Entry Only Listing Service - MLS Flat Fee Listings

FREQUENTLY ASKED QUESTIONS

Q. Why should you use this service?
You should use this service because you can list your property in the MLS (Multiple Listing Service), the #1 sales tool for all property sold, and you will save thousands of dollars.

Consider these facts:
1)	More than 80% of all property is sold through the MLS.

2)	The MLS is the #1 source agencies use to find properties for buyers.

3)	More than 75% of all real estate transactions are co-broked.
	(when an unrelated real estate agency brings a buyer to a real estate agency who represents a seller)

4)	According to the National Association of Realtors, homes listed on the MLS
	average net proceeds of 7% higher than homes not sold through the MLS
	and sell faster.

5)	You pay NO COMMISSION if you sell your property to a buyer who is
	not represented by an agent.

6)	You pay a 1/2 COMMISSION (2-3%) if you sell your property to a buyer who is
	represented by an agent. If you list with a full service agency, you would pay a 5-6% commission.

7)	You can Cancel your listing at any time.

Q. How much does it cost to list a property?
The cost to list your property depends on the location and the option you choose. Go to the Home Page and click on your state in the map of New England for Prices and How to List.

Q. How do owners usually sell their property?
The traditional way owners sell their property is by listing it with an agency. Usually, a real estate agency will have you sign an Exclusive Right to Sell your property for a specific length of time and you pay them a 5-6% commission when your property is sold. Even if you find a buyer yourself you still have to pay the full commission. They will market your property by listing it on the MLS, run newspaper ads and hold Open Houses. Since over 75% of real estate transactions are co-broked, which means an unrelated real estate agency brings a buyer to a real estate agency who represents the seller, all they have to do is list the property on the MLS and wait for other agencies to contact them. When the property is sold, the seller's agency splits the 5-6% commission with the buyer's agency. If you use our service, we will list your property on the MLS for a Flat Fee. We DO NOT take a commission when the property is sold and there is no specific length of time you must list your property. You still offer a 1-3% commission to agencies who bring you a buyer and you pay them when your property sells. This way you could save tens of thousands by paying either no commission or half of the typical 5-6% commission. Now you can let the MLS work for you the same way it works for Real Estate Professionals!!!

Q. What is the MLS (Multiple Listing Service)?
The MLS (also known as The Multiple Listing Service), is the largest Real Estate Listing Service in New England, and one of the top ten in the nation. They provide service to more than 29,000 real estate professionals throughout New England with a comprehensive database of more than 45,000 active listings of property. The MLS (Multiple Listing Service) is an extensive database of information. It is through the MLS that most residential real estate deals are consummated. Real estate professionals have agreed to exchange information about properties for sale in order to help sell homes for the best price possible and in the least amount of time. Maximum exposure is the key to a successful real estate transaction and this crucial maximum exposure is gained through a listing on the MLS. Remember, if you list your home on the MLS with www.EntryOnly.com you will never pay a listing commission! The only time you would pay a commission would be to a buyer's agent that brings you a qualified buyer that executes the transaction by buying your home.

Q. How do you provide your service at such a low price?
We are a Real Estate Company that focuses solely on Entry Only Listings (An Entry Only Listing means the agent who listed the property does not represent the seller). That way we can provide our services as efficient as possible. Most of our services are provided electronically. We take pride in offering such great service for such a low price.

Q. How much of a commission should I offer?
The average commission is about 2.5%, so we recommend that you offer between 2-3%. Of course, it all depends on how motivated you are to sell your property. Obviously, the higher the commission you offer the more likely agencies are to put effort into finding a buyer for your property. Conversely, the lower the commission you offer the less likely agencies are to "push" your property. If you offer less than 2% you should not expect a big response from Brokers.

Q. How do Agents know I am offering a commission?
Members of the MLS (Brokers/Agents) see more information than the general public, including what commission is being offered.

Q. How long does it take to be listed on the MLS?
It usually takes less than 24 hours to be listed on the MLS, depending on if we receive all the information required to list a property on the MLS. Once submitted, all members of the MLS will have access to the full listing instantly and it usually takes a day or so before it is available on the Partner Websites.

Q. How long does it take to be listed on the Partner Websites, such as Realtor.com, Boston.com and others
The MLS makes listings available to Partner Websites once the listing has been approved. This can take up to 24 hours. Most of the Partner Websites update their sites once a day Monday through Friday. We have no control over those websites. They choose what time of day and how often they update listings. Most of them do not update listings on the weekend. So, if a listing is submitted to the MLS on Saturday, it may not show up on some of the Partner Websites for a number of days.

Q. Do I need to supply photos of the property?
Yes. At least one photo is required by the MLS or a fine of $25.00 will be assessed. This fine will be passed on to the Seller. You can submit up to 29 additional photos for no charge for the MLS and up to 12 additional photos for the Cape Cod & Islands MLS. The New Hampshire MLS allows up to 12 total photos and the Rhode Island MLS allows a total of 8 photos (one exterior photo required for RI-MLS). The only property types that do not require a photo for Massachusetts MLS are: "Under Construction" and "To be Built". When they are finished a photo will be required. The Rhode Island MLS do not require photos for Land. You can email photos to photos@EntryOnly.com. (.jpg, 600x450 pixels, high resolution suggested) Most formats are accepted. Please rename the file names of the photos in the order you want them to appear (i.e. 1.jpg, 2.jpg, 3.jpg and so on). If you do not indicate an order, we will choose one for you.

Q. Will my listing look the same as those who have agreed to pay a full listing commission to a traditional agent?
Yes. Your listing will look like all the other listings on your local MLS.

Q. How will I know if my property is listed with all of the correct information?
You will receive a copy of your MLS listing and you may make any changes you like, provided the changes are acceptable to the rules and regulations of your local MLS and Board of Realtors.

Q. What areas do you serve?
Currently we list homes on the MLS in All Of Massachusetts.

Q. Is the MLS really going to help me sell my home?
Listing your home on the MLS is crucial if you are serious about selling! As previously mentioned, up to 80% of all U.S. homebuyers use the services of a real estate agent. Their real estate agents use the MLS to search for homes on the market. Not only does the MLS provide a central location to advertise homes for sale to local agents, it communicates to them that the seller is willing to pay a commission to the buyers’ agent. Thus, listing your home on the MLS serves to motivate real estate agents to show your home and to work hard to sell your home to their buyers. Surveys show that other methods of producing buyers and advertising are far less effective and rarely deliver satisfactory results .

Q. Will a Buyer's Agent show my home for the 2-3% commission or skip over me?
A Buyer's Agent usually splits a 5-6% commission in half with a Seller's Agent. So, it makes no difference to the Buyer's Agent because they will earn their usual commission. Instead of receiving the commission from the Seller's Agent, they will receive the commission directly from the seller at closing. We, essentially, allow you to "cut out" the middleman and in the process, save you thousands of dollars.

Q. What if I want to cancel my contract and let a Real Estate Agency sell my house?
If you decide that you want to list your house with a Real Estate Agency to exclusively sell your house then you must cancel your contract with us. You can cancel at anytime for NO CHARGE. The MLS does not allow the same house to be listed by two different Real Estate Agencies. Just fill out the termination contract and either email or fax it to us.

Q. What if I sell the house on my own?
When you list your home through www.EntryOnly.com you maintain the right to sell your home on your own. If you find your own buyer, you will not be obligated to pay a commission on the sale.

Q. If I find a buyer on my own, how much deposit should I ask for?
Typically, an Offer to Purchase is accompanied by a deposit of $1,000.00 and when the Purchase and Sales is signed an additional deposit is given. We recommend that earnest money deposits (also known as good faith deposits) be no less than 2% of the sale price. The larger the deposit, the more qualified and serious your buyer is and this helps to justify taking your house off the market.

Q. When a potential buyer calls, is there anything in particular that I should ask them before showing my home to them?
It’s always a good idea to get the buyer’s name and phone number in advance, so that you can confirm the appointment and follow up after the showing. Potential buyers tend to show up for the appointment more often when they know you have their phone number. Be sure to ask about their financing arrangements before you agree to show your home. Showing your home to financially unqualified buyers can be a major waste of time. Remember, there is a big difference between "pre-qualified" and "pre-approved" with regard to mortgage financing. One is a "looks good" statement, while the other is an actual commitment to fund a loan.

Q. Should I be concerned about lead-based paint?
If your home was built before 1978, you are required by law to provide your buyer with a lead-based paint disclosure, along with the EPA pamphlet entitled, "Protect Your Family From Lead In Your Home". We will provide this to you FREE OF CHARGE.

Q. Can I put a "For Sale by Owner" sign on my front yard?
No, you can not. According to MLS Rules and Regulations, "The words "By Owner" and "FSBO" may not be placed on the sign". Obviously, we know not all property owners want "For Sale" signs on their front yard or perhaps do not have a front yard. That is why the sign purchase is optional. Click here to see the Sign Options.

Q. Can I have my direct contact information in the MLS listing show to the General Public or on other Partner websites?
No. According to the MLS Rules and Regulations Sec. 1.0 "No seller may be identified in any section or field of any Property Data Form to the General Public". Members (Agents) of the MLS will read in the "Special Showing Instructions: Call SELLER: John Smith at 555-555-5555 or go to www.EntryOnly.com". Partner websites will not have Seller's Contact Information and may display our office and telephone number: The Entry Only Listing Service 877-249-5478. In the event an agent/buyer calls our office regarding your property we will give them your contact information.

Q. How can I get a lockbox?
You can buy a lockbox at any hardware store (i.e. Lowes, Home Depot) for the cost of $20-30. We do not carry lockboxes in inventory. If you are letting Agents/Buyers view your property unaccompanied then we recommend you frequently change your combination and note the Agent's name, license number and Agency affiliation.
Q. Will you conduct open houses?
No. We will not conduct an open house for you. You may hold an open house of your own, if you so desire. The fact of the matter is that open houses are primarily prospecting tools for real estate agents. Open houses are really a way for agents to get their names out there to prospective buyers who are early on in their quest to buy a home. Furthermore, very few homes are sold as a result of an open house because many of the visitors are tire-kickers, bargain hunters, nosey neighbors and people looking for something to do on the weekends.

Q. If I don't hold an "Open House" or run newspaper ads, won’t I miss out on numerous potential buyers?
The MLS and sales price are far more influential in the sale of your home than all other sales or marketing techniques combined. Although not common knowledge, newspaper advertising, TV cable access real estate showcase programs and open houses are mainly implemented to generate future leads and listings for agents and brokers, not for marketing your home in particular. These sales techniques help to justify that the agent / broker is "earning" their commission for listing the property. Remember, about 80% of all U.S. home sales are directly generated by listing on the MLS. Thus, these other methods of advertising serve primarily to enhance the professional presence of the real estate agent in their market, placate their sellers and encourage them to believe that they are getting more bang for their buck.

Q. Will I ever have to pay The Entry Only Listing Service a commission?
No. The Entry Only Listing Service will never under any circumstances be paid any part of the commission you are offering. The entire commission percentage that you have chosen to offer will be offered to Brokers and Agents who procure a buyer for you.

Q. What am I required to do once I have accepted an offer?
You must inform The Entry Only Listing Service within 24 hours of accepting an offer. You have two choices of how to update the MLS listing: 1) Leave status as Active. A note will be added to the listing saying you have accepted an offer and are continuing to show the property for Back Up Offers. (your listing stays on the MLS and Partner websites). If you choose this option you will need to complete this form "Active Status Request Form" and fax it to us at 1-866-810-9348. 2) Change status to Under Agreement. Your listing is still visible to members of the MLS but Agents/Buyers will no longer call you. (your listing will be removed from the Partner websites) We need to know the following information regardless of which status above you choose: 1) What is the anticipated closing date? 2) If there is an Agent representing the buyers, what is the Agents name and office name?

Q. What is a final walk-through?
Your buyer will have a final walk-through of the property just prior to the closing (either the day before or the day of closing). This is to ensure that the property is in the same condition that it was in when the buyer placed it under contract and to make sure that all conditions specified within the contract are met before the closing takes place.