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Signing with MLS?.
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I'm trying to put my house on the market and one of the agents seemed to really want me to sign with MLS. My question is, if I want to have my house open to any agents, would signing with MLS limit me to only that agent? Or what are the reasons for signing with MLS?

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MLS used to increase your home's exposure to all other agencies in the 1980's before the web came around. Now it's just a dumping ground for houses that doesn't really sell. Agents use MLS these days to trap you into an exclusive, which is what it really is, everybody has to go through them. If you really want exposure you should just call up different offices and tell them your house is for sale and make your own website. There are lots of free website hosting and registrars out there so it shouldn't cost much if not completely free.

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MLS is a search engine where agents post your property and its attributes including photos, price and other important information for other registered realtors to see. If your agent wanted a complete exclusive he/she would not put it on MLS. An exclusive listing gives the agent an opportunity to list the property and sell it himself/herself or another agent in their office. If he/she sells it or someone in the office sells it that means their office gets the entire commission and do not have to split it with another office. If the property is on MLS and an agent from a different office sells the property then the commssion is split between both offices. For example, Company A lists your property for a 4% commission. If it is an exclusive listing and sold by an agent in the office, then Company A gets the entire 4%. If the home is listed on MLS, Company A will offer 2% to the selling agent. So if Company B brings in the buyer then the commission is split evenly: Company A gets 2% and Company B gets 2%.

If your agent wants to put it on MLS then he/she is giving you the most exposure within the real estate community. Every single real estate agent on Long Island has access to MLS and can view your listing. Searches by potential home buyers through Realtor.com and MLSLI.com can view your home as well. With an exclusive listing potential buyers can only see the listing through the company you are selling with and not through public websites. Agents have to file the proper paperwork when obtaining the listing. Agents are required to ask you if you want MLS or if you decline it, and it must be in writing from you the seller.

The comment about the "dumping ground" is interesting but not entirely accurate. If a property is "priced right" the agent should have little trouble selling it exclusively through his/her office with the proper marketing. But if the property is listed on MLS and it does not generate any showings, offers, or interest within the first couple of weeks this indicates that your home is overpriced. Agents on MLS use the site to find homes to show their buyers, so if your property is continually available and not generating much interest you need to take the advice of your agent and lower your price.

I hope this addresses your concerns. I am a real estate agent and a certified appraiser. Good luck.

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NEVER EVER HAVE YOUR HOUSE LISTED ON MLS. It's a death sentence. It means your house will not sell for another year. My friend worked for MLS. He said when you don't want to sell your house but just want some entertainment, put it on MLS. In other states, you use MLS. In New York, NO. NO NO NO . hope this helps.

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Saying that the MLS is death for selling your property is absolutely absurd. Anyone who would tell you has serious problems. Maybe they had one bad experience but what is more likely is that they are a boutique real estate office that is too cheap to become a member of the MLS, and therefore badmouthing the system. The MLS sells the majority of the homes. It has over 30,000 members in the Queens, Nassau and Sufolk County areas. Companies like Remax, Weichert, Exit and Century 21 would not even exist without it, and there are many many other independent smaller real estate companies that are members of the MLS. What it comes down to is whether you want 30,000 agents trying to sell your property through the use of the MLS; or would you like 5 people or less trying to sell your property. Some companies that do not use the MLS may be willing to accept smaller commissions, but that is mainly because they know they will not have to share the commission with anybody; while participating MLS offices will potentially be sharing it with other offices. Statistically approximately 95% of buyers wind up actually buying a home through a realtor. These are agents that use the MLS to find properties for buyers. These buyers may begin there searches for property using the internet but eventually they will wind up working with a realtor.

Anybody looking to sell their home would be hurting their chances by not listing their home on the MLS. More importantly there are really no reasons for anybody not to list their homes through the MLS. Houses that don't sell are usually the result of overpriced dreams. And even then it wouldn't have sold whether it was on the MLS or not. Occasionally a house will sell even if it is overpriced but that is not common. I have even heard of owners that signed with non-member companies and then also signed with with a partcicipating company just to have their home listed on the MLS.

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Again, NEVER EVER sign your house with MLS. Not in New York. In Montana, sure. Not in New York. NEVER EVER. There is this thing we have nowadays, what's it called? Oh! The WEB. Entire borough of Manhattan doesn't use MLS. MLS = Multiple Limbos Service. Don't do it!

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randee: DONT DO IT!.

Sean: That's what they want you to believe. If a realtor knows what they are doing, are they going to split commission 1.5% / 1.5%? Instead of taking the entire 3%? Why would a realtor be willing to take half? My buddy helped built the MLS database and backend codes. He told me a billion times, no good houses go on the MLS. Once your house goes on the MLS, it's a big banner stamped on it saying 'nobody wants to buy this house' and here is the last resort. This is true for New York City.

It's very different in other states, mostly the red states. probably cause people don't use the internets there.

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As I said before if the property is priced right the agent should be capable of selling the property on his/her own. If a house does not sell through MLS then it is overpriced.

Why would an agent throw a house on MLS for it not to sell? Remember the agent does NOT get paid until the property changes hands. MLS is just another avenue to promote and sell your property. Agents typically try to sell it on their own for 2-4 weeks prior to posting it on MLS. In those 2-4 weeks the agent should be advertising locally as well as in the papers, and holding numerous open houses. The best time to sell your house is within the first couple of weeks or else it will become stale.

Putting it on MLS doesn't cost you extra, it is already worked in to your commission agreement. But not listing it can cost you potential buyers. If you list with a little mom and pop real estate company with a couple of agents, chances are they will have a tough time bringing in buyers. That 1% or 2% you saved going with a small company can hurt you in the long run with the final selling price. If you list with a bigger company like C21, Remax, etc, they have over 50 agents per office who are trying to sell your property. You should list with someone you have confidence in and believe they will get the highest price for your home. Its no secret that RE Agents get paid from the commission so if an agent can't negotiate a higher commission for themselves how are they going to negotiate the highest price for you house.

MLS can't hurt you, it can only help. The person who talks about the programmer they know at MLS is crazy because they are listening to the advise of a PROGRAMMER and not a REAL ESTATE AGENT. Would you get your medical advice from a hot dog vendor? I didn't think so.

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That previous post was from me Sam. I posted the 3rd message as well.

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Thank you all very much for your input. This has been a great discussion.

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Randee,

Good discussion. Have you decided if you are going to use MLS?

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Maria, we have decided not to sign with MLS at this time.

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I think MLS is ok. My experience with it has just been ok, and I am not a real estate agent. I had a friend get a real estate license as a side job. He ended up doing nothing with it, but since he paid the fee, he had access to MLS. It seems like anyone who can pass the test can become a real estate agent and will have access to MLS. I guess that is why craigslist is posted with all this garbage from wannabe real estate agents. Actually some of the agencies just flood craigslist with the hope of catching something.

Maybe my issues is more with real estate agents than MLS? I am sure there are a few good real estate agents out there, but there are too many crap ones running around trying to make a quick buck ruining it for everyone.

Can you tell that I thik real estate agents are scum?

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I agree with ForestHillsDude, everybody and their dog and cat has a real estate license. I think people who become real estate agents are:

1. Housewives (this is obvious they have nothing to do)
2. People who can't get a job that makes over $40K a year. (This is also obvious since average income for agents are $40K.)
3. The get rich quick crowd. (These are people who doesn't realize the rest of the people are from 1. and 2. . These are also people who watch infomercials at late nights and buys all those programs.)

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I would rate a hot dog vendor higher than a real estate agent when it comes to "TRUST". Had a conversation with an agent today - she was totally clueless and kept saying stuff that made zero sense. I would never hire her to sell my house. Beware of Debbie Macchia. Can't get any honest answers. Same goes for the other 6 agents that called me. Fakes !!! Don't post on MLS.

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