Frequently Asked Questions:

  • What is the Multiple Listing Service (MLS)? The MLS is the traditional database that agents use to locate properties for the buyers they represent. In the past, the only way to get your home on this powerful database was to hire a full commission licensed real estate agent because only they could list a property for sale in the MLS.  123 Flat Fee Minnesota now allows you the ability to list your home on The MLS for a greatly reduced price, compared to a full service agent.

 

  • How does the MLS Help Me Sell My Home? Listing your home on The MLS notifies all local agents that your home is for sale, how much the asking price is, and other important information to ensure your home is considered. Over 80% of all buyers are represented by real estate agent.  The vast majority of these agents have access to The MLS.   You must reach these agents to get the most exposure for your home – and the best chance to sell your property.

 

  • Do seller’s agents look for buyers?  Typically not.  Most seller’s agents simply list a house on the local MLS and wait for a buyer’s agent to contact them. You can do the same thing and not owe a seller’s agent the typical 3% commission of your sale price. If you have more questions on how the listing various fees work just give us a call at (320) 212-5309. We are happy to explain the entire process step by step.  NOTE:  Some seller’s agents do hold Open Houses for their clients.  This is one way that they do search for buyers. In some cases, 123 Realty LLC can hold an Open House for your property as well.  Give us a call for more information on this optional service.

 

  • How does a Flat Fee listing work and is that the only fee?  With the exception of our Platinum Full Service option, you only pay the flat fee of the package you choose.  There are no other fees or commissions that you’ll owe to 123 Realty LLC once your home closes. In the case of our Platinum Full Service option, 1% of your final sales price would be due at closing.  NOTE: Many seller’s agents, or their brokers, try to charge an additional “administration” fee on top of their commission.  These typically range from $299 – $799, but they can be higher. You will have no such fee with 123 Realty LLC.

 

  • How do traditional Listing Fees work?  Traditionally,  a seller’s agent will charge a 6% – 7% commission to sell your property.   They typically keep 50% of the commission (or more) and give the rest to the buyer’s agent as compensation for bringing a buyer to the table. With 123 Realty LLC you choose one of our Flat Fee packages, pay the appropriate.  We then work with you to get your home listed on The MLS. When an agent brings you a buyer who ends up buying your property, you will owe that agent a commission.   As an example, a traditional 6% listing fee for a $300,000 home would cost you $18,000 in commission fees alone.  If you decide to choose our $599 package and pay the buyer’s agent a 2.5% commission, your savings would be over $9900 in realtor commissions alone.

 

  • Is it Difficult to Sell without an Agent? Not at all.  We’ve helped hundreds of people just like you sell their home and save money. Our agent will place your listing on The MLS for you. The buyers or agents will contact you directly to schedule showings and make offers.

 

  • What is the Role of the Listing Agent? Only a licensed real estate Broker can place homes in the MLS. We are a Licensed Minnesota Real Estate Broker with over 30 years of real estate industry experience.   We will prepare all necessary listing forms and disclosures and place your property on The MLS, including the picture that you provide.

 

  • Who Handles the Paperwork? All the necessary listing forms and disclosures will be provided by us. Once you complete the forms, they can be emailed or mailed back to us. We then go over them and check that all required information is complete.

 

  • Are There Any Seller’s Agent Commissions when using our Flat Fee service?  No. You pay only one low flat fee to 123 Realty LLC.  If you choose to go with our Platinum Full Service option, there will be a low 1% commission due at closing. (based on the final selling price of your home)

 

  • Are There Buyer’s Agent Commissions? Yes. When an agent sees your listing and brings you a buyer, you must pay the buyer’s agent a commission if you accept the offer and the transaction successfully closes. You decide how much commission to offer as part of the MLS listing process and that figure will be included in your MLS listing. The commission you offer is not negotiated on an agent by agent basis so we recommend offering a commission between 2 – 3%.  If the commission you offer is too low, it will directly affect the amount of exposure your home receives from buyer’s agents.

 

  • What if I Find a Buyer Myself? Do I pay any commissions? No. No commissions are owed if you find the buyer.  If you choose our Platinum Full Service option, then yes, there is a 1% commission paid to us at closing.

 

  • Whose Phone Number is on the MLS? Your MLS listing will display both the agent’s contact information and your contact information. When the listing agent receives inquiries about your property, the interested parties will be directed to you to set up showings and discuss details about your property. NOTE: Realtor.com does not allow seller’s phone numbers to appear in their listings.

 

  • How Soon Will My Listing Appear on the MLS After I Sign Up? WE will contact you within 2 business days after your order is placed. You will be sent all the forms required to complete the MLS listing. Once these forms are completed and emailed back to the us, the listing will be in The MLS in 24- 48 hours (excluding weekends). It is common for orders placed on a Monday to be listed by Wednesday. However, orders placed Thursday or Friday may not be listed until the following week. Once listed on The MLS it takes Realtor.com as much as 24 hrs to upload a listing to their site. This is an automatic upload and can not be expedited..

 

  • How Many People Will See My Listing? Just like any agent-sponsored listing, a flat fee MLS listing will receive free national exposure on the Realtor.com website with a color photo and description. Realtor.com is open to the public and is the most heavily trafficked real estate website on the internet. Only properties listed in The MLS can appear on Realtor.com. In addition, MLS listings are featured on Zillow, Trulia, and other real estate websites that together, attract millions of potential buyers every day.

 

  • What About Photos? Upload digital photos of the exterior and interior of the house. If necessary, hard copy photos can be scanned but will slow down the process. The photos need to be saved as .jpg files, ideally 640 x 480 pixels. Email the photos us. The specific number of photos allowed is based on the plan you chose.  If you would like a referral to a professional real estate photographer, please let us know.

 

  • Can I Get More Help from the Agent? Yes.  Please read each Flat Fee option for the list of services included.  We are available to provide additional services as needed including contract review, negotiating, and help with closing your sale. These services are subject to additional charges. If you are interested in extra services, please call us at (320) 212-5309 for assistance.

 

  • Do I live in a Jurisdiction requiring additional fees? In a few select areas, local state laws require that agents provide additional services to home sellers which result in additional fees. All Flat Fee MLS providers in a given jurisdiction are subject to the same rules. Please call (320) 212-5309 for more details.

 

  • What is the MLS Listing Length? The Flat Fee MLS listing period is up to the plan you chose. It may be extended for an additional discounted charge. Listings can be withdrawn from your local MLS at any time by request to our office in writing.  Removing a Flat Fee listing prior to expiration will not include a refund of your listing fee.

 

  • Can I cancel my MLS order? You may cancel at any time. Again, no refunds are given after your MLS listing goes active on The MLS.

 

  • I have a Yard Sign, can I still use it? In most areas, yes. Due to local regulations, the use of “For Sale By Owner” signs are not allowed in some areas when your home is also listed on The MLS. Alternatively, 123 Realty LLC. signs can be used and are available through 123 Realty LLC.  Please call us at (320) 212-5309 to see if any restrictions apply in your city.

Have a question that isn’t answered above? Call us at (320) 212-5309 or send us a message via the contact form.