Q. What is the MLS?
A. The MLS stands for the “Multiple Listing Service”, which is an an extensive database of real estate listed by licensed Real Estate Brokers. It is through the MLS that most residential real estate transactions are facilitated. Real estate professionals have agreed to exchange information about properties for sale in order to help sell homes for the best price possible and in the least amount of time.
Q. What is an “Entry Only Listing”?
A. When a property is listed in the MLS as an “Entry Only Listing”, it is identified as such so Buyer’s Agents know that is a limited service listing. That way Agents know the Agent that listed the property (Listing Agent) is only entering the property in the MLS and does not provide any other services to the Seller.
Q. What forms do I need to submit?
A. In order to stay in compliance with Federal & State Laws, State Licensing Statutes, and MLS Rules and Regulations all the required forms must be submitted before your property can be listed in MLS. (Listing Agreement, MLS Listing Detail Form, Appropriate Property Disclosures and at least one Photo).
Q. How do Agents/Buyers contact me?
A. Buyers/Agents contact the Seller directly to set up showings. The Seller’s contact information appears in the “Showing Instructions” of the MLS for the Buyer’s Agents to see, so they do not have to look any further than that. It is also on EntryOnly.com for Buyers to see. If a Buyer calls our office, there is a live receptionist that gives them your contact information, and any email inquiries are forwarded to the Seller. However, per MLS Rules, it is a violation to have a Seller’s contact information to appear in the MLS description. So, all callers are instructed to contact the Seller directly.
Q. Do I have to offer a Commission?
A. To be in the MLS, Sellers are required to offer a Buyer’s Agency Commission. The Seller only pays that commission if the property is sold to a Buyer who is represented by an Agent. If the Buyer has no Agent, the Seller pays NO commission. The average commission is 2.5%, so we usually recommend between 2-3%. Of course, it all depends on how motivated a Seller is to sell the property. Obviously, the higher the commission offered, the more likely a Buyer’s Agency is to put effort into finding a buyer for that property. Conversely, the lower the commission offered, the less likely a Buyer’s Agency is to “push” the property. If less than 2% is offered, Sellers should not expect a big response from Buyer’s Agencies. The commission offered can not be a range, but has to be a set percentage and can always be changed before any offer is accepted. EntryOnly.com will never be due a commission.
Q. What do I do once I accept an Offer?
A. Per MLS Rules, Sellers must inform EntryOnly.com within 1 business day of accepting an Offer. It is very important to know that you must notify EntryOnly.com within 1 business day of an Accepted Offer, regardless if there is a Buyer’s Agency or not. Essentially, Sellers are entering into a legal contract with our Real Estate Agency and must stay in compliance with all MLS Rules and Federal/State Laws, otherwise our company can be fined by the MLS. Any fines received due to a Seller’s negligence will be passed on to the Seller.
Q. What do I do after my property is Sold?
A. Per MLS Rules, Sellers must inform EntryOnly.com within 1 business day after Closing. It is very important to know that you must notify EntryOnly.com within 1 business day after Closing, regardless if there is a Buyer’s Agency or not. Essentially, Sellers are entering into a legal contract with our Real Estate Agency and must stay in compliance with all MLS Rules and Federal/State Laws, otherwise our company can be fined by the MLS. Any fines received due to a Seller’s negligence will be passed on to the Seller.
Q. What type of Listing Agreement do I have to sign?
A. You have to sign an “Exclusive Agency” agreement. The reason it is “Exclusive Agency” is because per MLS Rules, one property can not be listed in the MLS by two different companies at the same time. If you want to be listed in the MLS by another Agency, then you must Cancel your listing with EntryOnly.com first.
Q. Am I prohibited from using my “For Sale By Owner” yard sign?
A. You are not prohibited from using your existing “FSBO” sign. However, it is recommended you use a professional looking Yard Sign or you can order a custom printed Yard Sign through EntryOnly.com.
Q. What if I want to use a traditional Realtor while my property is listed?
A. If you want to be listed in the MLS by another real estate agent, then you must Cancel your listing with us first.