1. A FLAT FEE? HOW DO YOU MAKE MONEY?
We get this question more than any other.
Read our White Paper we believe the Real Estate industry is at the cusp of a revolutionary change; the Real Estate Agent will play a smaller role and thus earning a smaller fee.
There is no other fee to our service. None.
Our business model calls for high volume of transactions vs. a traditional real estate office where they depend on a few transactions a month earning $12,000 to $27,000 on average.
2. WHAT IS THE MULTIPLE LISTING SERVICE aka MLS?
The Multiple Listing Service (MLS) is the key to Home-Sales Success. The MLS lists the vast majority of real estate properties listed for sale, and for rent by Real Estate Brokers and their agents.
All types of real estate property is listed in the real estate multiple listing service; houses, townhomes, condominiums, commercial property, lots, acreage and even rental properties.
Statistics show that homes listed on the MLS sell faster, in fact the National Association of Realtors (NAR) estimates 89% of homes sold where found by the buyer through the MLS.
The MLS is the secret to success of real estate sales, directly responsible for about 4 out of 5 sales nationwide. When a potential buyer contacts a Real Estate Agent regarding a home purchase, the Agent will search the MLS for homes matching the buyers’ wants and needs.
3. CAN FOR SALE BY OWNERS (FSBO) LIST THEIR HOMES ON THE MLS WITHOUT A REALTOR?
NO. There are no FSBOs on the MLS system since it's built and designed for Real Estate professionals only. The general public is not allowed to use the REALTORS® Multiple Listing Service. Only a State Licensed REALTOR® Member may access and use their local MLS and list a property for sale, or find homes for buyers. This is the same MLS used by REALTORS® in your area, the same as the one you will be listed in, which is accessed by local Agents in your area.
4. IS THE MLS THE BEST WAY TO GET EXPOSURE TO SELL MY HOME?
Yes, the vast majority of homes are sold through the MLS due to the large network of REALTORS® working with home buyers. The National Association of REALTORS® (NAR) reports homes listed by REALTORS® result in a higher net price to the Sellers compared to “FSBO” home sale transactions.
5. WILL REALTORS BE WILLING TO SHOW/ SELL MY HOME EVEN IF I PAY FOR FLAT FEE LISTING?
YES. Your MLS Flat Fee Listing will look exactly the same as any other listing. There is no way to tell how much you paid to get on the MLS. Regardless of whom you listed with or what you paid, your listing will look no different from any other listing in form and style. The listing broker's name appears on the MLS. Our flat fee listing method gets your property on the same MLS exposure used by other local REALTORS®. Your listing will appear the same as all other mls property listings.
6. WILL REALTORS SHOW/ SELL MY HOME IS I AM NOT LISTED WITH THEIR COMPANY/ BROKERAGE?
YES. The main purpose of the MLS is for REALTORS to sell each other’s listings.
7. IS IT IMPORTANT IF THE LISTING REALTOR’S OFFICE IS NOT IN MY NEIGHBORHOOD?
NOT IMPORTANT. It’s merely an often-used false marketing method to make you believe it makes a difference so that you end-up listing with them.
Comparatively few potential buyers reside in your neighborhood. Most buyers come from another part of town, another city, or out-of-state. Even if a prospective buyer happens to live nearby, why would the location of the listing broker make any difference at all? Keep in mind, a buyer who comes via the MLS in all likelihood already has a REALTOR® who is working with them.
If the Buyers’ Agent needs to contact the Listing Agent they normally use the phone or email to submit a purchase contract offer and in-person contact is never really needed. The listing broker could be located in another city or even out-of-state, it really makes no difference.
8. WHY SHOULD I REMOVE ALL FSBO SIGNS AND MARKETING EFFORTS?
The three biggest reasons for you to remove all references to For Sale By Owner, or FSBO, on your signs, web sites, flyers, any marketing materials:
a) FSBO unfortunately attracts bargain hunters only. They feel you are desperate to sell and will offer only ridiculously low prices.
b) It may scare away local buyer agents as they are afraid of losing their commission.
c) It attracts unethical local listing agents to solicit your listing: exaggerate their ability to get more money for your home, selling faster, etc.
Once you are on the MLS, you just hired 1000+ buyer agents working for you.
The industry is changing, we expect Realtors to be less involved in the transaction as it becomes more digital and less manual, and some folks are yet to wake up to this new reality. This is why we are a leading firm in the market.
If a Realtor targets you to switch your listing, please report them to us immediately and file a complaint on NJAR web site:
https://www20.state.nj.us/DOBI_UIC/servlet/Servlet.submitServlet?&pstate=complainant
9. HOW LONG SHOULD I EXPECT MY HOME TO BE ON THE MARKET?
Your home should sell quickly if priced right, in a good location and shows well.
We will provide you a report showing historical data of similar homes to yours, including Days on the Market.
In addition, the MLS & REALTOR.com® will draw maximum attention to your home.
10. HOW LONG WILL MY PROPERTY BE LISTED ON THE MLS FOR THE FLAT FEE?
The MLS flat fee listing is good for 6 months. Most homes are sold within a couple of months of listing or sooner. Many homes listed have sold within days to a week.
11. CAN I CANCEL MY FLAT FEE LISTING AT ANYTIME?
YES, contact the office for a withdrawal form. Fill it out and sign, once we receive it your listing will be unconditionally withdrawn.
Please be aware of any agent soliciting your listing while you are still listed with us. It’s strictly prohibited by the Real Estate Commission. If any agent did that to you, you should get the agent contact information and notify us ASAP (see #7 above).
Keep in mind that we DO have a limited 100% money back guarantee. Even if you want to cancel and list with a full price broker, you should ask us first to see if we can work out a referral agreement to get your money back. It does not cost you any extra, and you will get your money back at the closing of your home.
12. DO YOU HAVE A REFUND POLICY?
YES. If you wish to cancel within after your order is placed, but before your listing is entered, there is a $199 cancellation fee.
NOTE your listing will be uploaded and valid within 72 hours.
This fee covers what we are charged by the credit card company. We are charged when a client places an order, and we are charged again when we have to enter a refund.
After your listing is entered, we unfortunately CANNOT issue a refund. The service you paid for is considered provided once your listing is active in the MLS. However, if you wish to cancel your listing, that’s not a problem and you will not be charged any additional fee.
Any time an order is placed, you should have your listing forms and questionnaire about the details of your property by email the business day after you placed your order, if not sooner. If you do not receive the listing forms and questionnaire in that timeframe, please call our office.
We do our best to provide outstanding customer service to make our clients happy. If there is ever any problem, or if you feel we did not live up to your expectations, please call our office. We are always there to help you.
13. LIMITED MONEY-BACK GUARANTEE AFTER MY HOME IS LISTED, IF I CANCEL MY LISTING TO GO WITH ANOTHER REALTOR?
If you are not completely satisfied you can qualify for a 100% money-back guarantee under certain conditions.
This is based on our referring your listing to a new real estate broker, and who is acceptable to both of us. In the event you want to cancel (for any reason), and wish to list with a more traditional broker (of course, prior to getting a sales contract), we agree to refund the money you paid us by rebating the money payable at closing as long as all parties agree to a standard REALTOR® Referral Agreement. The referral agreement will not cost you any extra money in commission.
14. IS THERE A BENEFIT TO LISTING WITH A TRADITIONAL HIGH COMMISSION BROKER?
The Real Estate industry is changing fast.
Decades ago a listing agent had control over available inventory (but today is available online -Zillow, Trulia, Realtor.com- for everyone to see).
Listing agents also had complete monopoly of the transaction process, however most individuals today can follow a set of steps with limited guidance.
Lastly, in the past listing agents would promote your property with flyers, newspaper adds, and much more. Today, they post on Facebook and the MLS. You can do this as well.
15. WHAT IS THE DIFFERENCE BETWEEN A ‘SELLING AGENT’ AND A ‘LISTING AGENT’?
A Selling Agent is the Real Estate agency who actually sells the property. They are sometimes called Buyer’s Agents.
The Listing Agent is the Real Estate agency who lists your home for sale in the MLS
16. HOW MUCH COMMISSION DO I HAVE TO PAY TO THE BUYER’S AGENT?
The commission the Seller pays the Buyer’s Agent is totally up to the Seller. Real Estate commission fees are not FIXED, fees are negotiable by LAW.
Traditionally, the seller pays the buyer’s agent 2 to 2.5% commission for bringing a ‘willing and able buyer”.
However, recently there has bee a few lawsuits where the seller refuses to pay for a service they are not hiring for (the seller hires a listing broker, the seller never hires a buyer’s broker). This situation is fluid, we are available to discuss.
17. IF I FIND MY OWN BUYER, WILL I STILL HAVE TO PAY A SELLING COMMISSION?
NO. In the case of a Flat Fee MLS listing, if you find a buyer for your home with no agent being the procuring source, there is no commission to pay.
18. DO I NEED A LOCKBOX WHILE SELLING MY HOUSE ON THE MLS?
Only if you will not be available to showcase your own home.
Then a lockbox is highly recommended, especially the digital realtor Lockbox which all local realtors have an e-key to get in. A lockbox is a metal container for your house key(s) and is normally hung on the front door knob or gate. The MLS Listing will advise Realtor’s if they can not reach you by phone, they may use the key lockbox for showings.
It provides access to Agents when the owner is away, thus assuring full exposure to prospective buyers. Without a lockbox, Agents representing buyers will have to set appointments to meet you at the house to view the home. If you do not have a lockbox, you may miss out on some potential buyers who do not have time to wait. Lockboxes are completely removable and controllable by you. Your Listing Agent will indicate your showing instructions on the MLS with a contact phone number to call showings. Showings are most always done on an appointment only basis (assuming key lockboxes are not used).
19. DO YOU OFFER FREE FORMS AND CONTRACTS IF I SELL MY HOME MYSELF?
YES, we do offer free forms. We are adding more forms for your convenience.
If your home sells thru the MLS, the buyer’s agent will prepare the purchase contract.
20. CAN I MAKE CHANGES TO MY MLS LISTING?
YES, you can make up to 3 changes by submitting a change request online -price changes have no limit count.
Send an email to contact@padblock.com. Use the home address_changes as the subject.
21. CAN I GO TO A WEBSITE TO PRINT AND EMAIL COLOR BROCHURES OF MY LISTING?
YES. REALTOR.com® offers the ability to print and/or email color brochures of your listing to hand out to potential buyers.
22. WHAT INTERNET SITES WILL MY LISTING APPEAR ON?
Depending on your area, your listing may appear on many different internet sites, among them:
Zillow.com
Trulia.com
Realtor.com
RedFin.com
Plus licensed REALTORS® can display ALL MLS listings directly on their own private website.
However, it is really impossible to predict exactly how many websites your listing will be on. Aside from the private websites owned by REALTORS®, your listing may also appear on major public internet sites such as REALTOR.com®, Trulia.com, Zillow.com, Google Maps, MSNhomes.com, Homes.com, Homestore.com, Homeadvisor.com Yahoo.com and others.
23. WILL MY CONTACT INFORMATION APPEAR IN THE PUBLIC ONLINE LISTING OF MY HOUSE?
NO. The MLS is built and designed to foment cooperation between realtors, and the listing agent’s name/number will be the point of contact.
It is not for home-buyers to contact you as a FSBO (which is a common misconception).
However, Contact information (Seller’s Name, Phone Number and Address) appears on the Multiple Listing Service for any Realtor’s to view and to contact sellers for showings, etc.
*That said, a practice we’ve seen recently is the home sellers getting a Google email address of their home address, ei 1212FerrySt@gmail.com, as well as a Google Voice phone number for the purpose of the transaction and keep their privacy once the transaction is completed.
24. CAN I ONLY GET MY HOUSE ONLY LISTED ON REALTOR.COM OR ZILLOW?
NO. We cannot “pick and choose” which digital channel will show your home, is an ‘all or nothing’.
Once listed on the MLS, we strongly recommend you allow us to share on all channels to improve exposure and speed the time to find a buyer for your house.
25. HOW CAN I GET MY CONTRACT REVIEWED?
Since we are offering a limited service, we strongly recommend a Real Estate Attorney or other attorney to review your contract and take the common next step after accepting an offer ‘attorney review’.
26. ARE REALTOR.COM AND THE MLS THE SAME?
NO. They are separate and distinct services with different websites and usage.
Realtor.com is run by The National Association of Realtors® and picks up ALL the Nationwide MLS Listings from the hundreds of local Multiple Listing Services around the Nation and puts the property information in their website.
27. WHO USES REALTOR.COM? DO REALTORS ACCESS IT?
Anyone can access and use it but it’s designed for and mostly used by the public who want to search for appropriate properties throughout the nation -since the general public does not have access to the MLS.