Consider these Benefits of Multiple Listing Service for sale if you are a Home Owner
Selling real estate is not as easy as selling a car or other equipment. Seller has to find a buyer who can afford to buy the seller’s property and likes the property for buying it at the price seller expects from such sale. That is like searching for a needle in a haystack because it is not every day or every other day a person buys a home and not many can really afford a home. Effectively, demand for real estate is not comparable in numbers to demand other more affordable products. Another difficulty that sellers experience is accessing the existing market. If they choose to advertise, it is not going to be seen by many prospective buyers, some of whom may have decided to buy a home a few weeks after the advertisement were observed in any daily. If the seller chooses to independently go online, it will take almost a decade for getting required traffic to his or her site. The other alternative is approaching any realtor, who will take away nearly 6 percent of the sale price, if and when the property is sold. There is a more affordable alternative available now to sellers as well as buyers and that is multi-listing service.
What is Multi-listing Service?
This service gives sellers as well as buyers access to the larger market because the property to be sold is listed on multiple sites instead of only one website. Most of these websites are also used by reputed realtors to sell or buy properties for their respective clients. Effectively, such listing gives sellers an opportunity to use the market that was specifically created for and by realtors. Realtors pool their respective databases in this fashion so that the prospective home buyer has a wider selection at his or her disposal and properties are sold faster. It is a seamless market that is accessible to the world. Multi-listing service gives homeowners access to this large market for selling their properties, without spending exorbitant fees that realtors charge.
What are the Major Benefits of Multi-listing Service?
Advantages of such service include-
- Secure electronic inbox for receiving expressions of interest
- Lower fees than those payable to realtors
- Access to market trends and help in estimating the realistic price of the property based on facilities and amenities in and around the property
- Facility to upload pictures of the property for luring prospective buyer
- Referral from lenders prequalifying prospective purchaser. Such prequalification is an indication that the prospective buyer can afford to buy that home.
- Listing of property on well-known websites such as Zillow, Trulia, Yahoo, or Google. Buyers tend to use these websites because such sites provide several relevant details about the property, which traditionally could only be known after visiting the property. Since Multi-listing service is offered by real estate brokers, such listing will also appear on sites of all affiliates of such brokers
- Once the owner of the property enters into a contract for such service, the listing remains on all these sites for 6 months. There are no cancellation fees either
- Direct negotiation with the buyer, instead of letting agents and realtors do the negotiations
- Legal assistance in drawing up contracts and agreements for sale
- Help in establishing clarity of title to the property through Title Company
- Assist in negotiating any inspection visits and renegotiations if necessary.
Nothing prevents buyers and sellers from entering into a contract without paying anything to the MLS. However, in such cases, sellers may find themselves helpless at some stage, and no broker or realtor would come forward to resolve the crisis. It is, therefore, advisable to approach any online Multi-listing services such as the one established by Owner Ok, for the transaction to move smoothly. This is also the reason such services take a small part of the agreed fee, upfront.