What is the MLS?
One of the first and most important things an agent does is post your property to a database called the Multiple Listing Service (MLS). The MLS is an exclusive database that only local licensed realtors have access to. It is the holy grail of real estate information…the VIP room of property data. MLS data is then uploaded to different property websites – such as: Realtor.com®, Move.com®, Trulia.com®, Google.com™, and Zillow.com®, just to name a few. The MLS is the data source for all these other real estate websites because the MLS creates something called an “Internet Data Exchange” (IDX). An IDX allows potential buyers on other real estate websites to search for property listed on the MLS – but remember, even though you may be able to add your properties information to these other real estate websites, only licensed brokers may add content to and list property on the MLS.
In which MLS will my home appear?
Your home will appear in the Midwest Real Estate Database or MRED, one of the largest MLS databases in the country. MRED is the real estate data distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices. It is the only database that covers all of Chicago and the surrounding suburbs. The counties covered include: Cook, DuPage, Grundy, Kane, Kankakee, Kendall, Lake, McHenry and Will.
Why use Prello Realty to list my home for a flat fee?
Prello Realty is a licensed real estate company in the state of Illinois, we have been the leader in flat fee listings in Chicago and surrounding suburbs since 2001. There is more to listing a home then just adding it to the MLS. We have full time associates dedicated to the administration of our flat fee listings, a customer service representative is available 7 days a week to answer your questions. If you need assistance with contract negotiations, one of our experienced real estate agents is always on call and ready to assist you. Don’t be fooled by low cost, out of state, third party providers that act as middle men and simply pass your listing on to the lowest bidder. We have the reputation and the experience necessary to help you sell fast and for the most money.
What is the traditional selling process for a residential real estate transaction?
Traditionally, when an owner sells his or her property, he or she first contacts a real estate agent (called the listing agent). That agent lists the property in the MLS and works on selling the property. The agent works for free until the property closes, at which time the agent is finally paid via commission on the sale price – normally 5%-6% – and that commission is then split with the buyer’s real estate agent – usually 2.5% – 3% of the commission. If a buyer purchases the property without an agent, the listing agent keeps the entire commission.
Unfortunately, this payment structure promotes quick sales because an agent will receive the same commission regardless of the time he or she spends actually selling the property. For example, if an agent were able to sell a $500,000 property that was listed on the MLS for two days, he or she would have earned $30,000 in commission, to be split with a buyer’s agent. Is that a reasonable payment structure for two days of “work”?
What are Flat-Fee MLS listings?
With a Flat-fee MLS listing, you are utilizing a listing agent, but that agent is not charging you based on a traditional commission structure. Rather, he or she is charging you a low flat-fee to list your property in the MLS. You still have to offer a commission to any agent that brings you a buyer (typically 2.5%), this amount is paid to the buyer’s agent at closing. However, if you find the buyer yourself or the buyer comes directly to you without the assistance of a buyer’s agent, then you pay no commission at closing. This payment structure will save you thousands in real estate commissions.
Should I list my property on the MLS for a flat-fee?
No one knows your property better then you. We are here to assist you throughout the home marketing and selling process, we give you access to many of the same tools and documents that a traditional listing agent would use. If you’re confident in your abilities to market you home, want the MLS exposure but don’t want to pay an agent 5% or 6%, then a flat fee MLS listing may be the right choice for you.
Do I have to compensate a buyer's agent?
If an agent represents a buyer, and brings that buyer into your property, that agent should absolutely be paid a commission for his or her services if a sale is consummated. Traditionally, it’s customary to pay a buyer’s agent 2.5% – 3.0% commission. But you decide and you control the exact percentage. Think about it this way: the more commission you offer to a buyer’s agent, the more incentive that agent has to show your property and “sell” his or her client on purchasing your property.
What does a flat-fee MLS listing include?
When you list with us for a flat fee, you will maximize your marketing exposure. We’ll put you on the MLS for the period of time designated in the listing package you select, and we offer a la carte selling features as well, including real estate for sale signs, lock boxes, appointment setting, professional photos, and even home warranties. Additionally, we will provide assistance throughout the entire transaction. For instance, we always provide you the following services, no matter which package you select: (a) accept delivery of and present offers and counteroffers to purchase or lease the property; (b) assist in developing, communicating, negotiating, and presenting offers, counteroffers, and notices that relate to the offers and counteroffers until a lease or purchase agreement is signed and all contingencies are satisfied or waived; and (c) answer your questions relating to the offers, counteroffers, notices, and contingencies. If that sounds like legalese, you’re right – so give us a call, or shoot us an email, and we’ll be happy to explain everything to you in more detail.
Does it matter where my property is located?
Yes, we currently only list property that can be found on the Midwest Real Estate Database (MRED); and only those properties that are within the state of Illinois. MRED is the real estate data distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices. MRED serves Chicago and the surrounding counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana (however, we do NOT list outside the state of Illinois).
Ok, what's the process?
First, select your MLS listing package. You can either pay on-line or call 773-472-8900 to register. Once registered, you’ll be given access to the listing forms we’ll need to list your home. You will have to complete a Listing Agreement, a Property Data Form, the required Property Disclosure forms and photos (if you will be providing those yourself). Once we receive all the necessary documents, your property will be activated in the MLS within 24-48 hours.