FLAT FEE FAQ'S
1. What is the multiple listing service (MLS)?
The multiple Listing Service (MLS) is the National Association of Realtors (NAR) list of homes currently for sale. The Multiple Listing Service (MLS) is the primary data system (repository) that most Real Estate Agents use to market and sell property. This is the main tool realtors use to buy and sell homes. The MLS will put your home in front of thousands of buyer agents with serious buyers. All participating agents belong to their local Association of Realtors. According to the National Association of Realtors, almsot 80% of all U.S. homes are sold through the MLS.
2. What is a OC Flat Fee MLS?
OC Flat fee MLS is a division of Dalton Real Estate. Dalton Real Estate was founded in 1987 as the First and only Full Service Flat Fee Brokerage. In the case of OC Flat Fee MLS, the seller of the property would pay a Flat Fee regardless of the value of the home to have a listing in the MLS. Comparing this to paying the traditional 3% to the traditional franchises.
3. Why is the MLS important and will my home be listed on the Internet?
One of the most most popular Internet sites used by the consumer to search for properties is Realtor.com®. Other such as Move.com®, Trulia.com®, Google.com™, Zillow.com®, Redfin are fed from the MLS. (Realtor.com®, Move.com®, Trulia.com®, Google.com™, and Zillow.com® are trademarks or registered trademarks of the respective companies listed). Therefore inputing your home into the MLS enables your listing to span across the country and not just in the local area MLS. Your home will sell due to the MLS and no other reason.
4. Will real estate agents show my home?
Yes agents will show your home as your home will be listed in the MLS. Realtors almost exclusively rely on the MLS to locate homes that match their buyer’s needs. The MLS listing will show that the home is listed and that there is a buyer’s agent real estate agent commission payable.
5. Will a Lock-Box be required?
You have the option of not having a Lock-Box on your home; though this does make it easier for agents to show buyers.
6. How much money can I save by using OC Flat Fee?
If you want to calculate out how much you will save listing with OC Flat Fee. The following example assumes you are listing your property with a traditional real estate agency such as Re/MAX, Keller-Williams, Coldwell Banker...). If your home is listed for $300,000 and your listing commission is 3% you would pay your traditional agent at the close of escrow, $9,000.00. You would also pay the agent who brings the buyer 3% which is another $9,000.00. This is a total of $18,000.
If you use the OC Flat Fee MLS Service, you would pay the $9,000.00 to the agent who procured the buyer and our fee if you chose the most expensive 'Until Sold' $498.00. You are saving $8,502.00.
7. How do I proceed when the buyer has an agent?
Since you will be using the MLS in most cases an agent will bring the buyer. In most cases the commission will be 2.0 - 3.0% of the listing price. You may set the Selling Office Commission (SOC) to 2.5 - 3.0.
However the commission is set, the higher commission attracts more real estate agent traffic to your house and more offers to choose from. The lower the commission the odds are increased for a buyer without an agent which will save thousands of more dollars but take longer to sell.
8. Can I make changes to my listing at any time?
Yes you can make changes at any time by emailing us the request.
9. If I find the buyer will I have to still pay a commission?
No, if you procure the buyer you will not have to pay a comission; only our flat fee to list your home.
10. Are there any hidden costs?
Absolutely not! Your costs will be our up-front charge dpending on the package you chose and then if an agent procures the buyer your commission.
11. What if I want to change the listing price?
You may change the listing price at any time by emailing us your request. We will e-mail you an addendum to the listing agreement to change the price. After we receive the signed addendum, the change will be input into the MLS.
12. Can I terminate my listing any time?
You may terminate your listing at any time you choose.
13. Why you need a realtor to sell your home?
Only a licensed real estate broker who belongs to the MLS and pays the MLS dues and fees is able to list a property. An individual can't simply post an "ad" in MLS, like placing an ad in a newspaper. The real estate broker is also responsible for the accuracy of the listing, and keeping it current. When you list with us, a licensed broker who belongs to the MLS where your property is located will be assigned to your listing.
If you list with a typical 6% Realtor, and the property sells, you pay the whole 6%, even if the buyer is your neighbor and the Realtor didn't do anything other than put his sign in the yard and enter the listing in MLS. It gets worse - if you read the fine print in the typical 6% listing contract, you'll notice that you owe the entire commission if you want to cancel your listing early, and end up selling to a prospective buyer that entered your property during the time it was on the market, or if you lease the home without the agent's permission! The main reason so many sellers sign such contracts is that they never read them.
14. Will OCFlatFee put me into the MLS that all Real Estate Agent use?
YES! This is what OCFlatFee.com is all about, we provide a means to get you into the MLS, so that all Real Estate Agents can view your property.
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