Who uses a FLAT FEE listing?
The simple answer...anyone and everyone! Also, FLAT FEE listings come in very handy when selling a property shortly after you purchased it (job transfer, health reasons, family, etc.). Chances are, you have not built enough equity to cover a full 6% Realtor commission (you haven't paid down much principal in such a short time and the property most likely hasn't appreciated enough either...which means you might end up selling for close to what you paid). Flat Fee listings help keep selling costs down and much needed money in your pocket!
Why do I need to be listed in the MLS?
To gain maximum exposure! Quite simply, there is no substitute for the power of the MLS! Over 90% of homes are sold through an MLS listing.
What is MLS?
MLS stands for "Multiple Listing Service". Most people refer to MLS as if it were all one big database of homes. Actually, there are over a thousand individual MLSs across the country; some big, some small. They are all separate from each other, so a Realtor who looks on his local MLS in New York can't see the listings in the Los Angeles MLS. That's why it's so important to be listed in the correct local MLS. There are many national websites, like Realtor.com, that aggregate listings from all these 1,000 MLSs and put them all on one giant website. Some information, such as commissions offered to agents and owner contact information, is only displayed on the local MLS for agents to see, and not the national public websites.
What is 12 Realty's success rate?
Assuming the seller prices the property correctly, the success rate is over 95%. Sellers normally have a contract in a few weeks to 60 days. Rural properties, raw land, extremely unique properties and more expensive properties (not first time home buyer type properties) tend to take longer to sell, but no property should take more than 6 months to sell.
Will my home be negatively affected by listing with your company? Maybe other Realtors won't show my home.
Not at all. The reality of the market today is that 80%+ of home buyers are using the internet to find homes and are telling their agent which homes they want to see. Buyers don’t care who the listing agent is as long as they get the house they want/need. And the buyer's agent just wants to make their commission (3%...we don't recommend short changing that...see next FAQ). It's neither here nor there whether that be from A, B or C's listing.
Can I pay less than 3% commission to a buyer's agent?
Real Estate commissions cannot be fixed by law, period. While there is no “required commission rate”, the prevailing market rate on just about 99% of all listings is 3% commission to the buyer's agent. TWELVE REALTY is a buyer agent friendly company and does not want to give any Realtor an excuse for not showing your house to one of their buyers. We highly recommend 3% commission to the buyer's agent.
If I listed with a 6% company, what are the chances of that agent also selling my home?
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 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 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 minus the $495 + $1,500 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 a "Full Price" Realtor. (And perhaps even better because we are very thorough in our work!)
When should I do a price reduction and by how much?
Price reductions are typically recommended every 4 weeks and by no less than 3-5%.
Should I advertise 'price reduced' or 'motivated seller'?
We don't think so. 'Price reduced' is like saying, "we've been trying to sell this house for more money but weren't able to" and 'motivated seller' seems to encourage 'low ball' offers. But if the property isn't in top market condition and you're willing to take less than top market for the property, then 'motivated seller' is fine to use.
Do you hold open houses?
We don't feel open houses are an effective way to sell a home in the 21st Century. Today, few buyers attend open houses. Instead, they scour the interenet for properties. Once they find listings that appeal to them they either call the listing agent or their buyer agent to schedule an appointment. Other firms may hold open houses but they do so in hopes of meeting one or two new buyer clients. They do not realistically believe they are going to sell the home at an open house.
What is a settlement statement?
How long does it take for my listing to show up on MLS?
From the time we get all your paperwork, photos, lockbox up, etc., we have about a 48 hour or less turn around time before your home shows up on MLS. Once active, it shows up instantly on MLS. Sites like Realtor.com and the local association website take data from MLS and usually will have your property up within 24 to 48 hours after. However, we have absolutely no control over these sites and they can sometimes take longer than that.
What is the difference in TWELVE REALTY as opposed to the 'National' companies such as FSBO.com, etc?
Unlike the 'National' companies, TWELVE REALTY is licensed only in Texas and our core focus is the Bryan-College Station area MLS.
Why am I not getting very many showings?
Because your price is too high. (Assuming you have easy access for showings and decent listing photos.)
How long is my listing agreement?
Our listing agreement is for 12 months, but you may cancel it at anytime as long as the property is not under contract or there are no active negotiations.
Is this considered limited brokerage?
No. Per the standards set forth by the Texas Real Estate Commission, we are full representation. We simply offer a unique savings option to sellers. We manage the sale process from listing through closing.
What is a Title Policy?