Frequently Asked Questions
What is the Multiple Listing Service?
The Multiple Listing Service (MLS) is an extensive database of information on real estate properties listed by real estate brokers and their agents. The MLS is only available exclusively to the members of the MLS, providing a large advantage to buyers and sellers who utilize the services of REALTORS. To understand how the process works, when a client contacts regarding a home purchase, the agent will search the MLS for properties meeting their criteria. If a REALTOR finds a buyer for your house, you will only pay a 3% commission of the sales price and never a listing commission. (Or whatever commission you are offering as stated in the MSL)
A few points regarding the MLS and Listing Agents:
Less than 5% of listing agents actually sell the homes they list. Why? They simply use the power of the MLS by listing their properties for thousands of agents to bring their buyers respective buyers. 85% of home buyers use a Realtor to help them locate a property. Why is this important? The answer is simple, Realtors use to the MLS to search properties for their clients. The flat fee listing method lists your property on the same MLS as the local REALTORS. You can put the power of the MLS to work for you and save a minimum 3% commission.
What is the difference in Louisville Properties as opposed to the 'National' Companies such as FSBO.com. etc?
Unlike the 'National' Companies, Louisville Properties Realty is licensed only in Kentucky and are main focus are in Jefferson, Bullitt, Taylor, Shelby and Spencer Counties.
Is it true that most houses are sold through REALTORS and they usually sell for more?
Yes. According to the National Association of Realtors, homes listed on the MLS average a higher net of 7% more.
Is the MLS really going to help me sell my house?
Absolutely, listing in the Realtor's MLS is crucial if you are serious about selling. 85% of home buyers use the services of a real estate agent, and real estate agents use the MLS to search for houses on the market.
How can your services help lower the price of my home?
If you list with a REALTOR and pay a 6% commission, you may need to increase the price of your home to defray your high commission expense and end up with the healthy bottom line you desire. With our program, you practically eliminate the real estate Commission. This allows you to lower the asking price of your home, making it available to more buyers and more competition with other properties currently for sale.
How long can my property be listed on the MLS for flat fee?
The economy listing is good for up to 6 months; extensions are available.
Will my house be listed on the REALTOR.com web site and others?
Yes. REALTOR.com is the largest online property listing site with more than one million five hundred thousand available houses nationwide. This accounts for about 80% of all available houses in the U.S. More than five million potential buyers visit the site each month.
If I sell my home 'by owner' how much will it cost me?
If you sell your own home to an unrepresented buyer - you only pay the initial flat fee.
Will my listing be different than other listed properties paying a full commission?
No! Your listing will appear exactly the same as any other listing with "Full Price" REALTOR
How long does it take to get my house in the MLS?
Typically, we can have your property listed the next business day after listing.
How long does it take to get the sign & Lockbox?
Typically 2-3 days.
Why do I need to be listed in the MLS?
To gain the greatest exposure! There is simply no substitute fro the power of the MLS!
How do I know the MLS information is correct?
We will email or fax you a copy of the MLS listing for you to review. After you have looked over the listing, we will immediately make any and all changes that you request.
When you enter my listing in the MLS, is there a special number to identify my property?
The MLS assigns a specific number so Realtors can easily identify your .property.
If I list with you, will my property be on the same MLS as the local REALTOR use?
Yes. Your property will listed on the same MLS as used by REALTORS. 24/7
If a REALTOR does sell my homes do I have to pay the REALTOR a commission?
Yes. When you fill out the documents to list with us, you are asked how much commission you'll pay to the buyers' agent most sellers offer a commission of three percent. After you have entered this amount into the MLS it is NOT negotiable.
Whose going to do all the paperwork involved?
We will be more than happy to take care of the paperwork for you as apart of our Full Service Program. We will carefully walk you through each and every phase and provide professional advice along the way.