What is the MLS?
The MLS (Multiple Listing Service) is a data base exclusively used by both listing and buyer agents. Listing agent post photos and very detailed information about properties where buyer agents can quickly locate properties for their clients, schedule showings, get info on how to access properties and know what the seller is willing to pay an agent to bring a buyer for the property. The MLS is also the source for properties listed on Zillow, Trullia, Offerpad, RedFin and all of your favorite Realtor sites.
Why would I want to list my house on the MLS ?
According to the National Association of Realtors “Profile of Buyers and Sellers” 89% of all real estate transactions involve a buyer’s agent. If you are going to work with a buyer’s agent why not make it as easy as possible for them find, show and ultimately sell your home.
Why can’t the buyer agent contract me directly ?
Buyer agent almost never suggest a for sale by owner property and they cringe when their client suggest one. There is less information available on the property, It is more difficult to set up the showings and they have to negotiate their compensation with a seller before they know if their buyer is even interested in the property,
How much is real estate commission ?
Typically, real estate commission is 5%–6% of the home’s sale price. In most areas, the listing agent receives 2.5%–3% in commission and the buyer’s agent receive 2.5%-3% in commission. Zero Commission does not charge to list your property, so you only pay the buyer’s agent commission.
How and when do I have to pay the buyer’s agent ?
The commission is paid from the proceeds of the sale at the closing table. No monies exchange hands before your property closes.
Do I have to pay a buyer’s agent if they bring me a buyer ?
Yes, … Do not make an enemy of the person that is helping you sell your home. Compensate the buyer agent in such a way that they hope their client buys your home. Most real estate transactions involve a buyer’s agent. Do not be penny wise and dollar foolish.
Can I offer a bonus to the buyer’s agent ?
Yes, the Greater Alabama MLS which serves Birmingham Metro and surrounding areas has a special section that allows sellers to offer a bonus to incentivize buyer agents. Bonuses are typically dependent upon selling within a set time frame or a full price offer. (Ex. $1,500 bonus to buyer’s agent for accepted offer before this date or $2,000 bonus full price offers) Amounts are used for example only.
Can I list and sell my house with Zero Commission without paying Zero Commission any money ?
Absolutely, optional services are just that, optional. Selling your home is not the problem, what to do after you receive an offer is often when the anxiety begins. Most of our for-fee services are designed to make the selling process easier, help reduce your stress level and make the closing process as smooth as possible.
If I list my house with Zero Commission, can I still sell my house by owner and pay nothing ?
Yes, if you sell your home to an individual that is not represented by a buyer’s agent and you show them your property you pay nothing. You can also elect to have a licensed agent show your property to individuals not represented by a buyer’s agent and only pay the buyer’s commission you have already agreed to pay.
How does Zero Commission make money ?
We have optional services that you may wish to purchase and business relationships with companies that are affiliated with the closing process.
What are some of the for-fee services ?
We can provide help and comfort throughout the entire sell process for a fraction of what a listing agent charges.
Before the sale we can help price your home, with a detailed CMA (comparative market analysis), provide lock boxes, electronic signature services and apps to allow you to communicate directly with buyer agents to set up showing and receive feedback though your smart phone.
Negotiating your contract We can answer questions about: your offer, typical cost for items in contract (closing attorneys, title policy, home warranty, termite, etc… ) and your buyers ability to get financing to name a few.
Closing Coordinating the closing is by far one of the most detailed aspects of the entire process. We will make sure everyone involved in the sale has their required docs present and approved by the closing attorney and lender on a specified date and time for your and your buyer to sign. Making sure your home closes and on time.
For a complete list of services and charges click here
What happens if I receive an offer from an individual and I elected to have a licensed agent show my property to people not represented by an agent ?
The agent will represent both you and the seller as a transaction broker and will perform the functions of both a listing agent and buyer’s agent but will only receive the buyer agent commission.
What other types of companies is Zero Commission affiliated with?
Zero Commission and Top Tier Title work together to provide you with free MLS listings and the most competitive pricing on title insurance and closing services possible.
What happens if my buyer insists on using a different closing and title company?
There is a $500 fee that will be paid to Zero Commission at closing. This fee can be paid by the buyer since they are the ones with a preference.
What makes Zero Commission different than other steep discount flat fee services?
Most steep discount listing services are national marketing companies that contract with local brokers to place your home on the MLS, these brokers are for the most part are anonymous, and you have no direct contact with the listing brokers making it difficult and sometimes impossible to make timely changes to your listing to facilitate open houses, price changes or even marking your home sold.
Is Zero Commission a member of the Birmingham Board of Realtors ?
Yes
What do I do when I receive an offer from a buyer’s agent ?
If the offer comes from an agent, you will receive a copy of the offer and a net sheet detailing exactly what monies you should walk away from the closing table excluding mortgage payoff. You can negotiate directly with the selling agent or you can use our negotiating service that is included in our for-fee services.
What do I do when I receive an offer from an individual ?
If you have elected to show your property to individuals not represented by another agent this would be a true for sale by owner transaction. You will owe no commission and you can negotiate this transaction, or you can use our negotiating service that is included in our for-fee services.
What services to buyer agents provide ?
Buyer agents set up showings, point out positive aspects of properties, help arrange financing, write offers, order home inspections, and provide counseling to distressed buyers throughout the entire sales process to name a few….
What services to listing agents provide ?
Listing agents work hard for their clients and regularly provide services outside the scope of the listing agreement. Checking on vacant properties before showings, cleaning up after pets, finding contractors to make necessary or unexpected repairs, measuring rooms and finding answers to obscure questions asked by buyers to name a few. Zero Commission Real Estate is not discounting the valuable services these professionals provide however for the DYI sellers we do provide an alternative to the traditional real estate model.
How long is my listing for ?
ZCRE listing contracts are for six months. When your property sells it will be marked sold and removed from active listings on the MLS.
Can I cancel my listing early ?
Yes you can cancel your listing at any time, there is a $50 cancellation fee to cover administrative cost any for fee services that you have purchased must be paid for at time of cancellation.
If I am purchaser, why do I care how much the seller pays to market the property ?
Most sellers have a number they need to net from the sale of their property, by paying less to market their home they have more room to negotiate.
What is the normal listing fee commission?
Typically, real estate commission is 5%–6% of the home’s sale price. In most areas, the listing agent receives 2.5%–3% in commission and the buyer’s agent receives 2.5%-3% in commission. Zero Commission does not charge to list your property, so you only pay the buyer’s agent commission.
What is the importance of a Buyer’s agent?
Buyers’ agents set up showings, point out positive aspects of properties, help arrange financing, write offers, order home inspections, and provide counseling to distressed buyers throughout the entire sales process to name a few…. Buyers’ agents work for the buyer and are paid for by you, the seller, this coupled with the valuable services they provide the buyer is why 89% of all transactions involve a buyer’s agent.
What Is A Comparative Market Analysis (CMA)?
A comparative market analysis is a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area. Square footage per level, schools districts, year built, upgrades and even what side of the street can be factored in.
Why does Zero Commission give away the showing App?
Giving buyer agents the ability to contact you through the MLS increases your chances of selling and encourages them to work with other Zero Commission listings.
What are electronic signatures?
In the United States, under the Electronic Signatures in Global and National Commerce Act (ESIGN), electronic signatures are defined as “an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record.” . These are considered to be as binding as a wet signature for contractual purposes.
