Listing Your Home For Sale
After you and/or your real estate agent have determined how much your home is worth, it is time to list your home. If you are using an agent, he or she will prepare an “Exclusive Right of Sale Agreement” and present it to you for your signature. If you are not using an agent obviously this paperwork is not necessary. The biggest benefit in having your home listed with a REALTOR® is that your home will appear in the MLS systems.
What is the MLS system?
The Multiple Listing Service (MLS) is a database of every home for sale listed by a real estate agent, unless the property has been specifically exempted from MLS. It is a sharing of comprehensive home information among real estate professionals. Listings brokers enter the data about a home for sale and offer to share the commission with a broker who brings a buyer. It's an online software that contains all the specifics about a home, from the address, age, square footage, number of bedrooms, baths, upgrades and schools districts to types of financing the seller will consider, and more. There is generally at least one to a dozen photographs of the home, plus a link to a virtual tour, if one exists.
Can Non Agents Access the System?
Home buyers make the mistake of believing they can access this information through online feeds such as REALTOR.com, Zillow, and Trulia to other services. Although many MLS systems syndicate to sites such as this it does not replace the MLS system. Often the information found on these sites are limited in scope, outdated, or inaccurate.
Can a For Sale By Owner Be Listed in the MLS?
There is no separate category for a For Sale by Owner (or FSBO) listing. Some the MLS systems can contain listings from sellers who are unrepresented. Some FSBO listings have found a way to circumvent some MLS restrictions. They pay a flat fee to a discount real estate broker to enter the information into the MLS and direct that all offers be presented to the seller. This practice however, is often frowned upon or prohibited by MLS authorities. If this is the case, the listing will be deleted from the system. Also the selling commissions are often less than the fee agents are offered by traditional brokers -- which does not motivate agents to show these listings, even though they cannot legally refuse to do so.
When it comes to selling your home, you are embarking on a transaction involving the largest asset you have. Why would not trust that to an expert. Many people when they consider selling their house themselves only see the savings on commissions but what they don’t see is the fact they might not have the resources, knowledge, or expertise to sell their home. At the very least, by trying to save some money by not paying commissions, they could be losing on the over price that they sell their house for. First Coast Realty, Inc provides yourhome with more exposure than a typical real estate agent.