What is an MLS?
MLS, Multiple Listing Service, is an independent service to find real estate MLS listings for sale by Realtors® and other realty professionals that are members of the local Board of Realtors. This includes homes for sale - new homes and resale homes, new construction; rental and lease properties; acreage, lots, and land; commercial properties and investment properties. MLS does not work directly with any real estate buyers or sellers, and does not receive any commissions or referral fees from any resulting transactions.
Why list on MLS?
The MLS database holds one of the largest inventories of homes that are ready for sale or rent. That is why it is a vital tool to increase exposure for your property. MLS listings have all the specifics a buyer is looking for in their new home such as square footage, number of bedrooms and baths, age of the property, etc. Buyers will also find photos of the home. In addition, through MLS the home can be listed on every major real estate buying and selling Internet platform; thus, decreasing transaction time by increasing visibility.
Will my listing appear anywhere other than MLS?
Yes! Besides the MLS, your home will appear on REALTOR.com, Zillow, Trulia, Homes.com, RealEstate.com, Aol Real Estate, local real estate brokerage websites that display MLS listings, and all of the major brokerages that feed directly from MLS. Please Note: We cannot guarantee that your listing will show up on each and every site as the Internet is constantly changing and some websites will be slow, stop syndicating, or have occasional technical issues.
Is Flat Fee MLS Realty a licensed Illinois real estate brokerage?
Yes! Flat Fee MLS Realty is proud to be Illinois owned and operated. License # 471021135. We are not an unlicensed, out-of-state, third party corporation, and we don’t sell your information to anyone.
Do I have to pay a commission to an agent that brings a buyer?
Yes. A buyer’s agent commission is an amount you are willing to pay a real estate agent that brings you a willing and able buyer. On MLS, a buyer’s agent is made aware of what a seller is willing to pay. The amount should be competitive, typically between 2% and 3% of the selling price.
What if I find my own buyer without an agent? Would I still pay a commission?
No. Our service is strictly a flat fee service. If you find the buyer, you pocket that commission as well.
Can I cancel my listing at any time?
Yes. If you change your mind before your property is ready to be listed on MLS (usually within 48-72 hours from the date our office has all of the necessary information), then you will receive a full refund. Once the property listing has gone “Active” on MLS and a property number has been issued, there are no additional fees to cancel or remove your listing at any time.
Can I still sell my home “By Owner” while it is listed on the MLS?
Yes! If you find a buyer on your own, you pay absolutely no buyer’s agent commission.
Is this the same MLS other agents use?
Yes! Your listing will be added to the local MLS and look the same as all the other listings. The format is standard for all listings within MLS.
Will my home really get exposure on the Internet?
Yes! Your home will appear on REALTOR.com, Zillow, Trulia, Homes.com, RealEstate.com, Aol Real Estate, local real estate brokerage websites that display MLS listings, and all of the major brokerages that feed directly from MLS.
Does your broker hold the earnest money?
No. Our broker or agent will be happy to refer you to a third-party escrow officer at a title company or an attorney.
What if I have questions during the listing period or want to change some information in the listing?
We are a licensed real estate brokerage and will be happy to answer any question you have. If you want to make a change to your listing including price, description, etc., send us your request in writing via email or fax. The listing will be updated within 24 hours.
What about a lock box?
There are several excellent lockboxes on the market and the cost is usually around $25.00.
How do I upload photos for my listing?
Once you decide which package is best for you and submit payment, you will be directed to register as a user and granted access to our customer portal. From here you will begin providing all property information including the ability to upload your property images into our database. The required format for images is .jpg and the minimum size is 800 pixels wide by 600 pixels in height or 600 pixels wide by 800 pixels in height.
How long will my listing be on MLS?
That’s up to you. Typically, MLS listings are posted for 6 months to a year, but you can choose or change the end date. Also, there is no cancellation fee.
What if I change my mind and decide to use an agent?
Selling a home requires time and patience. All appointments, negotiations, and offers will be directly with you. We can provide you with all of the real estate resources from listing to closing; however, if at any time you choose to enlist the help of an agent, we can help you with that, too.
Does Flat Fee MLS Realty charge the buyer’s agent a fee?
Yes, Flat Fee MLS Realty deducts $400 from the buyer’s agent commission at closing. For example, the commission offered in the MLS to a buyer’s agent would be 2.5% minus $400. It is not an additional fee owed by the seller. If there is no buyer’s agent, there is no buyer’s agent fee due. Please see FAQ question below regarding Title/Closing Agent.
Can I use what ever Illinois Title/Closing Agent I want?
Yes. Flat Fee MLS Realty was built to save you money in every aspect of your sale, including title insurance. To lower your costs, we use technology to connect to a network of affiliated title/closing agents state-wide. We believe in choice, so you’re free to choose any title/closing agent you like. You agree to pay a sum of $350 at closing to Flat Fee MLS Realty for its costs to manually coordinate closing with the title/closing agent regardless of who selects title on the contract. However, if you choose an in-network title/closing agent who is affiliated with Flat Fee MLS Realty, the $350 coordination fee due at closing will be waived.
Please contact us at (309) 777-2330, or email firstname.lastname@example.org.
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