For Sale by Owner FAQ
The MLS is the traditional database that agents use to locate properties for the buyers they represent. In the past, the only way to get your home on this powerful database was to hire a full commission licensed real estate agent because only they could list a property for sale in the MLS. 123 Flat Fee Minnesota now allows you the ability to list your home on The MLS for a greatly reduced price, compared to a full service agent.
Listing your home on The MLS notifies all local agents that your home is for sale, how much the asking price is, and other important information to ensure your home is considered. Over 80% of all buyers are represented by real estate agent. The vast majority of these agents have access to The MLS. You must reach these agents to get the most exposure for your home – and the best chance to sell your property.
Typically not. Most seller’s agents simply list a house on the local MLS and wait for a buyer’s agent to contact them. You can do the same thing and not owe a seller’s agent the typical commission of your sale price. If you have more questions on how the listing various fees work just give us a call at (320) 296-2079. We are happy to explain the entire process step by step. NOTE: Some seller’s agents do hold Open Houses for their clients. This is one way that they do search for buyers. In some cases, 123 Realty LLC can hold an Open House for your property as well. Give us a call for more information on this optional service.
Yes! There are no other fees or commissions that you’ll owe to 123 Realty LLC once your home closes. NOTE: Many seller’s agents, or their brokers, try to charge an additional “administration” fee on top of their commission. These typically range from $299 – $799, but they can be higher. You will have no such fee with 123 Realty LLC.
Traditionally, a seller’s agent will ask for a 3% – 6% commission to sell your property. They typically keep 50% of the commission (or more) and give the rest to the buyer’s agent as compensation for bringing a buyer to the table. This is usually negotiated with the buyer's agent. We work with you to get your home listed on The MLS. When an agent brings you a buyer who ends up buying your property, you will negotiate the commission directly with the buyer or buyer's agent. As an example, a traditional 6% listing fee for a $300,000 home would cost you $18,000 in commission fees. If you decide to choose any of our packages and pay the buyer’s agent a 2.5% commission, your savings would be nearly $10,000 in realtor commissions alone. What a great savings!
Not at all. We’ve helped hundreds of people just like you sell their home and save money. Our agent will place your listing on The MLS for you. The buyers or agents will contact you directly to schedule showings and make offers.
Only a licensed real estate Broker can place homes in the MLS. We are a Licensed Minnesota Real Estate Broker with over 30 years of real estate industry experience. We will provide you all of the necessary forms and disclosures and place your property on The MLS, including the picture that you provide.
All the necessary listing forms and disclosures will be provided by us. Once you complete the forms, they can be emailed or mailed back to us. We then go over them and check that all required information is complete.
No. You pay only one low flat fee to 123 Realty LLC.
Yes. When an agent sees your listing and brings you a buyer, you should pay the buyer’s agent a commission if you accept the offer and the transaction successfully closes. You negotiate the commission with the buyer's agent. Typical buyer's commissions can range from 1%-3% or more. Many times the commission a buyer's agent requests is listed in the Purchase Agreement. As a seller you can negotiate anything in the Purchase Agreement, including the buyer's agent commission.
Do I pay any commissions? No. No commissions are owed if you find the buyer.
Your MLS listing will display both the agent’s contact information and your contact information. When the listing agent receives inquiries about your property, the interested parties will be directed to you to set up showings and discuss details about your property. NOTE: Realtor.com does not allow seller’s phone numbers to appear in their listings.
WE will contact you within 2 business days after your order is placed. You will be sent all the forms required to complete the MLS listing. Once these forms are completed and emailed back to the us, the listing will be in The MLS in 24- 48 hours (excluding weekends). It is common for orders placed on a Monday to be listed by Wednesday. However, orders placed Thursday or Friday may not be listed until the following week. Once listed on The MLS it takes Realtor.com as much as 24 hrs to upload a listing to their site. This is an automatic upload and can not be expedited..
Just like any agent-sponsored listing, a flat fee MLS listing will receive free national exposure on the Realtor.com website with a color photo and description. Realtor.com is open to the public and is the most heavily trafficked real estate website on the internet. Only properties listed in The MLS can appear on Realtor.com. In addition, MLS listings are featured on Zillow, Trulia, and other real estate websites that together, attract millions of potential buyers every day.
Upload digital photos of the exterior and interior of the house. If necessary, hard copy photos can be scanned but will slow down the process. The photos need to be saved as .jpg files, ideally 640 x 480 pixels. Email the photos to us. We have tierd number of photos depending on the package. No text or promotional marketing materials. No people or pets. If you would like a referral to a professional real estate photographer, please let us know.
Yes. We are available to provide additional services as needed including contract review, negotiating, and help with closing your sale. These services are subject to additional charges. If you are interested in extra services, please call us at (320) 296-2079 for assistance.
In a few select areas, local state laws require that agents provide additional services to home sellers which result in additional fees. All Flat Fee MLS providers in a given jurisdiction are subject to the same rules. Please call (320) 296-2079 for more details.
The Flat Fee MLS listing period is 3 months, 6 months, or 12 months depending upon your package. It may be extended for an additional discounted charge of $100. Listings can be withdrawn from your local MLS at any time by request to our office in writing. Removing a Flat Fee listing prior to expiration will not include a refund of your listing fee.
You may cancel at any time prior to delivery of your forms. 123 Realty shall issue no refunds once the Listing Forms have been emailed or delivered to the Customer.
123 Realty shall issue no refunds once the Listing Forms have been emailed or delivered to the Customer.
In most areas, yes. Due to local regulations, the use of “For Sale By Owner” signs are not allowed in some areas when your home is also listed on The MLS. Please call us at (320) 296-2079 to see if any restrictions apply in your city.
Yes — we provide MLS access through a licensed broker.
Yes — your listing is syndicated to major real estate websites.
Typically yes, unless the buyer is not represented by an agent. You choose the commission offered to buyer agents.
Yes — upgrade anytime as your needs change.