1What is the Multiple Listing Service (MLS)?
MLS stands for “Multiple Listing Service” and is a database of homes for sale accessible only to Realtors. Most people think of the MLS as one big database of homes, but in reality, there are over a thousand individual MLS’s across the country. Your home will be listing in the Orange County California Regional Multiple Listing Service (CRMLS) which is the largest MLS in the nation. In addition through syndication agreements your home will also be listed on over 90 real estate websites including Zillow, Trulia, Realtor, Re/Max, Century 21, Redfin, and much more. Many buyers search these national websites to find homes that fit their needs.
2Why is listing my home on the MLS so important?
9 reasons to list on the MLS: *The MLS is the largest, most complete database of all homes for sale *Through syndication agreements with the MLS buyers can find your home on over 90 public MLS websites including Zillow, Realtor.com, Trulia, Re/Max, and Redfin *Over 90% of all homes sold in the U.S. are as a result of being listed on the MLS *Realtors use the MLS exclusively to locate properties for their clients *About 85% of homebuyers use a real estate agent to help them locate a property *Over 15,000 local Realtors can find your home in the MLS database *MLS provides access to over 285,000 California Realtors *Homes listed on the MLS sell faster than homes listed for sale by owner (FSBO) *Homes listed on the MLS sell for more money than FSBO’s
3Why do I need a real estate broker to list my home with the MLS?
Only a licensed real estate broker who belongs to the MLS, pays the MLS dues and fees, and has agreed to abide by their ethical standards has access to the MLS and is able to list a property. The real estate broker is also responsible for the accuracy of the listing, and keeping it current.
4Will my listing be on the same MLS that all Realtors use?
Yes, your home will be listed in the same MLS that all Realtors use to list and locate properties for their buyers. They will be able to search and find your home listing on the MLS.
5Will there be photos of my home in the MLS?
Part of IRVINE RANCH REALTY’s full-service is to prove professional photos of your home - at no cost to you. Great marketing starts with great photos and since over 95% of all home buyers are viewing properties online good photos are key to attracting buyers to your home. Professional photos are a standard part of the IRVINE RANCH REALTY 1% Listing Program.
6How long will my property be on the MLS?
Your MLS listing will be listed in the MLS and on over 160 real estate websites 24/7 until your home is sold.
7Once I’ve listed my home how long before my home is listed on the MLS?
IRVINE RANCH REALTY can have your property on the MLS within 48 hours.
8Will all real estate agents show my home if I list with IRVINE RANCH REALTY?
Yes, your listing will look exactly the same as every other listing. There is no way to tell how much commission you saved to get on the MLS. The 1% commission you pay IRVINE RANCH REALTY to list your home will have no effect on the buyer’s agent willingness to show your home to their buyers.
9Will real estate agents show and sell my home if I am not listed with their real estate company?
Yes, the main purpose of MLS is for Realtors from all real estate companies to find and sell each other’s listings maximizing the number of potential buyers for your home and assuring that you will sell for the highest possible price.
10Who will real estate agents contact to show my home?
It’s up to you and you have several options. You can have buyers and real estate agents call you directly to make appointments, or you can have them call IRVINE RANCH REALTY and let him/her coordinate with you. Your MLS listing will indicate the contact and showing instructions that you prefer. This can say “Call listing agent to arrange for showings” or “Call owner direct to arrange for showings” listing your name and phone number. Most sellers choose to have real estate agents call them directly before showing their home.
11Do I need a lawn sign, flyers or lock-box?`
A “For Sale” sign is very helpful and can often lead to the sale of a home. People looking for homes will drive neighborhoods they want to live in. Also, neighbors who notice your “For Sale” sign let their friends and family know that there is a home for sale nearby to them.
12Do I need a lockbox while my home is listed on the MLS?
You can decide whether or not to use a lockbox. IRVINE RANCH REALTY can place an electronically controlled access lockbox with your home key inside at your home and it is normally hung on the front door knob or gate. Only licensed Realtors can gain access to the key to your home and IRVINE RANCH REALTY will keep an electronic record of each and every time a Realtor uses the lockbox. The MLS listing will advise Realtors that, if they cannot reach you by phone, they may use the lockbox to obtain the key for showings. It provides access to agents when the owner is away, thus assuring full exposure to prospective buyers. Without a lockbox agents will have to set appointments to meet you at the house to view the home. If you do not have a lockbox, you may miss out on some potential buyers who may only have time to see your home when you might be at work during the day.
13Can I have an open house?
Yes, let IRVINE RANCH REALTY know when you’d like to have your open house and we will update the MLS to announce your open house to gain even great exposure than just putting up “Open House” signs.
14What is the difference between a “listing agent” and a “buyer’s agent”?
The listing agent is the real estate agency who lists your home for sale in the MLS. The buyer’s agent (or selling agent) is the real estate agency that represents the buyer for your home. Often one agent will represent both parties which is referred to as “dual agency.”
15Do I have to pay a commission to a buyer's agent?
Yes, if your home is listed on the MLS, and a real estate agent brings a ready, willing and able buyer with an acceptable offer, then the agent will be due a “selling” commission. You can decide what the buyer’s agent commission will be when you list with IRVINE RANCH REALTY and this commission will be shown on your MLS listing.
16How much commission should I pay a buyer’s agent?
Generally, we recommend that you offer the buyer’s agent a commission equal to 2.5% of the sales price. Since the MLS is so powerful with over 285,000 California agents and over 90 real estate syndicated sites all working to sell your home, it’s best to leverage the power of that exposure by offering a fair commission. Our experience is that you will make the buyer’s agent commission back and then some from the power of the MLS with stronger and higher offers for your property.
17How long should I expect my home to be on the market?
Many homes listed by IRVINE RANCH REALTY have sold within a day to a week and most homes are sold within 30 days of listing. The MLS and websites like Zillow, Trulia, Realtor, Re/Max, Century 21, Redfin, and much more will draw maximum attention to your home.
18Who will negotiate and review my sales contracts?
IRVINE RANCH REALTY will review all offers and negotiate the sale of your home to obtain the highest possible price just like a full-service brokerage company, but without the additional cost.
19Who will handle the escrow and closing process when my home is sold?
IRVINE RANCH REALTY is with you every step of the way to ensure that the sales transaction is quick, efficient, and that all state and local forms and requirements are met. We will coordinate all the closing services including escrow and title insurance. Everything is included in our 1% Listing Program.
20 Why list with IRVINE RANCH REALTY versus the competition?
Listing with IRVINE RANCH REALTY is exactly like listing with a traditional broker but with lower fees. IRVINE RANCH REALTY only charges a 1% commission versus traditional agents that charge up to a 3% commission. IRVINE RANCH REALTY saves you thousands of dollars in commissions versus traditional broker’s comissions and fees while offering you the same full-service. IRVINE RANCH REALTY TAKES CARE OF PART OF THE SELLING PROCESS: Property Valuations Staging tips Preparing your home to sell Professional photographs MLS Submission Lockbox Yard Sign Open Houses Property Showings Offer Negotiation Purchase and Sale Home Inspection Escrow Closing All performed with no locked in contract and 100% guaranteed. Bottom Line-- IRVINE RANCH REALTY keeps more of your money in your pocket.
21Can I cancel my listing with IRVINE RANCH REALTY at any time?
Yes, most agents push their sellers to sign a listing agreement for a minimum of six months and even up to a year. IRVINE RANCH REALTY allows you to cancel your listing at any time if you are not satisfied. If we don't perform you can cancel your listing agreement with no cancellation fee.