Can I list on MLS without a REALTOR®? We hear this question asked often, and the simple answer is NO. Only licensed real estate agents (also referred to as REALTOR®?) have access to the MLS.
The MLS or Multiple Listing Service was created and designed so licensed brokers and agents could easily share their listings with other brokers and agents.
They also created the “co-broke” commission fee to facilitate the offering of part of their commission to another broker if they found a buyer for their listing.
A Multiple Listing Service (MLS, also Multiple Listing System or Multiple Listings Service) is a suite of services that enables brokers to establish contractual offers of compensation (among brokers), facilitates cooperation with other broker participants, accumulates and disseminates information to enable appraisals, and is a facility for the orderly correlation and dissemination of listing information to better serve broker’s clients, customers and the public.
So who owns the listing “data”?
The listing data stored in the MLS’s database is the proprietary information of the REALTOR®? who has obtained a listing agreement with a property’s seller.
Why are listings displayed on websites like Trulia, Zillow, and Realtor.com?
Because, brokers allow their listings (for the purpose of lead generation and marketing) to be syndicated to these popular websites, in the hopes that they will find buyers for their listings. They also hope that if their listing does not meet the buyer’s needs, that they will be able to continue to work with that buyer and find them a suitable home and make a commission from the buyers purchase. It’s all about making money!
If I want to sell my home “By Owner” how do I get listed on the MLS?
You can use a service like ours, which helps “For Sale by Owners” list their homes on the Multiple Listing Service through our “Flat Fee Listing” broker. (http://www.hrm.goflatfeerealty.com/register/).
Our broker handles the actual input and maintenance on the MLS of the listing data, photos, etc., while you’ll be handling the sales calls, setting the appointments and showing the property. Keep in mind, the broker is always responsible for this listing, so notifying the broker of any changes to the status is extremely important. Most MLS require changes to be updated within 24-48 hours, and may impose a fine on the listing broker for late input.
Do I need to offer a commission if I list on the MLS?
The simple answer is YES. In order for a broker to list your home on the Multiple Listing Service they are required to make an offer of compensation (aka the “co-broke” fee). This will be part of your listing agreement with the flat fee listing broker, and you’ll decide how much commission to offer when you complete the required listing forms. The commission will be paid by the closing company or attorney from the sellers proceeds at your closing to the buyer’s broker. Before you go to the closing the attorney will provide you with a HUD 1 settlement statement. This form breaks down all the numbers for the sale. Review this form carefully before you go to closing.
If the buyer doesn’t have an agent, do I still pay commission?
NO. If there is no agent working with your buyer, then you are not obligated to pay anyone a commission.