Frequently Asked Questions about Flat Fee & MLS
What is the MLS?
The REALTORS® Multiple Listing Service (MLS) is a computerized database containing all of the properties on the market through real estate brokerage companies. When a customer contacts a real estate agent regarding a home purchase, the agent will search the MLS for properties meeting their criteria.
Is this the real MLS?
Yes. As a licensed brokerage office, Select A Fee Real Estate System & RentalsTM belongs to the same MLS as other real estate companies. For example, Select a Fee Real Estate System belongs to the Multiple Listing Service of Northern Illinois (MLSNI) which cover 15 counties has over 50,000 REALTORS® members in the Chicagoland area, and the Greater Northwest Indiana Association of REALTORS® Multiple Listing Service (GNIARMLS) with 2,500 members in 4 counties.
Why do I need to be listed in the MLS?
To get the word out!!! 90% of all potential buyers obtain home search information from REALTORS® that use the MLS. Once you make the decision to sell your home, it is important to price it correctly and sell within the first 90 days. Homes that are on the market longer than 90 days develop a reputation of being over-priced, or that there is something wrong with the property. Listing in the MLS will bring qualified buyers to you as soon as possible.
Will my listing look the same as the other listings?
Absolutely. All listings are uniformly formatted by the MLS.
Will you list my property on the Internet?
Yes. As REALTORS®, Select A Fee Real Estate System & RentalsTM works through your local MLS to add our listings to their high-traffic, real estate websites such as REALTOR.com, ChicagoTribune.com, Yahoo.com, Craig’s List, Google , Zillow, Trulia, plus other real estate websites.
Can I still sell my property ‘By Owner’?
Yes! Unlike listing with a traditional real estate company, Select A Fee Real Estate System & RentalsTM will not take away your right to sell your property on your own. In fact, Select a Fee Real Estate System encourages you to market your property ‘By Owner’. Our only restriction is that you do not place a ‘For Sale By Owner’ sign in your yard or window while listed in the REALTOR® MLS.
Why can’t I use a ‘For Sale By Owner’ sign?
We have found that REALTORS® are reluctant to show a buyer a home that displays a ‘For Sale By Owner’ sign. Therefore, using your own sign would diminish the benefit of being listed in the MLS.
How much should I offer in cooperating commission to encourage REALTORS® to show my property?
The compensation offered is totally negotiable. A general rule of thumb is to be competitive with your competition. If the real estate market is slow, it makes sense to consider also offering a bonus, or a little more commission, to the buyer’s agent. We can make you aware of what other comparable listings are offering for compensation, and you can use that as a guide.
Do I have to negotiate contracts by myself?
No. Select A Fee Real Estate System & RentalsTM will be involved throughout the entire negotiation process. Sellers and lessors shall receive professional guidance, counseling, and advice; regarding all contracts or leases for their property.
Are all “Fee for Service” or “Flat Fee Brokers” the same?
NO! Since the inception of the ‘Fee for Service’ concept or sometimes known as “Flat Fee Service”, many newer companies have entered into this type of business. But most of them have never been in the real estate business, and have little knowledge about the ins and outs of the industry. Unfortunately, most of these companies put more emphasis on charging the lowest price, rather than demonstrating experienced service. We have seen sellers list their properties with the ‘fee for service’ company that charged the least, only to lose thousands of dollars on the net value of their home because the company they chose lacked necessary real estate experience to negotiate in the best interest of the seller.
What happens if something goes wrong with my transaction, or I’m unhappy with your service?
Great question. Licensed real estate agents are governed by the State in which they operate. If you feel your transaction was mishandled, you are entitled to contact the State’s agency and file a complaint.
Select A Fee Real Estate System and RentalsTM is so confident of our service that we became a member of the Better Business Bureau. Consumers are encouraged to check out our excellent standing for themselves. Since joining the Better Business Bureau in 2003, we’ve completed well over a thousand successful transactions . . . with NO complaints.
To further assure our customers, we offer a Money Back Guarantee. (Call or email for details)
Is experience really that important?
Absolutely! Over half of the 50,000 agents in the Chicagoland real estate market have been in the business less than 10 years. Newer agents don’t have the know-how to help their client’s property show better than than the competition, and how to attract prospective buyers.
The owner of Select A Fee Real Estate System and RentalsTM has served the real estate community for 40 years, and has weathered 3 major real estate market down turns. In the last several years, Select A Fee Real Estate System has been involved in over 3,500 negotiations, for every type of transaction imaginable. This professional experience is what today’s seller needs to guide them through this challenging real estate market. We are very proud of our success rate! Year after year, 85% of everything we list, SELLS!