 | What is the Multiple Listing Service? Also known and referred to as the "MLS."
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The Multiple Listing Service (MLS) is the National Association of Realtors (NAR) computerized list of homes currently for sale. This is an exclusive tool, only available to the 700,000 members of the NAR. Realtors search the MLS daily to find potential matches for their buyers, thus when new listings are entered, they can be immediately evaluated by thousands of Realtors with prospective buyers, making your house rapidly popular.
The MLS provides a marketing advantage in selling houses. This kind of exposure to buyers is not available anywhere else. You maximize your chances of selling your property more quickly and at a better price when it is listed in the MLS. When your property is in the MLS your property receives the broad coverage of a large number of realty offices that have access via computer to your home's availability, price and features.
Being listed on the Realtors MLS enables you to take advantage of the power of thousands of Realtors in your area. That means more exposure for you!
In most areas, the MLS is a corporation owned/controlled by the local association of Realtors. To input listings, you must be a licensed Broker/Agent and a member of the local association of Realtors (we and/or our local affiliates hold this membership in most areas). MLS Members cooperate by showing and selling the homes listed by other members, for which they receive a commission for bringing the buyer to the seller. The commission amount offered to the agent who brings the buyer is almost always listed (usually required by the MLS) along with the detailed information about the home and picture(s).
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| Is it true that Realtors using the Multiple Listing Service (MLS) sell most houses and that they usually sell for a higher price?
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Yes, it's true on both accounts. According to the National Association of Realtors, approximately 80% of all U.S. homes are sold through Realtors using the MLS and homes listed on the MLS average net proceeds of 7% higher than homes sold for sale by owner.
The MLS will give you maximum exposure and this is the key to a successful transaction. There is no other effective way to sell your property and be successful.
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| Can I still sell my home "by owner" while it is listed on the MLS?
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Yes, with Urban Living Lite we do not take away your right to sell the property yourself. If you find a buyer on your own, you pay absolutely NO commission (because the buyer comes directly without a broker).
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| Is this the same MLS other real estate agents throughout the country use?
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YES! Absolutely. Yes it is the place where any other Realtor in your area will list the property on.
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| Will the MLS really help me sell my home?
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Definitely, to sell your home you have to let people know it's on the market. The MLS gives you exposure to the hundreds of thousands real estate agents nationwide and the buyers they represent. The fact is over 80% of buyers use a real estate agent when looking for a home, real estate agents use the MLS. It's that simple.
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| Why not just advertise my home "For Sale by Owner" in the newspaper, and forget the MLS listing?
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Most people responding to newspaper ads are not yet really serious about buying a home. They are still in the dreaming or just kicking the tires stage of home buying. Once a buyer gets serious, over 80% of the time he or she will hire a realtor, and that realtor will show the buyer homes that are listed on the MLS.
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| Will my home get exposure on the Internet?
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Yes. Your home will appear on several popular real estate web sites linked directly to the MLS free of charge. These sites include:
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| Will my listing look the same as other listings?
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Absolutely, the format is standard for all MLS listings.
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| What if I have a question during the listing period or want to change some information in the listing?
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Please contact your listing broker with any questions. If you want to change some information in your listing (i.e. price, description, etc.) simply send your listing broker any changes via email at info@urbanliving.com or fax at (713) 868-5489 with your MLS# and they will make the change - typically within 24 hours.
You are required to inform your listing broker within 24 hours of certain events (e.g. a contract for sale is pending, or a closing has been executed).
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| May I still advertise my home for sale in the newspaper and other advertising venues in addition to having Urban Living Lite list my home for sale on the MLS?
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Yes. However, any advertisement must be approved by Urban Lite prior to publication in order to be sure we are not in violation of any Federal or State Laws.
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| If I want to hold an open house for buyers or broker tour, will Urban Living Lite assist me?
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Yes, to the extent that we will advertise your open house or broker tour by adding it to your MLS listing. It is your responsibility to actually conduct the open houses and/or broker tours.
To schedule an open house or broker tour, by the end of the day the Tuesday before the weekend you are planning the open house (or the week before the broker tour) fax or email Urban Living Lite with your open house or broker tour request form.
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| Will Realtors show my home even though I went flat Fee Listing instead of paying a high commission?
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Yes, because the amount of commission to be paid to Buyer’s Agent will be disclosed in the MLS.
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