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FREQUENTLY ASKED QUESTIONS |
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Q.
Why should you use this service? |
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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. |
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| Consider
these facts: |
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More
than 80% of all property is sold through the MLS. |
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| 2) |
The MLS
is the #1 source agencies use to find properties for buyers. |
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| 3) |
More
than 75% of all real estate transactions are co-broked. |
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(when an
unrelated real estate agency brings a buyer to a real estate
agency who represents a seller) |
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| 4) |
According
to the National Association of Realtors, homes listed on the
MLS |
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average net proceeds of 7% higher than homes not sold
through the MLS |
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and sell faster. |
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| 5) |
You pay
NO COMMISSION if you sell your property to a buyer who is |
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not
represented by an agent. |
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| 6) |
You pay
a 1/2 COMMISSION (2-3%) if you sell your property to a buyer who is |
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represented by an agent. If you list with a full service
agency, you would pay a 5-6% commission. |
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| 7) |
You can
Cancel your listing at any time. |
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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. |
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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!!!
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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. |
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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. |
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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. |
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Q. How
do Agents know I am offering a commission? |
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Members of the MLS (Brokers/Agents) see more information than
the general public, including what commission is being offered. |
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Q. How long does it take to be listed
on the MLS? |
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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. |
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Q. How long does it take to be listed
on the Partner Websites, such as Realtor.com, Boston.com and others |
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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.
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| Q.
Do I need to supply photos of the property? |
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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. |
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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. |
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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. |
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Q. What areas do you serve? |
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Currently we list homes on the MLS in All Of Massachusetts. |
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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 .
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Q. Will
a Buyer's Agent show my home for the 2-3% commission or skip over me? |
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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. |
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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.
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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.
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| Q. If I find a buyer on my own, how
much deposit should I ask for? |
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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. |
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| 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. |
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| Q. Should I be concerned about
lead-based paint? |
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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. |
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| 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. |
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| 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. |
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Q. How can I get a lockbox? |
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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. |
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| 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. |
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| 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. |
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| 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? |
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| 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. |
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