Frequently Asked Questions about Flat Fee MLS

 

What is the MLS?

The REALTOR® Multiple Listing Service (MLS) is a computerized database containing all of the properties on the market through real estate brokerage companies. When anyone contacts an 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 broker, selectafee.com 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 covers 9 counties has over 50,000 realtor members in the Chicagoland area.

Will my listing look the same as all the other listings?

Absolutely. Listings are all formatted by the MLS and all are identical.

Can I still sell my home “By Owner”?

Yes. Unlike listing your home with a traditional real estate company Select a Fee Real Estate System will not take away your right to sell your home by owner. 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 has a “For Sale By Owner” sign. Therefore to use your own sign would eliminate any benefit of being in the MLS.

Why do I need to be listed in the MLS?

To get the word out!! 90% of all home buyers get their information from REALTOR agents using the MLS. Once you make the decision to sell your home, it is important to sell it within the first 90 days. Homes that are on the market longer than 90 days develop a reputation of being over priced, or something is wrong with the property. Listing in the MLS will bring qualified buyers to you as soon as possible.

Will you list my home on the Internet?

Yes! As Realtors, Select a Fee Real Estate System & Rentals works through your local MLS to add our listings to their high-traffic Real Estate website such as REALTOR.com, ChicagoTribune.com, Yahoo.com, Craigslist, Google , Zillow, Trulia, plus other real estate Websites, etc…

Are all “Fee for Service” or “Flat Fee Brokers” the same?

NO! Since the inception of the “Fee for Service” or sometimes known as “Flat Fee Service” concept, many companies have entered this type of business, but most 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 being the lowest price, rather than the most experienced. We have seen sellers go for the lowest price to list their properties, only to lose thousands of dollars on the net value of their home, because the company they chose lacked the necessary experience in the Real Estate profession. Too often these companies are more interested on getting the deal done, instead of what is in the best interest of the seller.

This is how a professional “Fee for Service” works.
In most states (including Illinois), states now require a minimum level of service from “Fee for Service” companies, which includes Contract Negotiations. That means the company is to receive a contract on behalf of the Seller, forward it to the seller and then communicate responses with the buyers agent until the deal is complete or negotiations fail. Unfortunately, from what we see, most companies receive the contract, forward it to the seller and that’s the total involvement on their part. This leaves the seller to fend for themselves without professional counseling and advice on how to get top dollar for their home. Most Flat fee companies have no experience when it comes to negotiating. More importantly, they have never experienced what’s happening in this type of market in order to give good professional advice or alternative ways of selling a property.

Select A Fee’s owner has 39 years experience in real estate and has survived 3 major real estate market down turns. Select A Fee Real Estate SystemTM has been involved in over 1500 negotiations in the last several years. This type of professional experience is what today’s seller needs to guide them through this tough and frustrating market. (to guide them through these tough and frustrating times.) If you are looking to save money on selling your property and still want to get the most money for your property in a down market, let Select A Fee Real Estate SystemTM use their proven professional skills and market knowledge to work for you.

How much do I have to offer in cooperating commission to have other REALTORS Show my home?

The fee you offer is totally negotiable. The rule of thumb is always be competitive with your competition. And when the market is slower sometimes it make sense to offer a Bonus or little more commission to the Buyers agent. So find out what the other brokers are offering and use that as a guide.

Is experience really that Important?

Over half of the 50,000 agents in the market place today haven’t been in the business for 10 years. Most of which enjoyed the good times and are now befuddled by what’s happening in the market. Market time is 120-180 days, inventory has almost doubled in the last couple of months, sales and prices have fallen to the range of 2002 and buyers have stepped to side lines waiting for prices to fall and interest rates to come down. Newer agents don’t know how to prospect to buyers today or how to make their help their clients property look better than everyone else.

Select A Fee Real Estate System & RentalsTM has proven techniques, experience and the know how to get our clients property sold. We have a success rate of 85% of everything we list sells. That’s not just one year but for many years.

What happens if something goes wrong or I’m unhappy with your service?

Great question. A lot depends on if the company works inside Illinois or Indiana or not. Licensed agents are governed by the State in which they operate. If something goes wrong you can contact the State and file an complaint and wait to see what happens. Select A Fee Real Estate System & Rentals ™ wanted to be a little different so we joined the Better Business Bureau. That way the public can check up on us right away and know if the company is legitimate. Since joining the Better Business Bureau in 2003 we’ve had over Thousands of transactions and with no complaints. Check our competition and then check us and that will make your decision very easy. Plus we offer a Money Back Guarantee.

 

Do I have to negotiate contracts by myself or do you help?

No, we are involved through the entire negotiation process and advise you on all Contracts or Leases on your property still an agreement has been attained.