MLS Listing for a flat fee - Frequently Asked Questions

	What Is The Flat Fee MLS Listing Program? A traditional real estate company wants you to sign a contract that pays them a commission of up to 6% of your homes selling price. In return they agree to place your home in the MLS, hold open houses, schedule showings and help with the contract negotiation process. The Listing agent usually splits (Co-Ops) the commission 50/50 with the Buyer's agent. Listing with a traditional real estate company rarely helps you sell your home any faster. Did you know that less then 5% of all listings are actually sold by the Listing agent. It's a combination of proper pricing and sufficient exposure that will sell your home. The MLS provides the necessary exposure to sell your home quickly and for the most money. With our program and guidance, the seller can cut their total commission in half by doing most of the work traditionally done by the Listing agent. All the seller pays is the Buyer's agent portion of the commission at closing (typically 2%-3%). The seller may also advertise the property themselves, and if a buyer is procured by those efforts, NO commission is paid if the buyer has no broker representing him as well Not only will your property be listed on the MLS, but it will also appear on websites linked to the MLS database such as ChicagoTribune.com (over a $100 value), Realtor.com, Mlsni.com, Homeadvisor.com and other MLSNI partner real estate company sites. This program works! If you want to save thousands in commissions,  and have the time to schedule your own showing appointments then this service is right for you. Sign up today and let the MLS bring qualified buyers directly to you.	How do I List on the the MLS with you: To Order a $399 Flat Rate MLS Listing with 0% commission: 1. Complete our simple contract 2. Prepare your Property Input Form 3. Sign and Fax items 1 & 2  to us at FAX: 630-214-8160 4. You are Done!  Within 24 business hours our affiliate Realtors will enter the listing on MLS and also email you a copy of your listing.  Within a day or so of that you will also be able to see your listing on MLSNI.com and affiliated sites including Realtor.com etc. Thousands of Realtors will have access to the listing as soon as we enter it in the MLS system.
	For a Flat Fee of $399 you will receive: 1) A listing on the Multiple Listing Service of Northern Illinois (the "MLS") for as long as you like. Your listing will be posted to the MLS within 48 business hours of contract acceptance. You can cancel at any time. 2) Free web exposure. Within 72 hours of being listed on the MLS, your property will appear on several popular real estate web sites such as Realtor.com, Homeadvisor.com, and Chicagotribune.com.     3) If you send us a photo of your house our affiliates will include it in the listing, else for an additional $40 charge a color photo will be taken of the exterior of your property and included with your listing.  4) A Sales Preparation package that includes - sales contracts & required disclosure forms. 5) Contact us anytime with your questions.

Q. What is the difference between a traditional full service broker and your Flat Rate MLS Listing service?

A full service broker will help you determine a selling price, list your home on the MLS, schedule showing appointments and negotiate the sales contract on your behalf. For these services you pay a hefty listing fee of 2%-3% of the selling price (this is in addition to the 2%-3% you will be required to pay the Buyer's Agent). That's a total of 4%-6% in commissions! We offer you a way to list your property on the same MLS for a flat listing fee of only $399. In exchange, you assume most of the duties traditionally performed by the Listing Agent. You pay only the Buyers Agent portion of the commission at closing. If you find the buyer yourself, you pay NO commission at all. Our agents are always available to assist should you need any help. For list of additioanl and required services please see the listing paperwork.

Q: What is the MLS and who owns it?

In most areas, the MLS is a corporation owned/controlled by the local association of Realtors. To input listings, you must be a licensed member of the local association of Realtors (we and/or our local affiliates hold this membership in most areas). MLS Members cooperate by showing and selling the homes listed by other members, for which they receive a
commission for bringing the buyer to the seller. The commission amount offered to the agent who brings the buyer is almost always listed (usually required by the MLS) along with the detailed information about the home and picture(s).

The MLS is the primary tool agents use to find a property when they have a buyer. Over 80% of buyers use agents to help them find properties (especially the most motivated buyers: relocations, pre-approved, etc.). For most agents, the MLS is the tool used every day to find a home for their buyers (for many agents, it is the only tool they use to find homes.) The MLS is not available to the public, only MLS Members can view the MLS listings. In recent years, most MLS systems have distributed some listing information to websites like Realtor.com and allowed MLS members to show some listing information on their own websites.

Our service enables you to get the best of both worlds: get MLS exposure to buyers and pay a commission only if you accept an offer from a buyer involved with an agent. Our average customer walks away from closing with a check that is $8,000 or higher than using a traditional agent.

Q. What is the "Buyers Agent" commission and how much should I offer?

The Buyer's Agent commission is the amount you are willing to pay a real estate agent that brings you a qualified buyer. This amount is determined by you at the time of the listing and is paid to the Buyer's Agent at closing. This amount should be competitive with other listings in your area if you want to take full advantage of the MLS. These commissions typically range from 2.5% - 3% of the selling price.

Q. Can I list on MLS with no commission for buyer broker?

All MLS listing programs require the offering of a commission if a real estate licensee finds you a buyer. If you find a buyer without a real estate licensee, you will owe no commission. The amount of commission is determined buy you the seller. Typical commissions for buyers brokers range between 2.5%-3% of the selling price. 

Q. Can I still sell my home "by owner" while it is listed on the MLS? Yes. We do not take away your right to sell the property yourself. If you find a buyer on your own, you pay absolutely NO commission (because the buyer comes directly without a broker)

Q. Is this the same MLS other agents use in Chicago and the surrounding suburbs? Absolutely. The Multiple Listing Service of Nothern Illinois (the "MLS") is the largest and most widely used database in Chicago and the surrounding suburbs.

Q. Will the MLS really help me sell my home?

Definitely. To sell your home you have to let people know it's on the market. The MLS gives you exposure to over 27,000 real estate agents and the buyers they represent. The fact is over 80% of buyers use a real estate agent when looking for a home, real estate agents use the MLS. It's that simple.

Q. Will my home get exposure on the Internet?

Yes. Your home will appear on several popular real estate web sites linked directly to the MLS free of charge. These sites include, realtor.com, mlsni.com, homeadvisor.com and chicagotribune.com (over $100 value). Calls from buyers that see your listing on one of these web sites will be referred directly to you.

Q. Will my listing look the same as other listings?

Absolutely. The format is standard for all listings.

Q. What if I have a question during the listing period or want to change some information in the listing?

We will gladly answer any questions you have. If you want to change some information in your listing (i.e. price, description, etc.) simply send us your request via email (or fax) and our affiliates will make the change within 24 hours.

Q. Should I hire an attorney to help me handle my closing, and advise me of any laws and/or regulations with which I need to comply in selling my home?

Yes. We recommend that you hire an attorney earlier in the home selling process rather than later or not at all. Since most people hire an attorney to review their sale contract and handle their closing, it makes sense to seek legal advice right from the start. Because most attorneys charge a flat fee for home sale contract review and closing related work, this should not require any extra legal fees. Also, please remember that our agents are happy to help you with Real estate matters.

Q. Why not just advertise my home "For Sale by Owner" in the newspaper, and forget the MLS listing?

Most people responding to newspaper ads are not yet really serious about buying a home. They are still in the dreaming or just kicking the tires stage of home buying. Once a buyer gets serious, over 80% of the time he or she will hire a realtor, and that realtor will show the buyer homes that are listed on the MLS.

Q. May I still advertise my home for sale in the newspaper and other advertising venues in addition to having MLSforFSBO affiliated Realtors list my home for sale on the MLS?

Yes. However, if you want listing agents to stop calling you in an attempt to get your listing, any such ad should include our affiliate's name.

Q. Why do realtors use the MLS instead of other databases--for example the many internet sites that list homes for sale?

Each home listed on the MLS must include in the listing the compensation amount the buyer is offering to any realtor who produces the buyer. By using the MLS, realtors therefore are able to know upfront not only which buyers will compensate them, but how much they will compensate them in the case of a sale.

Q. Who determines the amount of compensation that will be paid to a buyer's realtor, if the buyer who purchases my home is represented by a realtor?

The compensation to be paid to the buyer's realtor, if the buyer is represented, is determined by you, the seller, and offered by our affiliates on your behalf in the MLS listing.

If you hired a traditional realtor, as opposed to a MLSforFSBO affiliated Realtor, that realtor's exclusive listing contract with you might, for example, obligate you to pay him or her a commission of 5% to 7%* of the sale price of your home. The traditional realtor would then offer a buyer's realtor a portion of that commission, on your behalf, in the realtor MLS listing. A recent search of the MLS indicated that most sellers offer between 2.5% to 3% of the sale price to buyers' realtors.

* Because realtor commissions are determined independently, these commission percentages are just estimates offered to help you calculate your savings.

Q. Who pays the buyer's realtor?

You do, at closing.

Q. What kind of agreement do I sign with your affiliate Realtor?

Your agreement with our affiliate Realtor is non-exclusive. This means that not only may you terminate your listing at any time, but you may also work with other realtors if such realtors do not require an exclusive listing.

It is the policy of our Realtors not to solicit clients who are already represented by another realtor.

Q. Will your affiliate Realtors give me the local market information I need to set the asking price for my home?

Yes. Once you have hired one of our Realtors and provided us sufficient information about your home and its location, we will perform a search of the realtor MLS to assess how much similar properties in your area have sold for recently and what the list prices are for comparable properties currently listed on the MLS, and provide you that information. Using that comparable property data as a guide, you set your asking price, and we offer that price on your behalf in the MLS listing.

Q. What if I want to change my asking price or any other listing information during the listing period?

You simply need to communicate your change requests to us by either by fax or email, please be sure to include your MLS Listing number. Price Changes: We do require that all Price Changes to be made in writing and be faxed/mailed to us for your protection. Please Fax Requests to 630.214.8160 or change@MLSforFSBOs.com. 

MLSforFSBO affiliated Realtors makes all such listing changes free of charge. We also will provide you a list of changes you must request we make to your listing within 24 hours of when certain events occur (e.g. the asking price has changed, a contract for sale is pending, or a closing has been executed).

Q. Can put up a virtual tour of our home?

Yes. For an additional fee of $100, we coordinate getting a virtual tour produced and put online with your listing. For an additional $40 the tour will also be placed on Realtor.com

Q. Can MLSforFSBO's affiliated Realtor provide me a yard sign?

Yes. For an additional fee of $100 FREE (Free if you order, in the next 10 days) we will coordinate providing you a yard sign.

Q. What if my needs change and I want to terminate my listing?

You may terminate your listing at any time by  communicating your termination request to us.

Q. Who's telephone number is used for contact information on the MLS?

Answer: In the Showing instructions field of the MLS Listing all agents with buyers are instructed to contact you directly. Please see sample below. Showing instructions typically say: Call Owner to Show etc.

Q. How can I pay for the listing? Answer: You can either pay online with a credit card or send us a check by mail.

Q. Where do I send the photo of my house?

Answer: Email it to photos@MLSforFSBOs.com

Back to Top

To request more information about our services call 1-800-MLS-1213 or email : info@MLSforFSBOs.com

All Rights Reserved American Capital Realty, inc.