Are you eager to sell your home but don’t want to pay extra money for the agent’s commission? Can you get your home listed on the MLS or multiple listing services without hiring an exclusive realtor to conduct the marketing, showing, and sale of your home? Real estate agents in New Jersey assert that you cannot directly list yourself on the MLS. Only a licensed real estate professional can get you on the list.
Defining MLS in Real Estate
For starters, the multiple listing service is a private database per region. The list is maintained by real estate brokers who facilitate both home selling and buying. With hundreds of regional listing services, you will certainly find the best one for your location.
The MLS is where licensed real estate brokers advertise the properties their agents are selling. Thus, buyer’s agents from various brokerages can access the same pool of properties being sold. The MLS makes everything convenient because all the listings are consolidated in one place. To date, there are more than 800 MLS databases across the country. It helps the buyer’s agent scope out for the best and latest deals so that you can get on their radar and sell your home quickly.
Why Use the MLS for Selling Property
Several real estate agents in New Jersey attest that you can increase the likelihood of a sale if you put your property in the MLS. This is a sure-fire way for your property to get tons of attention online. In fact, more than 91% of sellers opt to list their homes in their local listing database because it equates to:
- Opening up more leads
- Receiving attention in a highly competitive market
- Increasing inquiries
- Generating a faster sale turnaround
Besides, since the advent of the digital revolution, most buyers have begun their house hunting online. Therefore, if you want to get your house off the market, you must find a way to get with the MLS. Furthermore, using the MLS has the added benefit of instantly syncing your house listing with renowned real estate websites like the following:
Most of all, the MLS database is an excellent tool for all real estate agents. Most of these agents have a subscription to their local MLS. Moreover, they receive notifications when other agents list new homes. So just imagine buyer’s agents fawning over your property listing. Keep in mind, 90% of home buyers who purchased homes in the past received guidance from a realtor. Thus, you must get their attention, which you can only do if you’re listed in the MLS.
Can I List Without a Realtor
According to real estate agents in New Jersey, if you are selling using the “for sale by owner” method, your home will not be placed on the MLS database. But you can decide to pay a brokerage fee only if an agent brings the buyer.
This option allows you to maintain control of the sale while paying a smaller fee to the company.
This method is cheaper than hiring an agent and paying a seller’s agent commission. They usually compute this fee as 5% of the home’s final selling price. Although you can save a lot of money, you must be careful with this approach. After all, real estate agents in New Jersey attest that selling a property in the market entails more than just a simple listing in the MLS.
The Harsh Realities of Selling a Home on Your Own
Most real estate agents in New Jersey caution “for sale by owners” aficionados because selling a house entails a lot of hard work. It is precisely why there’s a separate profession for licensed real estate experts. Just imagine juggling a full-time job, family obligations, and other responsibilities with selling your home. You could be biting more than you can chew. If you attempt to sell on your own with an MLS flat fee, you will still be responsible for the following:
- Identifying the Best Price
Requesting an agent to list your property on the MLS means you have to figure out the best listing price and the details you want to put in the listing. Since you are not a real estate professional, this may be a daunting task. How do you know what the best price for your house using objective and unbiased standards is? Unlike a realtor, you do not have the expertise. Apart from not being well-versed in the specifics of the market, you don’t have access to research and figures. If you want to make a sound choice, seeking professional advice is still the best answer.
- Marketing Your Home
The work doesn’t stop once you list your home in the MLS. Many real estate agents in New Jersey concur that you still need to carve out time to actively sell the home. There’s a lot to do like:
- Home staging
- Virtual tours
- Home showings
- Conducting open houses
- Dealing with inquiries
- Answering questions
- Completing the Crucial Paperwork
Once someone makes an offer, you must be skilled in negotiating to get the best price for your house. After this, you have to complete all the crucial paperwork. Unfortunately, real estate contracts contain many details and jargon that an average person may not understand. For this reason, working with a qualified realtor serves as your best bet.
So, if you want to save money but don’t want the headache of a DIY sale, consider working with a real estate agent instead. With this kind of deal, you get listed on the MLS, plus you get to enjoy all the perks of an agent who takes a proactive approach. This person stays involved in selling your home, at the highest price possible, as fast as possible.