MLS FLAT FEE - FAQ
Q. What is the difference between a traditional full service
broker and your flat fee service?
A traditional full service 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.
In exchange, you assume most of the duties traditionally
performed by the listing agent. 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
Q. What do you mean by 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. These commissions typically range between 2% - 3% of the
Q. Will Prello Realty try to sell my property in an effort to
earn the buyer's agent commission?
No. Any calls we receive from potential buyers inquiring about
your property will be referred directly to you. All we receive from
you is the flat fee.
Q. 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.
Q. What is the "Minimum Level of Service" law in Illinois
and how does this law affect your flat fee service?
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 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.
Q. Is this the same MLS other agents use in Chicago and the
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.
Q. 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 30,000 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.
Q. 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 chicagotribune.com (a $149.00 value). Calls from buyers that
see your listing on one of these websites will be referred directly
Q. Will my listing look the same as other listings?
Absolutely. The format is standard for all listings.
Q. 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 call or send us your request
via email (or fax). Your listing will be updated within 24 hours.
Q. 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.
Q. Does Prello Realty hold earnest money?
No. You must make arrangements with your attorney or some other
Q. Can I cancel my listing at anytime without a penalty?
Yes. Unlike other listing services, we DO NOT charge a cancellation
fee. You may cancel your listing at any time.
Q. 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 FREE, professionally designed and all calls
go directly to you.