after you are listed on the MLS) is not applicable if a REALTOR® referral to a different REALTOR® is done. If you are not completely satisfied (and list with another brokerage firm), you qualify for a 100% money-back guarantee of the monies we received, by our arranging for a standard REALTOR®-referral (which by the way, costs you absolutely nothing).

In the event you want to cancel (for any reason), and wish to list with a more traditional broker (of course, prior to getting a sales contract), we agree to refund the money we received upon the MLS listing sale of your property, by rebating the money that we received (payable at close-of-escrow). This is based on Gold Rush Realty referring your listing to a new real estate broker of either your choice or ours, and who is acceptable to both of us.

Q. How do I know the MLS listing information is correct?

A. A copy of the MLS Listing for you to review is available at no cost from the Listing Broker.

Q. Can I make changes to my MLS listing?

A. Yes

Q. When my listing is entered into the MLS, is there a special number to identify my property?

A. Yes. An MLS Listing Number is used to identify your property.

Q. If I have any questions, after my listing is on the MLS, who should I contract?

A. Your Listing Broker should be able to answer any questions about your listing.

CLICK-HERE to Send your question(s) via email and also your phone number if you wish a call back from one of our friendly Realtors.

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