Q: What Is The MLS?
A: MLS stands for Multiple Listing Service. The basic explanation is that it is one shared source where all of the Real Estate Agents, in a particular area, post all of their homes for sale. So it is essentially is an house sale exchange platform. Agents advertising to other agents. One agent may have listed a 2 story, 3 bedroom, home in Norfolk. But the buyer they are working with wants a 1 story home in Newport News. So the agent checks the MLS to see who has it. Active Realtors are constantly looking in the MLS. The objective is to get as many of them as possible to see your home. Recommend it to their buyers. And then call you to see it! In Hampton Roads the MLS is ran by a company called the Real Estate Information Network. Therefore you may hear it referred to as REIN. It is all the same thing.

 

 

Q: What Is The Benefit To Me?
A: It is the primary component of the local real estate market! All buyer agents use it. Which means many more potential home buyers will see it, period! Nationwide, nearly 90% of homes for sale are sold through the MLS. It is much more powerful than just Zillow, Or Craigslist. Which are the only things that most For Sale By Owners will do to try and sell their home. Some are able to sell their home on Zillow. However, the overwhelming majority are not. This service has been very successful for them.


Q: What Agreement Do I Sign?
A: You signed a “Limited Service Agreement”. Or a “Independent Contractor Agreement”. These are type of listings that DOES NOT give you the common traditional Listing Agent. You keep the option to freely attempt to sell the home on your own. While it is simultaneously listed with a real estate company in the MLS. Then it is what ever happens first! If you sell it on your own then you do not owe commission to anyone. But, real estate agents exist for a reason. If one of them is able to find a buyer for your home, and successfully closes the sale, then that is the whole purpose of a sales commission. With this service you have both worlds available to you.​

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Q: What Are All The Forms?
A: There is the agreement for Peninsula Homes. You ONLY authorize us to do one thing. Enter your home in the MLS. Then there is the actual MLS Listing Agreement plus an addendum. There is a MLS Input sheet. Then there is a require Virginia Disclosure Form. Plus, if your home was built before 1978 there is a Federal Lead Base Paint form. These are all the exact same forms that will be required. The state, and the federal, forms have nothing to do with the MLS at all. Anyone selling their home is require to complete them including FSBO. In order to stay in compliance with Federal & State Laws, State Licensing Statutes, and MLS Rules all of the required forms must be submitted before your property can be listed in MLS. (We created a video that gives an overview explanation of each form.)

 

CHANGES SINCE FORMS VIDEO WAS MADE:

1) We Now Have E-Sign. There Is Nothing To Fax. Nothing To Fill Out. Just Click To Sign.

2) Limited Service Agreement Is Now The Independent Contractor Agreement.
 

3) The Words “By Owner” Must Be Removed From Any Sign If You Use One.

We make this very easy! We will email you everything you need. And, we use an eSign service that simply allows you to click to sign. It can all be done right over your Smartphone.
 

Plus the MLS requires at least one photo of the front of the home. But, of course, if you really want to sell it you should submit more. At least the front, each side, back, every room in the house, and garage if there is one. With our service you can email them in the .jpg format and they all will be uploaded to the MLS. Or, if you already have them posted somewhere online, just send us that link. We can easily download them from there. 
 

 

Q. What If I Need To Make Changes?

A. We make this very easy to do. And 100% Free. With our service all you have to do is send us an email. Price change, photos, description changes, etc. The MLS requires that we have a record of the owner authorizing us to make a listing change. This is why it must be done by email instead of phone calls. The email is written authorization.

 

Q: How Do Buyer Agents Contact Me?
A: However you prefer.  When a property is listed in the MLS it is identified as such so an Agent knows it is a Limited Service Listing. They know that the listed property is Deal Directly With Seller. They know that the real estate company ONLY listed it in the MLS and does not provide any other services, at all, to the Seller. Other than to update the status of that listing (Changes, Contingent, Pending, Sold). Home buyers, or their agents, deal directly with you! They only see what we enter into the computer. So if you prefer a call, or text to a certain number. Or all contacts to go to a certain email address, that is completely your choice. If an agent, or a direct buyer lead, should happen to contact us, then we simply give them all your contact info. It basically becomes an immediate direct relay to you.

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Q: Working Directly With The Buyer Agent?
A: Only you know what you will, or will not, agree to! Not the Listing Agent!  You communicate that to a Listing Agent. Then wait. For them to relay what you've told them to the Buyer Agent. Then wait. For your Listing Agent to relay back to you. Once the Buyer Agent has replied back to them. 

Now you are just simply eliminating a part of that back and forth cycle. You are now communicating closer to the source. Which is why many Sellers feel it is actually much more efficient.
 

What typically happens is the Seller and the Buyer Agent work really well together. And form a relationship. But, you should never forget, that they are the Buyer's Agent. So never tell them anything that may affect your negotiating position. For Example: Never tell them you are willing to accept less money for your home. Always keep something like that to yourself.
 

However, once everything is agreed to, and signed, then everybody has the same common goal! A successful Closing! And that Agent is going to make every effort to achieve that outcome for their Buyer. Which benefits you!
 

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Q: What If A Buyer Contacts Me Themselves?
A: With our service if a Buyer contacts you directly, you have an opportunity to pay no Realtor commissions! If you feel you both are in a position to get to Closing, without the assistance of an agent, you are free to do so. No Agent. No Commissions. Just let us know so we can update the MLS. Or, if you feel they need a Buyer Agent then tell them to get one. Agents are everywhere.

* Safety Tip: NEVER let anyone who contacts you into your home without verifying them first. This is easy to do. If they are financing, get the contact for the bank, mortgage company, etc. Then verify their information BEFORE you let them in to your home. If they are paying cash, then they need to send proof. A current statement, letter from the bank, etc. Plus a copy of their ID to match the names. These are very routine steps for anyone buying a home. They should have it ready to send. If they show any kind of resistance or hesitation DO NOT show your house to them.
 

Q: What Do I Do Once I Accept An Offer?
A.: Per MLS Rules, Sellers must inform Peninsula Homes within 1 business day after a change: in status. It is very important to know that you must notify Peninsula Homes within 1 business day. You agreed to keep the MLS data current. And to stay in compliance with all MLS Rules, State, and Federal Laws. The MLS can issue fines. You agreed to pay any fines that were completely due to your actions, or failure to act.

Just simply keep us updated as to the status of the home. And do it by email so that you have a record of the communication. Also, you have a choice on how it appears in the MLS. It can show as Pending Sale in which case all activity will stop. Or it can be reflected to where agents will see an offer has been accepted, but Continent on a home inspection, or buyer’s loan approval, etc. They can still consider it for back-up offers. In which case you could still receive calls about the home, people still wanting to see it, etc.

 

Q: What Do I Do After My Property Is Sold?
A: Of course if the home sale has closed it needs to be updated in the MLS, and all contacts to stop, etc. If any status of the home has changed. We need to know so it can be updated in the MLS. It is not hard to do. The issue is with people just forgetting to do it. The agreement is to notify Peninsula Homes within 1 business day. However, the MLS doesn’t start issuing finds until it exceeds 14 days. Therefore twice a month you may get a courtesy generic email from us inquiring if there has been a change in status. Simply reply to that email with the status change. Or ignore it if there is no change.


Q. What If I Want To Use A Traditional Realtor While My Property Is Listed?
A. Remember the term is for 12 months. If you want to change to a traditional full service Realtor before then, you must cancel your listing with us first. You can cancel for any reason after 30 days. After it is cancelled, you are free to list with any other real estate company you choose. Only one real estate company at a time can list your home. Also, please make that Agent prove they are going to do more than just put you in the MLS. Because you already have that.

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Q. Is This Service For Everyone?
A. No it is not. You have to be able to handle the contact inquiries, and coordinate the showings of the home, taking pictures, ordering a sign, getting a lock box, etc. You are kind of "on your own" until you get a signed Sales Contract. That is when a Buyer Agent will start assisting you with everything until Closing.
 

There are some sellers who will not be able to handle these things. Then, there are many sellers who can, but they just don’t want to. Real Estate Agents exist for a reason. And there will always be Home Sellers who want a full service Listing Agent.

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However, this Flat Fee MLS Service is absolutely perfect for, and specifically created for, For Sale By Owners. It provides much much more than just a Zillow FSBO page.

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