What is the Multiple Listing Service (MLS)?
The Multiple Listing Service, also known as the MLS, is a database of properties that are listed with real estate brokers. A broker member must be licensed in their state by the governing real estate licensing department. They then must pay a monthly fee to belong to the local MLS and usually a membership or initiation fee as well. The broker member of an MLS who obtains a listing submits it to the MLS database. He or she is the "Listing Broker". The listing information is immediately available on the MLS database, which agents use to search for properties to show their Buyer. The Buyer's Agent, also known as the "Selling Broker" (not to be confused with the Seller's Broker), represents the Buyer and will expect compensation from the Seller if the property is sold by them. The commission percent or dollar amount is disclosed in the "Buyer Broker Commission" field in the MLS, so agents know right away what the Seller is willing to pay if an offer is accepted and the sale closes.
The MLS cannot be accessed by the general public and all changes and/or modifications must be made by either the member broker or their authorized staff. The listing will be available to view on Realtor.com, Trulia, Zillow and many other public real estate sites.
The advantage of the flat fee MLS system, is that you pay your fee upfront (NOT the customary 6%+) and offer whatever amount of compensation you want to the Buyer's agent. You will need to sign a Listing Agreement, which gives the Listing Broker permission to post your property in the MLS. You may cancel your listing anytime.
One big advantage for the Seller, in listing their property in the MLS, is accessing those Buyers who work exclusively through a real estate agent and don't look for the "For Sale by Owners" (FSBOs). Additionally, the MLS databases are downloaded to public sites such as Realtor.com, Zillow, Trulia and many other real estate websites both locally and nationally which gives the Seller much more exposure than just listing on For Sale by Owner websites or placing a sign in the front yard.
If you are ready to sell your home and get the most exposure possible without paying the traditional 6% commission, then our Flat Fee MLS program is for you!
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