Multiple Listing Service (MLS) Frequently Asked Questions
For more information on what an MLS listing is, or Michigan homes for sale by owner, please see our frequently asked questions below. Flat fee MLS listings are available from Reozom for Michigan homeowners to sell their home, and for those looking for MI houses for sale to find available properties in Michigan.
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Q. Why is it important that I list my property on the Multiple Listing Service (MLS)?
- A. According to the National Association of Realtors (NAR) 87% of properties sold in today's market are being found on the Internet, with the vast majority of those on the MLS. Another 12% being sold due to a property having a "For Sale Sign" posted in the yard. The fact of the matter is over 80% of all buyers work with agents and agents use the MLS to find properties. As the numbers suggest; print advertisement is virtually dead. Many brokers don't even bother advertising in their local newspapers anymore due to extremely poor Return On Investment (ROI).
Q. What is the difference between the MLS and Realtor.com?
- A. The MLS is a collection of properties located within a particular area. There maybe several Multiple Listing Services located within the same area. Realtor.com gathers listings from all the different MLS's.
Q. If there are multiple MLS's that cover my area, how do I know which MLS to use?
- A. Our system will automatically place your listing on the most heavily viewed MLS in your area, assuring that your property has the greatest amount of exposure possible.
Q. Will my property appear on the same MLS that Realtor listings appear on?
- A. Yes, the same amount of online exposure as if it were listed with a full service broker, but at a mere fraction of the cost.
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Q. In what parts of the country is your MLS listing service being offered?
- A. Currently we cover the vast majority of Michigan and Florida. Please refer to our MLS Directory to view our coverage area.
Q. How do I get my listing on the Multiple Listing Service (MLS) and Realtor.com.
- A. You must first list your property on Reozom.com, and meet one simple requirement; you
must be willing and able to pay some type of "buyers agents fee", usually 2.5 to 3.0 percent
depending on the property's asking price. The buyers agents fee is the commission paid to the
buyers' agent. The buyers' agent, otherwise known as the buyers' representative is the real estate
agent representing the buyer of your property.
You must be willing and able to pay a buyer's agents fee because in order to list a property on the MLS and Realtor.com, compensation in the form of a commission (the buyers agents fee) is required. Q. How and where do I offer the buyers agent fee?
- A. During the listing process, on the "Enter Property Data" page, there is a section called "Compensations". Within the Compensations section you'll find; Buyers Agent Fee which is defaulted to "Yes", leave as is. Then tab over to "Amount $/%", it is defaulted to 3.0%, leave as is or change to desired amount.
Q. How long does it take from when I list my property on Reozom.com to appear on the MLS?
- A. Your property will be listed on the MLS within one business day from the time documents have been signed. Once your listing is made active on the MLS we'll send you a copy of your MLS sheet to review. Please keep in mind it takes 24 to 72 hours for your listing to appear on third party sites such as Zillow, Realtor.com and Trulia from the time your listing goes active on the MLS.
Q. Is there any paper work I have to fill out in order to have my property listed on the MLS and Realtor.com?
- A. Yes, at the end of the listing process you'll be required to sign the Lead Disclosure, Seller Disclosure, Services Provided Addendum, Listing Agreement and Real Estate Agency Disclosure Form. You can now electronically sign the forms and submit them directly to us by simply pushing submit after all the forms have been electronically signed. There is no need to download, print and sign them unless you desire to do so. We have built the system to be 100% automated and paperless, however you'll always have access to any and all forms you signed by logging into your Reozom account. Depending on your local MLS, there may be some additional forms that need to be signed besides the ones mentioned above.
Q. Is Reozom a licensed real estate broker?
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A. Yes, we are not simply a referral service like forsalebyowner.com and owners.com; we
are an actual licensed brokerage in Michigan and Florida by the name of Reozom Real Estate Services
LLC.
Michigan License No. 6505369015,
Florida License No. BK335246 -
Q. Is there any other commissions or fees I have to pay, besides the initial fee, if my property sells?
- A. No, there are no additional fees or any type of commission paid to us when your property sells. The only fee or commission paid at the time of closing will be to the buyer's agent, assuming the buyer is working with a buyer's agent.
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Q. How does my listing transfer from Reozom.com to Realtor.com?
- A. We take the information that was entered into Reozom and enter it into your local Multiple Listing Service Michigan. At that point your listing will be transferred from the MLS to Realtor.com.
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Q. Will my contact information appear on the MLS Realtor.com or will the brokers contact information appear?
- A. Due to the rules of Multiple Listing Services (MLS) and Realtor.com, only a broker who is logged into the MLS will be able to view your personal contact information instead of ours. Now a person who is not logged into the MLS and views your home from any of the third party sites will see our contact information, but we always forward any interested parties onto you with no more hesitation than necessary. Now also, please don't forget that any individual, whether in the real estate industry or not, is given the option to schedule/request a showing online.
Q. Where can I obtain a lock box and how much do they cost?
- A. You can rent a lock box through us for $45 which includes shipping and handling along with a $25 refundable deposit.
Q. Do I show my property to perspective buyers or is that the buyer's agents job?
- A. Assuming that the buyer is working with a buyer's agent, it's the responsibility of the buyer's agent to show their client your property. If the buyer isn't working with a buyer's agent, it's the property owner's responsibility to show the property. If your property is listed on the MLS; most requests for showings will come from Realtors (buyer's agents), due to the fact that the vast majority of homes being sold, are being sold off the MLS.
Q. For security reasons, how do I know who's been through my house?
- A. Your lock box number will only be given to licensed real estate agents. When ever there is a request for a showing, that particular agent's ID number is recorded and verified.
Q. Who do I contact if my listing doesn't appear on Realtor.com?
- A. Contact us at (810) 987-1100 or e-mail us at support@reozom.com.
Q. How do I change the price or some other particular detail on my listing after it's already been submitted to the MLS and Realtor.com?
- Once you have made the changes our listing department will get a notification letting them know changes have been made. Once your changes have been made on the MLS our listing department will send you an e-mail letting you know that the changes have been made. All changes will be made on the MLS within one business day from the time the change(s) were made on Reozom.
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Q. Can I remove my property from the MLS and Realtor.com at anytime?
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A, Yes, please see steps below:
STEP 1) Login into your Reozom account (https://www.reozom.com/login)
STEP 2) Click on MANAGE LISTING
STEP 3) Click on STATUS
STEP 4) Click on UPDATE
Q. Will my listing appear any where else besides on my local MLS and Realtor.com?
- A. Yes, it will appear on more than 40 other listing sites, including Google, Yahoo, Zillow, Trulia, Vast, Craigslist, Zoocasa, Inetgiant, Kazork, Oodle, Point2homes to name a few.
If you have any further questions, please feel free to give us a call at (810) 987-1100.
