You have now listed your home in the MLS with our flat rate MLS listing company. What happens next?
Once we receive your listing web submission from our website, we will place your listing in the MLS usually the same business day! Real estate agents may begin to call you the day you are listed in the MLS. This is because the MLS system is instantaneous, and since agents can store their buyer's criteria in the MLS, they can access your listing immediately and start calling.
The MLS listing will instruct agents to contact you directly for inquiries and to set up appointments. You may set up appointments yourself; there is no need to call us when setting up appointment times.
Before your first showing, please be ready with certain forms and disclaimers to hand out to agents and buyers interested in your home. One form is the property Disclosure/Disclaimer Statement. This is a mandatory form required by the state. Another form you may be asked for is the lead-based paint form if your house was built before 1978. These forms and more will be available to you in our forms library, which you will have access to once you are listed. Be sure to print and fill out several copies of the Disclosure/Disclaimer statement and/or Lead-Based paint form and hand it out to anyone interested in your home. Alternatively, send us a copy of the completed form(s), and we will upload them to your MLS listing.
There are a few things that you should keep in mind when dealing directly with real estate agents showing your house. In general, the less you say, the better. It is sometimes difficult to keep from offering opinions or information that makes the house more appealing. However, it is usually hard to guess the important factors for each potential buyer. Here are some examples of everyday subjects we recommend staying away from and why.
• How many children there are in the neighborhood. Even if the buyer has children, you may not know whether they would like a lot of children or none at all in the area.
• How great your neighborhood church/synagogue is. Religion can be a touchy subject, no matter who you are speaking to!
• How quiet the neighborhood is. They may want a more social atmosphere.
• The 'newness' of particular items in the home. The term "New" is a relative term. What you consider new may be old to others. For example, an item that is 2 years old may be new to someone who has lived in the house for 15 years, but it may be old to a buyer who thinks of new as anything less than 6 months old.
• Information on existing warranties. Warranties may expire before the new owners close on the house, or they may be non-transferable. Talking about warranties may also imply that something could be wrong with your appliances or the house.
• How many showings you have had. If you have had a lot of showings or no showings at all, buyers may wonder why no one else is "jumping" at the home.
You may even want to avoid talking about little things, such as the beautiful birdbath in the backyard or the flowers that bloom every year. These things could be misinterpreted. The buyer may not want bird "messes" or may be allergic to flowers.
• We also suggest not offering reasons why you are selling. The death of a family member, you've outgrown the house, the home is too small for you, your recent divorce, etc can all be interpreted in many different ways, which may result in the loss of a sale.
Regarding offers, if the buyer is not working with an agent, either you or the buyer may write the contract offer. If the buyer is working with a real estate agent, the agent will write up the offer and, per MLS listing instructions, should present it directly to you. You may negotiate directly with the buyer's agent. Keep in mind that the agent is not working on your behalf but is working directly for the buyer. If you would like some advice on negotiating a contract(s) offer, we offer the purchase unlimited contract reviews with the broker for only $299.
Once you have accepted a sales contract (the purchase offer is signed by both you and the buyer) you will need to notify us within 48 hours (2 days) by sending us a copy of the signed purchase contract and our completed Under Contract form (found within your login account once listed). The Under Contract form gives us vital information we need in order to change the status of your listing in the MLS and process your sale for closing. The MLS imposes the 48-hour requirement and applies to all companies listing properties in the MLS. Furthermore, by law, as your listing agency, we are required to maintain all documents related to the sale of your home for 3 years after settlement/closing. All of the above applies regardless of whether a buyer's agent is involved in the sale.
Typically, inspections and financing are the next step. The buyer orders a home inspection, termite inspection, surveys, an appraisal, and obtains financing (if needed). Please remember that all inspections are conducted by the buyer for the benefit of the buyer. There is no reason for you to get involved. Generally, a contingency is created in the sales contract to allow the buyer and the buyer's inspector to visit your property within 1-14 days of the signing of the contract to inspect the property for deficiencies. If any are found, an addendum with requested repairs may be provided to you, and you may agree to repair certain items before closing, decline to repair, or agree to a cash allowance. Once all inspections and contingencies are removed from your contract, you are on your way to closing!
Closing/Settlement day has arrived! Generally, it is an easy process for sellers. At the closing table, the attorney will go over your Closing Disclosure Statement / ALTA Statement / Hud-1 Settlement Statement with you. These terms vary depending on the type of loan the buyer obtained. They explain the expenditures and distribution of proceeds for the seller and the buyer. After the Closing Disclosure is explained, you will begin signing the seller's paperwork, including the title, deed, and statement. Once the buyer has signed and the sale has been recorded, you can collect your money, usually within a day or two. Remember we will need a copy of the Closing Disclosure Statement / Hud-1 Settlement Statement / ALTA Statement within 48 hours (2 days) of settlement. Most closing companies are happy to email a copy to us at your request.
Once we receive your Closing Disclosure statement, we will notify you by email. Then you can relax and enjoy the fact that you saved thousands of dollars by listing in the MLS with our flat rate listing service through our company Select Premium Properties, Inc.
Once we receive your listing web submission from our website, we will place your listing in the MLS usually the same business day! Real Estate Agents may begin to call you the very same day you are listed in the MLS. This is because the MLS system is instantaneous, and since agents have the ability to store their buyer's criteria in the MLS, they can access your listing immediately and start calling.
The MLS listing will instruct agents to contact you directly for inquiries and to set up appointments. You may set up appointments yourself; there is no need to call us when setting up appointment times.
If your home was built prior to 1978 - Before your first showing, please be ready with the lead-based paint form. The form is available to you in our forms library, which you will have access to once listed. Be sure to print and fill out several copies of the lead-based paint form and hand it out to anyone interested in your home. You may also send us a copy of the completed form, and we will upload it to you MLS listing.
There are a few things that you should keep in mind when dealing directly with real estate agents showing your house. In general, the less you say, the better. It is sometimes difficult to keep from offering opinions or information that makes the house more appealing. However, it is usually hard to guess the important factors for each potential tenant. Here are some examples of everyday subjects we recommend staying away from and why.
• How many children there are in the neighborhood. Even if the renter has children, you have no way of knowing whether they would like a lot of children or none at all in the area.
• How great your neighborhood church/synagogue is. Religion can be a touchy subject no matter who you are speaking to!
• How quiet the neighborhood is. They may want a more social atmosphere.
• The 'newness' of particular items in the home. The term "New" is a relative term. What you consider new may be old to others. For example, an item that is 2 years old may be new to someone who has lived in the house for 5 years, but it may be old to a tenant who thinks of new as anything less than 6 months old.
• How many showings you have had. If you have had a lot of showings or no showings at all, renters may wonder why no one else is "jumping" at the home.
You may even want to avoid talking about little things, such as the beautiful birdbath in the backyard or the flowers that bloom every year. These things could be misinterpreted. The renter may not want bird "messes" or may be allergic to flowers.
Generally, a renter who is working with an agent will already have had a credit check performed. You may ask the agent to view this report, or you may choose to run your own. Many websites help owners run credit checks on potential tenants. Some examples are below:
https://connect.experian.com/credit-check/landlord-credit-check.html
https://www.mysmartmove.com/SmartMove/landlord-credit-check.page
Regarding leases, if the renter works with a real estate agent, the agent will write up the lease offer and deliver it directly to you. Remember that you can use any lease form you wish; however, the tenant may feel more comfortable using a lease form drawn up by their agent. If the renter is not working with an agent, either you or the renter may write the lease. Once listed with us, you will have access to lease contracts and forms in our forms library.
Once you have accepted a lease contract, signed by both you and the renter, you will need to notify us within 48 hours by sending us a copy of the lease and a completed Under Lease form (provided to you once listed). The Under Lease form gives us vital information we need to update the status of your listing in the MLS. Your home will remain active in the MLS until the form and your lease are received, so time is of the essence. By law, as your listing agency, we are required to maintain all documents related to the renting of your home for 3 years after the lease is signed. This law applies regardless of who rents the house, you or an agent.
Handling of money: typically, the agent collects from the tenant a security deposit check made out to the owner in an amount equal to one month's rent. The check is handed over to the owner after the lease signing. The agent simultaneously collects from the tenant a second check, this one for the first month's rent, made out to the renting agency, which is promptly placed into the agency's escrow account. Sometime before possession by the tenant, the agency writes a check to the owner, deducting any commission you choose to offer the tenant's agent.
Walkthrough - A walkthrough form can and should be used for the final walkthrough before possession. You, the owner, should accompany the tenant on the walkthrough before possession. Walkthrough forms will be available in the forms library once listed. After the walkthrough, the tenant will usually take possession of the home. Now you can relax and enjoy the fact that you saved a lot of time and money by listing your rental property in the MLS with our flat rate listing service through our company Select Premium Properties, Inc.
