Question 1

What is the Multiple Listing Service? Also known and referred to as the MLS?

Accepted Answer

Listing your property on the MLS is crucial if you are serious about selling! The Multiple Listing Service (MLS) is the Local Association of REALTORS®'s computerized list of properties currently for sale. This is an exclusive tool, only available to the 700,000 members of the NAR®. The MLS is the primary tool used by REALTOR®s to find properties for their buyers, and for most REALTOR®s and buyers, it is the only tool they need to find the right property for them. REALTOR®s search the MLS daily to find potential matches for their buyers, thus when new listings are entered, they are immediately evaluated by thousands of REALTOR®s with prospective buyers, making your house rapidly popular. MLS provides the biggest marketing advantage in selling properties. This kind of exposure to buyers is not available anywhere else. You maximize your chances of selling your property more quickly and at a better price when it is listed in the MLS. When your property is in the MLS your property receives the broad coverage of a large number of realty offices that have access via computer to your property's availability, price and features. Being listed on the REALTOR® MLS enables you to take advantage of the power of thousands of REALTOR®s in your area. That means more exposure for you!

Question 2

Is this the same Multiple Listing Service (MLS) to which all area Realtors belong?

Accepted Answer

Yes.  All participating MLS REALTOR®s belong to their local association of REALTOR®s. Wherever you may be located, we will have a Nationwide Network of REALTORS® and will place you in the proper MLS for your area.

Question 3

Will my listing appear on the Web Sites of other local Real Estate Companies?

Accepted Answer

Broker networking is where brokers give each other permission to share their listings on each other's web sites. Your listing may be displayed on the website of other local real estate companies. Thus a buyer working with another real estate company who does a search of that company's website may find your listing in their search results.

Question 4

Will my property be listed on the Internet?

Accepted Answer

Yes. Please see Listing Programs page.

Question 5

If I find my own buyer, will I still have to pay a selling commission?

Accepted Answer

No. You still maintain the right to sell your property on your own.  If you find your own buyer, you will not be obligated to pay a commission on the sale.

Question 6

Will Realtors show my property even though I went Flat Fee Listing instead of paying a high commission?

Accepted Answer

Yes. As long as your "buyer agent" compensation is competitive, REALTOR®s are unlikely to turn down earning a commission. In fact, they have a fiduciary duty to their buyer clients to show them all of the available properties that match their criteria. Regardless of whom you listed with or what you paid, your listing will the same as any other listing in form and style.

Question 7

Will Realtors contact you or me for a showing?

Accepted Answer

Yes.  REALTOR®s will call before a showing or a preview of your property.

Question 8

How long is the MLS listing period?

Accepted Answer

Listing term varies per listing program, but can be up to 12 months.

Question 9

Must I have a lockbox?

Accepted Answer

No, but REALTOR®s depend on quick access.  REALTOR®s show many properties within a very short period of time, access to your property may make a difference.  We strongly recommend a REALTOR® lockbox.

Question 10

How do I make changes to my listing?

Accepted Answer

You log into the Client Area we provide for you and use our Change Tool to notify us of what changes you wish to make.

Question 11

Will my listing look the same as a full listing commission to a traditional agent?

Accepted Answer

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

Question 12

Is it true that Realtors using the Multiple Listing Service (MLS) sell most houses and that they usually sell for a higher price?

Accepted Answer

Yes, it's true on both accounts.  According to the National Association of REALTOR®s, approximately 85% of all U.S. properties are sold through Brokers using the MLS and properties listed on the MLS average net proceeds of 7% higher than properties sold for sale by owner. The MLS will give you maximum exposure and this is the key to a successful transaction. There is no other effective way to sell your property and be successful.

Question 13

How do I get started?

Accepted Answer

Click here! The MLS gives you access to thousands of other REALTOR®s on call 24/7 to sell your property.

Site Index

Olmsted County Areas

Olmsted County Flat Fee MLS