What is the difference between traditional full service and flat fee service?
With a traditional full service listing, the broker will help you determine a selling price, list your home on the MLS, schedule showings and negotiate the sales contract on your behalf. For these services you usually pay 5% or 6% of the sales price upon closing (this is usually split 50/50 with the buyer's agent). Our flat fee program offers you a way to list your property on the same MLS for a flat listing fee of only $399. In exchange, you assume some of the duties traditionally performed by the listing agent such as scheduling the showings with buyers and buyers agents. If an agent brings you a buyer, you pay only the buyer's agent portion of the commission you offered at closing. If you find the buyer yourself, you pay NO commission at all.
What is the "Buyer's Agent Commission" and how much should I offer?
The Buyer's Agent Commission is the amount you are willing to pay a real estate agent that brings you a qualified buyer. This amount is determined by you at the time of the listing and is paid to the Buyer's Agent at closing. This amount should be competitive with other listings in your area if you want to take full advantage of the MLS. While there is no standard rate, these commissions typically range between 2% - 3% of the selling price.
How much will I save with a flat-fee listing?
With Midwest Premier Realty you pay a flat fee of $249 to list your home on the REALTOR® owned Multiple Listing Service. You only pay a commission if a REALTOR® sells your home, even then you only pay a commission to the selling REALTOR®. So, even when a REALTOR® sells your home, your commission cost is 1/2 the typical commission!
The table below estimates your savings if the typical commission in your area is 6%, and a REALTOR® sells your home. Don't forget, you pay no commission if you sell your home yourself!
Can I still sell my home "By Owner" while it is listed on the MLS?
Yes. 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.
What is the "Minimum Level of Service" law in Illinois?
Illinois passed a law requiring listing agents provide a minimum level of service to their clients. The law requires ALL agents to accept and present offers on your behalf and be available to you throughout the closing process for questions. This applies to offers submitted by licensed real estate agents only. If we receive an offer on your behalf we will notify you via phone or email immediately then email or fax a copy of the offer to you. We will also assist you during the negotiation process and be available to answer any questions you may have through the close of your transaction.
Is this the same MLS other agents use in Chicago and the surrounding suburbs?
Absolutely. The Multiple Listing Service of Nothern Illinois (the "MLS") is the largest database of it's kind in the country and most widely used in Chicago and the surrounding suburbs.
Will the MLS really help me sell my home?
Definitely. To sell your home you have to let people know it's on the market. The MLS gives you exposure to over 48,000 real estate agents and the buyers they represent. The fact is that over 70% of buyers use a real estate agent when looking for a home and real estate agents use the MLS. It's that simple.
Will my home get exposure on the Internet?
You bet. As part of our package, your home will also appear on several popular real estate websites. These sites include realtor.com and zillow.com, trulia.com and many many others!
Please note that some of these websites often take a few days to update their information,
Will my listing look the same as other listings?
Exactly the same. The format is standard for all listings.
What if I have a question during the listing period or want to change some information in the listing?
We are licensed real estate agents and will gladly answer any questions you have. If you want to make a change to your listing (i.e. price, description, etc.) simply send us your request via email. Your listing will typically be updated within 24 hours.
Do I still need a real estate attorney?
We strongly recommend that you use a real estate attorney. The attorney will assist you in reviewing signed contracts and represent you at the closing.
Does Midwest Premier Realty hold earnest money?
No. We don't hold earnest money.
You can make arrangements with your attorney or some other third party.
Can I extend my Flat Fee listing?
By all means! Flat Fee listings can be extended for an aditional fee. The standard Flat Fee listing is extended for and additional 90 days for only $399. The Premium Flat Fee listing is extended a further 180 days for $499
Can I cancel my listing at anytime without a penalty?
Yes. Unlike other listing services, we DO NOT charge a cancellation fee. If you are not completely satisfied with our service, you can cancel your Flat Fee listing at anytime within 7 calendar days of activation and receive a 100% refund of your listing fee minus a $50 processing fee (provided that your home is not already under contract to sell during that time!
Can I use my own "For Sale" yard sign or am I required to use yours?
Yes, you can use your own sign. However, we highly recommend not using a sign that includes the words "For Sale By Owner" when listed on the MLS. This has a tendency to cause confusion and may even deter agents from showing your home. The yard sign provided with our service is professionally designed and made.