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Frequently Asked Questions

Questions About the MLS and Realtors

• What is the MLS?
• Is this the same MLS that all of the Realtors in my area use?
• Why should I use a flat rate MLS listing program like yours rather than just selling for sale by owner?
• How do you provide your service at such a low price?
• Is it true that Realtors using the Multiple Listing Service (MLS) sell the most houses and that they usually sell for a higher price?
• When will my house be listed on the MLS?
• How long will my property be listed on the MLS?
• Will my listing look the same as those who have agreed to pay a full listing commission to a traditional agent?
• How will I know if my property is listed with all of the correct information?
• What areas do you serve?
• Is the MLS really going to help me sell my home?
• Do I have control over all listing information?

Questions About Compensation and Commissions

• What if I sell the house on my own?
• If my listing Realtor brings me a buyer and sells my home, will I owe a commission?

General Selling Questions

• Can I use a lock box?
• If I find a buyer on my own, how much deposit should I ask for?
• When a potential buyer calls, is there anything in particular that I should ask them before showing my home to them?
• What is a final walk-through?
• Should I be concerned about lead-based paint?
• Should I be concerned about radon gas?
• Will you conduct open houses?
• Will my property be listed on the Internet?
• Who will do all of the paperwork involve din the sale of my home?
• If I don't hold an "Open House" or run newspaper ads, won't I miss out on numerous potential buyers?
• Do you accept credit cards?

Answers

• What is the MLS?

• As part of the National Association of Realtors®, your local Realtors’ association is an organization designed to assist real estate agents from many different companies to cooperate with one another, to establish guidelines for service and ethical issues, and to strive to make the real estate community more professional. It also oversees the MLS computer system - the source that agents turn to first and foremost to find properties for their buyers.

  The MLS (Multiple Listing Service) is an extensive database of information about properties for sale. It is through the MLS that most residential real estate deals are consummated. As real estate professionals, we have agreed to exchange information about properties for sale in order to help sell homes for the best price possible and in the least amount of time. We pay an annual fee to the Realtors’ association for the right to publish information about your home in the MLS computer system and agree that our sellers will pay a commission to any licensed real estate agent that brings the buyer for their home.

  Maximum exposure is the key to a successful real estate transaction and this crucial maximum exposure is gained through a listing on the MLS. Remember, if you list your home on the MLS with TargetMLS.com, you'll never pay a listing commission! The only time you would pay a commission would be to a buyer's agent who brings you a qualified buyer that executes the transaction by buying your home.

  

• Is this the same MLS that all of the Realtors in my area use?

• Yes, your home will be listed by a licensed Realtor and your home's MLS listing will appear in the proper MLS for your area.

  

• Why should I use a flat rate MLS listing program like yours rather than just selling for sale by owner?

• Flat rate MLS services provide far greater exposure than traditional for sale by owner (FSBO) marketing and advertising efforts. Relying on the traditional marketing and advertising associated with a FSBO plan (newspaper ads, unprofessional yard sign, open houses, fliers, word of mouth, etc.) is limiting, at best. Also, advertising your home for sale in the newspaper can become an expensive proposition. In most cases, real estate companies run newspaper ads to attract new buyers and new listings, more than to sell any home in particular. Ultimately you may find that most qualified buyers want or need the assistance of real estate brokers and agents. Thus, your property will be exposed to more qualified buyers through the MLS network since it's accessed by Realtors. Also, agents and brokers will feel more comfortable dealing with you knowing that their commissions are protected. Qualified buyers are those who have both a real motivation to buy and the financial ability to buy. The truly professional real estate agent will ensure that their buyers are pre-approved for financing before showing homes to them.

  

• How do you provide your services at such a low price?

• Most of our services are provided electronically. Since we don't maintain a large office and we do most of our busines via phone, fax, email, and the Internet, we have very low overhead and can easily pass our savings on to our clients.

  

• Is it true that Realtors using the Multiple Listing Service (MLS) sell most houses and that they usually sell for a higher price than homes that aren't listed on the MLS?

• Yes, it's true on both accounts. According to the National Association of Realtors, approximately 80% of all U.S. homes are sold through Realtors using the MLS and homes listed on the MLS average net proceeds of 7% higher than homes sold for sale by owner.

  

• When will my house be listed on the MLS?

• Normally your home will be listed on the MLS within 3 to 5 business days.

  

• How long will my home be listed on the MLS?

• Your home will be listed on the MLS for a maximum of 6 months.

  

• Will my listing look the same as those who have agreed to pay a full listing commission to a traditional agent?

• Yes. Your listing will look like all of the other listings on your local MLS.

  

• How will I know my property is listed with all of the correct information?

• You will receive a copy of your MLS listing and you may make any changes you like, provided the changes are acceptable to the rules and regulations of your local MLS and Board of Realtors.

  

• What areas do you serve?

• We serve most major metropolitan areas. Click here to see if we offer our services in your area.

  

• Is the MLS really going to help me sell my home?

• Listing your home on the MLS is crucial if you are serious about selling! As previously mentioned, up to 80% of all U.S. homebuyers use the services of a real estate agent. Their real estate agents use the MLS to search for homes on the market. Not only does the MLS provide a central location to advertise homes for sale to local agents, it communicates to them that the seller is willing to pay a commission to the buyers’ agent. Thus, listing your home on the MLS serves to motivate real estate agents to show your home and to work hard to sell your home to their buyers. Surveys show that other methods of producing buyers and advertising are far less effective and rarely deliver satisfactory results.

  

• Do I have control over all listing information?

• No. The MLS arranges required information according to multiple choice templates. We cannot customize the MLS data listed. Further, most fields are not transferred to public sites, only the most basic information will be displayed.

  

• What if I sell my house on my own?

• This is yet another benefit that sets us apart from your typical Realtor. When you list your home through Target MLS you pay a flat fee of just * (depending on the location of your home), but you still maintain the right to sell your home on your own. If you find your own buyer, you will not be obligated to pay a commission on the sale.

  

• If my listing Realtor brings me a buyer and sells my home, will I owe a commission?

• Yes. If any of our affiliated Realtors present a qualified buyer to you and that buyer purchases your home, whoever brings you the buyer will be entitled to the buyers' agent's commission for selling your home as the buyers' agent.

  

• Can I use a lockbox?

• Yes. We sell combination lock boxes for $50.

  

• If I find a buyer on my own, how much deposit should I ask for?

• We recommend that earnest money deposits (also known as good faith deposits) be no less than 1% of the sale price. The larger the deposit, the more qualified and serious your buyer is and this helps to justify taking your house off the market.

  

• When a potential buyer calls, is there anything in particular that I should ask them before showing my home to them?

• It’s always a good idea to get the buyer’s name and phone number in advance, so that you can confirm the appointment and follow up after the showing. Potential buyers tend to show up for the appointment more often when they know you have their phone number. Be sure to ask about their financing arrangements before you agree to show your home. Showing your home to financially unqualified buyers can be a major waste of time. Remember, there is a big difference between "pre-qualified" and "pre-approved" with regard to mortgage financing. One is a "looks good" statement, while the other is an actual commitment to fund a loan. Also, it's a good idea to verify their name and phone number in either the phone book or on the internet, so that you can protect yourself and your valuables. Keep in mind that you are inviting strangers into your home and your safety is a key concern.

  

• What is a final walk-through?

• Your buyer will have a final walk-through of the property just prior to the closing (either the day before or the day of closing). This is to ensure that the property is in the same condition that it was in when the buyer placed it under contract and to make sure that all conditions specified within the contract are met before the closing takes place.

  

• Should I be concerned about lead-based paint?

• If your home was built before 1978, you are required by law to provide your buyer with a lead-based paint disclosure, along with the EPA pamphlet entitled, "Protect Your Family From Lead In Your Home".

  

• Should I be concerned about radon gas?

• Radon is a naturally occurring, radioactive gas. It is impossible to detect radon without testing for it. For questions concerning radon, call the EPA's National Radon Hotline toll-free at 1-800-767-7236.

  

• Will you conduct open houses?

• You may hold an open house of your own, if you so desire. However, we do not conduct open houses. The fact of the matter is that open houses are primarily prospecting tools for real estate agents. Open houses are really a way for agents to get their names out there to prospective buyers who are early on in their quest to buy a home. Furthermore, very few homes are sold as a result of an open house because many of the visitors are tire-kickers, bargain hunters, nosey neighbors and people looking for something to do on the weekends.

  

• Will my property be listed on the Internet?

• Yes. Your property will be listed on www.realtor.com, www.homeseekers.com, www.homes.com and other real estate websites. These internet listings will give you national exposure to out-of-state homebuyers. Since many of your potential buyers will be from outside your local area, this exposure can be a vital component in selling your home quickly and for the best price. The independent websites, realtor.com and homes.com, will obtain your listing directly from the MLS. Keep in mind that they pick up whatever they wish from your MLS listing to publish on their websites. Thus, we have no control over these independent websites and we cannot change or edit their content.

  

• Who will do all of the paperwork involved in the sale of my home?

• If you do not feel comfortable with doing the paperwork involved and feel you need professional assistance, we recommend that you contact a local real estate attorney to help you with the paperwork.

  

• If I don't hold an "Open House" or run newspaper ads, won't I miss out on numerous potential buyers?

• The MLS and the right sales price are far more influential in the sale of your home than all other sales or marketing techniques combined. Although not common knowledge, newspaper advertising, TV cable access real estate showcase programs and open houses are mainly implemented to generate future leads and listings for agents and brokers, not for marketing your home in particular. These sales techniques help to justify that the agent / broker is "earning" their commission for listing the property. Remember, statistically about 80% of all U.S. home sales are directly generated by listing on the MLS. Thus, these other methods of advertising serve primarily to enhance the professional presence of the real estate agent in their market, placate their sellers and encourage them to believe that they are getting more bang for their buck.

  

• Do you accept credit cards?

• yes, we accept Visa and MasterCard, and we also accept personal checks.

  

Flat Rate Realty
5310 4th Street North
St. Petersburg, Florida 33703
(727) 528-6956 / (800) 949-1MLS (1657)