Real Estate FAQs
What is the Multiple Listing Service? Also known and referred to as the "MLS”.
Answer: The Multiple Listing Service (MLS) is the National Association of Realtors (NAR) computerized list of homes currently for sale. This is an exclusive tool, only available to the 700,000 members of the NAR. The MLS is the primary tool used by Realtors to find homes for their buyers, and for most Realtors and buyers, it is the only tool they need to find the right home for them. Realtors search the MLS daily to find potential matches for their buyers, thus when new listings are entered, they are immediately evaluated by thousands of Realtors with prospective buyers, making your house rapidly popular.
MLS provides the biggest marketing advantage in selling homes.
This kind of exposure to buyers is not available anywhere else. You maximize your chances of selling your property more quickly and at a better price when it is listed in the MLS. When your property is in the MLS your property receives the broad coverage of a large number of realty offices that have access via computer to your home's availability, price and features.
Being listed on the Realtors MLS enables you to take advantage of the power of thousands of Realtors in your area. Combining that exposure with the www.lakecarroll.com web site and its advertising is a winning solution.
My property is listed “for sale” within the Multiple Listing Service (MLS), but I do not see it on the www.lakecarroll.com web site?
Answer: Your real estate agent’s broker office may choose to “opt out” of Broker Reciprocity and, therefore, your property may not be available to be displayed on other realtor web sites.
What is Broker Reciprocity?
Answer: It is a program available for Broker Members within a local MLS which allows each member Broker to determine whether they would like to participate and allow member Brokers the ability to display listing information on each others web sites.
How do I get my property listed “for sale” on this web site?
Answer: If your property is listed within the local MLS (Multiple Listing Service) then your property can be displayed on this site for the world to see. If your property is listed with a Realtor and within the MLS but it is not displayed within this site then it is possible that the listing agents Broker office has informed the local Real Estate Board office that they do not wish to participate in the optional broker reciprocity program.
Why would a real estate office or Broker “opt out” or choose not to participate in this broker reciprocity program?
Answer: This is a very good question. We can not answer for your broker.
If my property is “for sale” and listed within the MLS by a Realtor/Broker that does not participate in broker reciprocity and I do not see my property advertised “for sale” on this site can I still advertise my property “for sale” on this site?
Answer: No, not at this time, but we are working on it.
If my property is not listed “for sale” within the local MLS by a Realtor/Broker can I advertise my property on this site?
Answer: Yes, you may advertise on this site within our featured property section for a fee. If you list your property with the site endorsed Realtor/Broker then your property would also be posted in the real estate search area.
Can I post my property on this site and advertise it for sale without the help of a Realtor. Can I sell it myself?
Answer: Yes, you can advertise your property and it can be displayed in the featured property section for a fee, but can not be displayed in the larger real estate search area. If you work with the web site endorsed realtor/Stone Tower Properties and execute an exclusive agency agreement then your property would be displayed at no cost (see other benefits below). You may also choose to advertise your property without the help of a Realtor in the featured property section. In this scenario you would have to agree to the special terms which require you to cooperate with the site endorsed realtor provided this person brings a buyer to you. You would be asked to compensate the selling agent only, in effect, reducing the “normal” commission paid to a Realtor/Broker through an exclusive agency agreement. This means that you can still sell your home yourself without paying a real estate commission if you find a buyer. It also means that the web site endorsed Realtor/Broker may also bring a qualified buyer and if that buyer should purchase your property then a commission would be due to the selling agent. A typical real estate commission paid to a Realtor/Broker who lists your property within the MLS and places your property “for sale” would be about 5-7% for a home and typically more for a vacant parcel of land. The selling agent would normally earn a commission equal to approximately half of this total (with no listing agent the listing agent half would be saved). In this scenario you could reduce your selling costs by half.
Is it true that Realtors using the Multiple Listing Service (MLS) sell most houses and that they usually sell for a higher price?
Answer: Yes, both are true. According to the National Association of Realtors, approximately 75%-85% of all U.S. homes are sold through Realtors using the MLS and homes listed on the MLS average net proceeds of 7% higher than homes sold for sale by owner.
What are the benefits to listing our property with Stone Tower Properties?
- Listed within the Freeport-Galena Multiple Listing Service for all Realtors to view locally and outside of the Lake Carroll Community
- Listed in the real estate section of the www.lakecarroll.com web site and in the featured property section
- Ability to advertise on the front (home page) of the www.lakecarroll.com web site exclusive to Stone Tower Properties and an arrangement with www.lakecarroll.com
- Advertised on Realtor.com
- Advertised in other real estate trade publications through www.lakecarroll.com
- Phone calls fielded by experienced Realtor/Brokers
- Contract Negotiations
- Color Photos/Broshures
- Possibly listed in the Multiple Listing Service of Northern Illinois (MLSNI) making this listing information also available to Real Estate Agents and their clients in the Chicago suburbs
