SELL2K.com Information & F.A.Q

What is the Multiple Listing Service (MLS)?
A. MLS stands for Multiple Listing Service. The MLS is the most powerful database of homes for sale in any specific area. It's the #1 method agents use to find homes for their buyers or to advertise their listings to other agents as well.

What is the benefit of putting my home on the Multiple Listing Service (MLS)?
A. There is one very significant benefit to having your home listed on the MLS … EXPOSURE, to the local pool of real estate agents! The fact that you have your home for sale in the MLS will now be known by the hundreds, if not thousands, of real estate brokers and Buyer's Agents in your market from the small mom and pop brokerages to the big boys of real estate you see on TV.

How is the Commission normally SPLIT on the MLS?
A. Normally the TOTAL COMMISSION is split down the middle. So for example if your paying a Broker the traditional 6% TOTAL COMMISSION, then odds are 3% Commission is being paid to the listing agent for listing the property, and 3% Commission is being paid to the buyers agent for finding a buyer.

What can I do as the Seller to make my property more Buyer Friendly?
A. Price your property competitavely and then offer Buyer Incentives such as:
- A Home Appliance Warranty
- Help the new owners with Closing Costs
Doing this will usually insure your property gets the most consideration when it comes decision time for the Buyer(s). Not to mention offering Buyer Incentives makes the property easier to market.

Will Agents show my home for only a 2% Buyer Agent Commission?
A. Good Real Estate Agents will show your home for only a 2% Commission, but not all agents are good agents. There's another issue that could arise. Let's use a hypothetical situation: Say a Good Buyers Agent using the MLS, pulls up your neighborhood for his potential buyer John Moneybags, and 22 Homes meet his particular needs. Now this Agent is not going to show John Moneybags 22 properties in one day. So how do you think this agent will narrow the list of 22 properties down to about 4 or 5 to show his buyer? Yep you guessed it. By what commission he's being paid. So by paying the 2% Buyer Commission odds are John Moneybags will not be seeing your home today, or even tomorrow. Do you see what I'm getting at? Now lets use the same hypothetical situation above and imagine if you were paying a 4% Buyer Commission. Well my guess is that John Moneybags and his Agent will be viewing your home first.

What's the difference between a Mortgage Broker and a Real Estate Broker?
A. The Mortgage Broker, brokers the loan by connecting the buyer with the lender. A mortgage broker is normally used to obtain mortgages, refinancing, or home equity lines of credit. A Real Estate Broker on the other hand represents the buyer or seller in a real estate transaction in either a non-rep, transaction, or single agent compacity. Some duties often handled by real estate agents or brokers are: working with buyers and sellers, presenting purchase offers and counter offers, listing property for sale, and preparing CMA's (comparative market analysis). For some reason these two licenses frequently get confused to buyers and sellers, so I just wanted to try and clear this up. I Harry J. Misner happen to hold both licenses, but most Real Estate Agents/Brokers do not.

What is the difference between a Real Estate Broker and a Real Estate Agent?
A. The person you normally deal with is the Real Estate Agent. The Agent is licensed by the state, but must work or "hang his license" under a Broker. All listings are placed in the Broker's name, NOT the Real Estate Agents. The Broker is required to have more mandatory education then the Agent. Real Estate Agents are normally 1099 subcontractors who work for the Real Estate Broker. If you here the term Broker Associate, this simply means that the person has obtained his or hers Brokers license but chooses to work for a Broker in the normal Agent compacity.