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Donny Opoku's Blog

By Donny Opoku | Agent in 90008
  • MLS: How FSBOs Use Real Estate Agents' Secret Weapon

    Posted Under: Home Selling in 90002  |  January 28, 2013 5:46 PM  |  126 views  |  No comments
    MLS" is the most powerful acronym in real estate lingo and stands for "multiple listing service." Every day, new listings enter regional MLS databases and flow to all subscribing real estate agents and services. MLS systems are the primary channel for publicizing listings among agents and brokerages.

    In the past, MLS listings were an agent's "secret weapon," because only agents had exclusive access to the homes in their local database. These days, MLS listings are found across numerous websites, many that often add additional valuable data, such as the most recent homes sold in the neighborhood, taxes, nearby schools and area amenities.

    With 90% of house hunters searching for homes online, and more than 80% of homes sold nationwide being listed on the MLS, it's no surprise that sellers want their homes on the MLS. Long gone are the days when you had to hire a local real estate agent to be listed on the MLS—now, you can sell by owner, save on commission and still get maximum exposure.

    Instead of calling up an agent and promising to pay 6% of your property's sale price to put your home on the MLS, you can market your property to millions of buyers and real estate agents for six full months with ForSaleByOwner.com's flat-fee MLS Enhanced listing package. Plus, you get to pocket the listing agent's commission.

    The beauty of selling by owner means that you control your listing. Marketing your home on the MLS through ForSaleByOwner.com means every real estate agent in your area will see it. You'll be contacted by buyer agents who want to show your home to their clients, but you decide whether or not you want to work with them. With your listing agent's commission out of the picture, only the buyer's agent is left to pay—typically between 2-3% of your home's final sale price. Of course, if a buyer contacts you through ForSaleByOwner.com, you won't have to pay a dime in commission.

    Moral of this MLS story? For-sale-by-owner sellers can reach just as many house hunters as sellers using traditional agents. Check out ForSaleByOwner.com's MLS Enhanced Listing package to advertise your listing on your local MLS.

    Questions? We've got answers! Ask us in the comments, or message us on Facebook. 
 
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