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What is the difference between a
traditional full service broker and your Flat Fee MLS
Listing service?
A full service broker will help you determine a selling
price, list your home on the MLS, schedule showing
appointments and negotiate the sales contract on your
behalf. For these services you pay a hefty listing fee of
2-3% of the selling price in addition to the 2-3% you will
be required to pay the Buyer's Agent, for a total of 5-6% in
commissions! We
offer you a way to list your property on the same MLS for a
flat fee of only $249. In
exchange, you assume some of the duties traditionally
performed by the Listing Agent. You pay only the Buyer’s
Agent portion of the commission at closing. If you find the
buyer yourself, you pay NO commission at all.
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What is the "Buyers Agent" commission
and how much should I offer?
The Buyer's Agent commission is the amount you are willing
to pay a real estate agent that brings you a qualified
buyer. This amount is determined by you at the time of the
listing and is paid to the Buyer's Agent at closing. This
amount should be competitive with other listings in your
area if you want to take full advantage of the MLS. These
commissions typically range from 2-3% of the selling price.
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If the
property is listed in the MLS, the seller must offer a
commission to the buyer's agents. This is called the
cooperative commission. There is a field on the MLS
listing sheet that shows the amount of commission being
offered.
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Can I still sell my home "by owner"
while it is listed on the MLS?
Yes. You retain the right to sell the property yourself. If
you find a buyer on your own, you pay NO commission.
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Is this the same MLS other agents use
in Chicago and the surrounding suburbs?
Yes. The
Multiple Listing Service of Northern Illinois
is the largest and most widely used database in Chicago and
the surrounding suburbs.
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What
happens when an agent faxes an offer to your office?
Under Illinois
law, listing agents must provide a
minimum level of services
to their clients. All offers submitted by agents must be
faxed to our office. Our fax line automatically converts the
faxes to PDF files. Upon receipt of an offer, we will email
the offer to you as a PDF attachment. We will assist you
during the entire negotiation process and be available to
answer any questions you may have. We are available 7 days a
week.
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Will
Consumers Choice Realty work with buyers to try to collect
the Buyer’s Agent commission?
No. We do not work in a
dual agency capacity. This means that we will not represent
the buyer and the seller in the same transaction. All calls
or inquiries from prospective buyers about your property are
referred directly to you.
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What
other websites will my home be listed on?
In connection
with being listed on the MLS, your property will also be
listed on
Realtor.com,
Chicagotribune.com and
Homes.com and many other
leading real estate websites. All calls we receive from
prospective buyers that are interested in your property are
referred directly to you.
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Can I
cancel my listing anytime?
Yes, you can cancel at
any time and there is no cancellation fee. All requests to
cancel must be in writing.
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What
if I need to make a change to the listing?
You can make as many
changes to your listing as needed. All
price changes, commission changes or to cancel the listing,
must be submitted in writing with your signature
and faxed to our office. All other changes can be submitted
via email. Visit our
Support
section for more information.
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No, we do
not hold earnest money. You can make arrangements with
your attorney or another third party to hold the earnest
money.
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We
strongly recommend that you hire a real estate
attorney. The attorney will help you review the
contract and assist you throughout the closing
process.
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Why
won’t brokers boycott my property?
Real estate agents make their
money from commissions. If you were to hire an agent to sell
your home, you would pay 4-6% commission. This commission is normally split with the buyer’s broker who brings in the
buyer. In a traditional real estate transaction, the buyer's
broker receives 2-3% commission at closing. As long as you
are offering a similar commission, real estate agents will
show your home. It is also illegal for your property to be
boycotted and an agent can have their license revoked if
this occurs. Real estate agents must always act in the best
interests of their clients. The refusal to show a property
based on the commission a seller is offering is not acting
in the best interests of their clients. Furthermore, if a
real estate agent decides to boycott a property, he/she can
possibly be engaging in price-fixing and group boycotting
which violates U.S. Anti-trust laws involving both civil and
criminal penalties leading to a possible 3 year jail term
and heavy fines.
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How
do I pay for your service?
We accept
Visa, MasterCard, PayPal,
money orders and checks. Payment is not credited until the
property appears on the MLS. You will receive a copy of the
listing sheet via email to verify.
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