I recently received a fax advertisement that said “List your home on the MLS for only $395.00.” The ad goes on to talk about how you can list your home on the MLS (Multiple Listing Service) without paying a Realtor’s commission. While I realize that in this challenging housing market it is a tempting scenario to save significant money, this ad presumes that the only thing you need to do to sell your house is list it on the MLS. This is untrue.
Selling your home is likely the biggest financial transaction you will ever make and certainly calls for professional representation. Consider other areas in which we seek professional representation, such as law. While the law permits everyone to represent him or herself in court, we all generally hire an attorney because an attorney is proficient in law and experienced in advising clients. Similar to an attorney, a Realtor is a fiduciary that advises and negotiates on your behalf. Moreover, a Realtor markets your house properly on the right websites at the right price, caravans your property with other professionals, holds open houses and coordinates appointments for showings.
When you list your home on the MLS yourself, as this ad suggests, are you confident that you are complying with the latest real estate laws? Who is going to coordinate showings? How do you know the buyers who make an offer on your home are financially qualified? Do you have the right resources, such as home inspectors, real estate attorneys, radon and/or septic professionals? Do you know all the proper steps (inspections, obtaining a CO, when to collect deposits, appraisal, walk-through etc.) it takes to properly prepare for a closing? These are only some of the services a Realtor provides.
Most home sellers have a job and “a life” and selling a home is a full time job itself. Before signing on with a flat-fee MLS service, first consider whether you have the time to commit to doing it well.