The Multiple Listing Service (MLS) is a computerized list of homes for sale through the National Association of Realtors (NAR).
When a Realtor® lists a home for sale they enter it into their local MLS. In South Central WI the local MLS is called the
South Central WI Multiple Listing Service. It contains all of the homes listed with
Realtors® in: Dane, Sauk, Columbia, Rock, Dodge, and Green Counties as well as portions of Iowa, Jefferson,
Lafayette, Grant, Crawford, Richland, Vernon, Juneau, Adams, and Marquette Counties.
Home buyers can view MLS listings through the websites Realtor.com,
Wisconsinhomes.com, and most individual Realtor® web sites.
The MLS is far and away the most
powerful tool any Realtor® can provide for a home seller. In addition to the MLS, many agents offer supplemental services
such as: open houses, corporate office websites, yard signs, display ads in Realtor/Properties magazines, newspaper classifieds
ads, property flyers, inter-office flyers, flyers distributed to other
agents, "talking home" ads and riders, cable channel ads, open house ads, 1-800 number ads and "property information
hotlines", "just listed/just sold" postcards, etc. Anyone who has spent more than a day in the real estate business knows that
these supplemental services are not cost effective. They are designed to promote individual agents and convince sellers
that their agent is doing everything possible to sell the home. The MLS sells homes.
How Does Flat Fee MLS Work?
Our Flat Fee MLS services provide increased exposure without many of the supplemental services offered by full-service listing companies.
It is up to you to handle showings, open houses, negotiation, closing, etc. Since we know where our responsibilities begin and end
we can provide our services at a flat fee. We believe this is the natural evolution of the real estate industry. Home sellers
now have more options then ever before. In fact, we're surprised the old system
survived for so long without a serious challenge. To put it in perspective, imagine if plumbers in Wisconsin charged
their customers a percentage of their home value rather than an hourly rate for their services.
The service we provide accounts for the listing side of the transaction. It does not
account for the buying side of the transaction. If an agent is involved (if they procure your buyer) you
will have to pay that agent's broker a commission at the time of closing. This commission is commonly referred to as the co-broke.
We recommend the co-broke be 3% of the sale price. However, you are free to offer a co-broke as low as 2%.
It gets better. Unlike most real estate listings, our Flat Fee MLS allows you to retain "for sale by owner" status.
This means that you can advertise your property in any way that you think will help you find a buyer. If you find a buyer
yourself you don't owe the 3% co-broke to anyone. For example,
if a buyer sees your listing and contacts you directly, with no other agents involved in any way, then the co-broke
commission does not apply. The same goes for any buyer who sees your yard sign or your listing on our site, so long as you
deal directly with the buyer and not an agent.
Flat Fee MLS vs. FSBO?
Our services provide greater exposure than traditional For Sale By Owner (FSBO) marketing services.
The cost savings can range from good (you pay our flat fee + agent commission) when an agent is involved in the transaction, to great
(you pay only our flat fee) when you deal with the buyer directly. Listing your home on the MLS not only increases your exposure, it also
opens up a large pool of buyers who use real estate agents and generally avoid FSBO listings.
Questions? Call Sheri Meland at (608) 438-3150, or e-mail: firstname.lastname@example.org