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Myths About The Multi Listing Service (MLS)

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Learn about the Multiple Listing Service (MLS)
Many homeowners and people who wish to sell their home have been misled into thinking that the Multiple Listing Service or MLS is the ticket to the success of selling their home.  Not quite! Learn about the Multiple Listing Service (MLS) The MLS was built NOT for home sellers or home buyers but for brokers, agents/realtors. It is a way for them to make sure that they get paid either as a seller agent or buyer agent. When it comes to marketing and selling your home, the MLS until the age of the internet was exclusively viewed only by brokers, agents/realtors. It’s time to roll back the frontiers of ignorance of home sellers. With today’s technology, the MLS still only serves the purpose of doing everything possible for making sure Seller Agents & Buyer Agents get paid. Difference is that the public can view what is listed for sale too. However, there are many popular websites now that many homebuyers search for a home and buyer agents are representing not near as many people shopping for homes. Q. Do you really need a Broker, Realtor or Agent to selling or buying your home today? Buying: If you have any sense of what you are doing there are plenty of websites that offer lots of information about how to buy a home. From deciding if you need a home inspection to finding the best financing, from buying with private treaty (agent represented or direct from seller) to buying at auction, all the information is all there. Selling: Do you need a Broker, Agent/Realtor? Is the MLS going to make a difference in getting your home sold? If you want to sell your home, you can do it yourself. There are plenty of guides for doing so. Contracts are available for free on the internet though it is a good idea to have your attorney review it to make sure your interests are protected. You can do the marketing yourself using the many free websites that are available to list your property. Q. Why do some For Sale By Owners (FSBO) struggle to sell their home?Selling At Auction A. They get blackballed buy brokers, agents/realtors. Local brokers, realtors/agents want paid and feel that you are preventing them from doing so by not listing. Some who get a call about a FISBO property will do everything possible to steer the buyer away from it because they want a commission. Because brokers, realtors/agents are slick, many people don’t catch or realize that comments like, “You don’t really want to be in that neighborhood” or “I know of a much better home that I think your family would want” to just about anything they can come up with to make sure they get paid instead of tell someone about your home. Some will even call a FSBO to lure them into a contract. Worse yet, they don’t really have a buyer. They bait the FSBO telling them they have a buyer but if they don’t list it with them they can’t show the property because there must be a contract. Some agents/realtors go so far to ask the FSBO for a commission from them if they bring the buyer. This is a slick way to get a seller to agree to a contract to pay 3% to them if they bring a buyer a who purchases the property. They buyer agent also gets a contract with the buyer for another 3% to help them purchase the home and it is just like they listed and sold your home as both seller and buyer agent and pocket the full commission. Real Estate sales is cut throat business. Some of the most underhanded and sleazy tactics are used. You often find that brokers, agents/realtors become more emotional than sellers and buyers. Q. What is the one thing that neither home owners, brokers, agents and relators able to do selling your home? A. The one thing that they are not able to do is auction the property. Where else will you get buyers to compete to buy property? Only at auction do buyers compete. The biggest problem is with selling yourself or with broker, agent/realtor representation is that when you put a price on the property it is game over. It is not a time definite sale and people always offer less. Bidding frenzies are only at auctions. If “bidding” is taking place with a listing it is only because the property was listed at a price where the broker, agent/realtor knew that they could guarantee they would get paid by making it too low. The tactics brokers, realtors/agents use are, “list to sell” or words like, “setting a realistic price.” This isn’t making sure you get top dollar for your home but is make sure they get a commission. Q. Why should you as a seller reveal to a buyer what you are willing to take for your home? A. You shouldn’t! Make qualified buyers come and compete to purchase your property. You will know that no matter what that when the property is struck off as sold that it will be the most the property could possibly be sold. It has been our experience at True Blue Auctions that real estate sells for top dollar at auction. The real misnomers are that people selling using the auction method are “desperate” or it is a “last resort” that “something happened” that they are “forced to sell” the home quickly. Fact is that is just not the case the majority of the time. Property AuctionQ. Do you see people selling the most sought after artwork, coins, jewelry and homes being sold with a price tag attached? A. No way! You often hear of famous items and properties being sold at auction all the time in the news. Often you read about the high prices items sell for at auction in the headlines. Q. So why settle for less with your property? A. You don’t have to! Fact is you don’t need an MLS to get your home sold. It is time to get out of the box that traditional real estate wants people to fit into. Expand your horizons and realize more at auction today. Lastly, I must say that I personally don’t have anything against brokers, agents and/or realtors. I know many and consider them friends. We differ radically in the way we market and sell real estate. Many auctions we provide contracts to legitimate buyer agents. Knowing and understanding marketing and sales is what a quality auctioneer does best. Simply knowing how to chant numbers does not a quality auctioneer make. It is all about understanding people and what takes place with the auction method in the minds of buyers. Some consider it “magic” but fact is, that it is mastering the artisanship of marketing and selling and crafting it together with the auction method that makes an auction a success.