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Flat Fee MLS FAQ
Everything you need to know about flat fee MLS listing with Bloomkey
- What is the MLS?
- Is the MLS the best way to sell my home?
- Why do I need to have my home listed on REALTOR.com?
- Will Realtors® show my home if it's not listed in the MLS?
- Is For Sale By Owner for me?
- When I list with Bloomkey , will I have to pay any commission when my house sells?
- When I list with Bloomkey, and sell my house to a buyer who isn't represented by a real estate broker, will I owe any commission?
- What if I need help with the contract or closing?
- How is Bloomkey different from other real estate firms?
- Will brokers be reluctant to show my house if it's a Bloomkey listing?
- Must I use a lockbox?
- Must I use Bloomkey's yard sign?
- Can I use my own exterior photo for the MLS?
- Once listed, how can I view my MLS listing?
- Once listed, how long will it be before I can view my listing on Realtor.com?
- Can I make changes to my MLS listing?
- Can Bloomkey handle buyer calls and showings for me?
- Can Bloomkey assist me with writing a valid contract and represent me in contract negotiations?
- Can I get help with the real estate escrow and closing process?
- What if I need or want to cancel or upgrade my service at a later date?
- How does the RISK-FREE, MONEY-BACK GUARANTEE PROGRAM work?
- How much does it cost?
- Are there any other fees?
- What's are the Bloomkey HomeSeller Plans?
- How do I get the free real estate forms you provide?
- How do I get started?
Q. What is the MLS?
According to a survey by the National Association of Realtors, more than 70
percent of prospective buyers begin their quest on the Internet, usually at
www.REALTOR.com. Unless your home is listed for sale with a member of the local
MLS (multiple listing service) with access to this site, you will be cutting
yourself off from 70 percent of prospective buyers.
A.
The REALTOR® MLS is the primary
database used by Realtors® to market
and sell property. The Multiple Listing
Service (MLS) is an exclusive
database of all of the properties listed
for sale in the metropolitan or regional
area of coverage. This database is generally
owned and used exclusively by REALTORS® and
provides them with information about all
of the available homes for sale.
REALTORS® use this system to cooperate on the sale of each other's listed properties and share in the compensation for selling the homes. Before now, most real estate brokerage firms required home sellers to enter into lengthy exclusive listing agreements with a hefty commission payable in any event of sale or transfer in order for their home to be placed in the MLS system.
Q. Is the MLS the best way to sell my home?
A.
The MLS is statistically, by far,
the best way to sell your home. The MLS accounts
for over 75%-85% of home sales nationwide and is the most effective form of adverising
available (about
10 times more effective than newspaper
advertising, open house, or any other method
of traditional marketing). In
fact, a listing in the MLS will
probably sell your home even if you don't practice any other form of marketing! Click here for a chart of how buyers find homes.
Q. Why do I need to have my home listed on REALTOR.com?
A. Realtor.com has now become the number one most visited real estate site in the world. A listing on Realtor.com virtually assures you the widest exposure possible for your property with access to millions of consumers all over the country.
Q. Will Realtors® show my home if it's not listed in the MLS?
A.
It's not likely. Realtors® have lots
of homes to show their buyers that are
listed in the MLS. The advantage
of MLS listings for Realtors® is
that they are guaranteed to be paid if
they sell the home. With For Sale By Owner
(FSBO) homes, the buyer could decide to
negotiate directly with the seller and
cut the Realtor® out. With
Bloomkey, you are not regarded by Realtors® as
a For Sale By Owner, but simply as another
listing for them to sell. Of course, with Bloomkey you
may still sell your home without a Realtor® and
pay no commission.
Q. Is For Sale By Owner (FSBO) for me?
A. A recent Realty ViewPoint® survey of hundreds homeowners across the country showed that FSBOs make more money on their home sales than sellers who use real estate agents AND sell their homes three weeks sooner! Nearly 50% of homeowners try to sell their home on their own at one time or another, however According to studies by the National Association of Realtors (NAR), only 14-16% of For Sale By Owners (FSBOs) actually end up selling. The rest end up listing with an agent or taking their home off the market.
So what is stopping
everyone from selling on their own?
Answers: (1) EXPOSURE and (2) "KNOW HOW".
Since most buyers work
with Realtors® and Realtors® utilize the MLS almost
exclusively when choosing properties to show, a listing
in the MLS dramatically increases your chances
of selling your home for the highest possible price in
the least amount of time.
EXPOSURE: Without access to the MLS, FSBOs are at a distinct disadvantage. With just one home to sell, it's simply impossible to afford to effectively advertise and expose your lone product to enough of the public to create a sale for the highest possible price. Realtors®, by contrast, have 1,000's of homes to sell. The vast majority of buyers use REALTORs® to help them find a home because they know Realtors® know where all the homes for sale are and the buyers agent's fee is generally paid by the seller. So if you want the greatest exposure for your home to these homebuyers, advertising through the Realtors® MLS is, by far, the best place.
KNOW HOW: Most home sellers think that the process is just too complicated and worry that they'll make costly mistakes or omissions if they try to sell without an agent. Now there's Bloomkey. By providing home sellers with an alternative to paying high commission rates, Bloomkey provides an affordable way of giving you the professional support you need to safely and successfully sell your home on your own. With Bloomkey, you are in control of the entire process. You select the plan you want and you get as much or as little assistance from a licensed real estate professional as you need, all for a low fixed fee.
Q. When I list with Bloomkey will I have to pay any commission when my house sells?
A.
If a real estate broker brings you a ready,
willing and able buyer who makes a offer
satisfactory to your terms and price, that
broker will expect to be paid for his or
her effort. While the amount is negotiable,
typically a buyer's broker gets 1/2 of
the commission generally charged in your
area. (ie. If most traditional real estate
broker in your area charge 7% of the sales
price, the selling broker who brings a
buyer would usually receive 3.5%; if the
full service commission is generally 6%,
the selling broker would receive 3%, and
so on.) This amount is specified by you
up front at the time you list with Bloomkey.
Q. What if I need help with the contract or closing?
A. If at any time during the sale of your property you would like the assistance of a licensed REALTOR®, you may upgrade your service to include REALTOR support. A licensed REALTOR® can help you with contract preparations as well as real estate terms and price negotiations. To upgrade your service, CLICK HERE .
Q.Can I get help with the real estate escrow or closing process?
A. Yes, once you receive a contract to purchase your home, you may upgrade your service to include transaction management. To upgrade your service CLICK HERE .
Q. When I list with Bloomkey, and sell my house to a buyer who isn't represented by a real estate broker, will I owe any commission?
A.
No. If there is no buyer agent or broker involved,
you don't pay any commissions with Bloomkey.
Q. How is Bloomkey different from other real estate firms?
A.
We're glad you asked! Bloomkey
was created to provide homesellers with
the tools they need to make selling on their own a viable alternative. Bloomkey provides the most cost effective means of getting your home sold.
Bloomkey offers a variety of fixed
fee plans for selling your home, each designed
to ensure a successful sale at the highest possible price.
With Bloomkey, everything you need to sell your home is
included for one low flat fee. Thousands of home sellers have already discovered the difference Selling with Bloomkey makes.
Other real estate companies fall into one of the following categories:
- Traditional brokers usually charging
6% or more to sell your home in MLS.
You pay the same commission whether they sell
it or you sell
it your
self, whether it takes 1 day or 1 year to sell
the home, whether they spend $1.00 or $1,000
in marketing.
Compared
to these traditional brokers, with Bloomkey you'll save about
$2,500 to $4,000 for every one hundred thousand
dollars
of your homes sale price. Now that's a plan that makes sense!
- Local Discount brokers who
simply charge a little less than the traditional
companies fees, but still a large chunk of your home
equity when
you consider that you wil end up paying at least
4.5% to 6.5% of your home's value. (These are typically
the
lower producing agents who "have to" discount
their fee in order to obtain business and who,
invariably, give you a lesser degree of service).
Some of these
lower producing agents may even offer you flat
fee MLS listing
- but because this isn't their main business,
they don't offer the support, tools or Internet
exposure and presence
you get
with Bloomkey.
- National Franchise Discount Brokers Because they have to pay a cadre of agents and fixed overhead for offices, transaction and other
franchise fees themselves to their franchise owner,
they are unable to offer the same costs savings you
realize
with Bloomkey. These firms
entice you to list with fixed fees for certain
tools such as MLS listing and, in some cases, charge almost as much as
traditional firms for broker support. Some even charge high
fixed fees for real estate broker assistance without
giving you the marketing exposure of an MLS or REALTOR.com listing!
- Internet based referral website operators are
NOT licensed to sell real estate in your state.
Most of these "fly by night" websites are
operating "under the radar" of law enforcement by offering
to sell real estate in states in which they are not
licensed. For a fee similar to that charged by Bloomkey
and other legally operating flat
fee brokers, they'll "refer" you
to an real estate agent in your area to list
your property
in the MLS. These are basically online "referral
fee" generation machines. Be aware that
they are not the actual real estate brokerage
firm who will be
listing your home and you have no recourse against
these companies since they aren't
the ones who will actually do the work you are
paying them for and they aren't licensed or regulated
by
your state's real estate commission to do business
in your
state. If the referral company goes under, or
fails to pay the local broker for your MLS listing,
you could loose your listing and your money!
- Other Flat Fee MLS Listing Companies Bloomkey was created by the founders of the first national online flat fee listing company in the country. Unlike other companies or brokers who may offer to list homes for a flat fee on a part time basis or as an addition to their other real estate sales duties, this is all we do. Other flat fee MLS listing brokers just don't have the experience nor do they offer the full-time commitment to ensuring that each of clients has a successful sale that Bloomkey provides. And because we provide flat fee MLS listing services as our primary business focus, we are able to provide a level of service that is second to none.
In addition, Bloomkey.com is the most robust and comprehensive home selling tool available on the Internet today for selling a home by owner. Our MEMBERS ONLY section of the site provides home sellers with all of the information, tools, services and forms they need to sell a home for the highest possible price in the least amount of time. As
an Bloomkey preferred customer you are never more
than a phone call or email away from an experienced real
estate professional licensed to do business in your locale.
And, with Bloomkey there's no guesswork. Experienced and
novice home seller's alike will appreciate the professionalism
of the Internet's original fixed fee home selling brokers.
Our home selling plans have helped thousands of home
owners around the country sell their homes. Experience
you can can count on and results that speak for themselves.
CLICK HERE for Testimonials
Q. Will brokers be reluctant to show my house if it's a Bloomkey listing?
A.
As long as your compensation is comparable
to other firms, few real estate brokers
would reject an opportunity to earn a commission.
Your Bloomkey MLS listing will
look just like every other listing in the
MLS and will indicate how much compensation
you're offering to real estate brokers
who bring a buyer to your home. There's
no way to tell how much you've paid to
list your home.
Additionally, fixed fee for service real estate has become a recognized alternative in the industry and is preferred to "For Sale By Owners" (FSBOs) where there's no guarantee of compensation for the Realtor®. More importantly, it is against the REALTOR® Code of Ethics and Federal Anti-Trust laws for real estate brokers to conspire to avoid a particular firms listings based on the fee charged. In fact, with the advent of "buyer agency", agents would be in violation of Agency Laws and risk of loosing their license to sell real estate to not show their buyers all of the available properties that meet their criteria, regardless of which firm lists the properties in the MLS.
Q. Once listed, how can I view my MLS listing?
A.
You may go to either Realtor.com or
your local MLSs corresponding
website to view a condensed version
of your MLS listing. Unless
you are a licensed Realtor® and
a member of the MLS you cannot
access the MLS to see your
listing. This is an exclusive proprietary
system reserved for the use of member
Realtors® only.
Upon request, we can fax or mail
you one copy of your home's listing
as it appears in the MLS.
Q. Once listed, how long will it be before I can view my listing on Realtor.com?
A. Each local MLS has a separate agreement with Realtor.com. The time it takes for information and/or photos to reach Realtor.com may vary between localities. Although it usually takes 2-3 days, please allow at least 7 days after receipt of your MLS listing confirmation for your listing to appear on Realtor.com and other national websites.
Q. Must I Use a LockBox?
A.
No. It is not necessary to use a lockbox.
However, Realtors® may be reluctant
to show properties without lockboxes. Most
of the time, when showing property, Realtors® are
on a short time schedule. A lockbox makes
access to your home convenient for both
you and the Realtor®. We strongly urge
you to consider using a lockbox to make
showings easier for everyone and to increase
the number of showings of your home.
Q. Must I use Bloomkey's yard sign?
A.
Yes and No. Most MLS rules and regulations prohibit the use of a For Sale By Owner sign when a property is listed in MLS. Additionally, Realtors® may be confused or reluctant
to show properties with For Sale By Owner
signs. Since the purpose of listing in
the MLS is to encourage Realtors® to
show your home, using a professional
Realtor® yard sign will let Realtors® know
that your home is still listed. Otherwise
they may think that the listing has expired
and now they may not be compensated.
They will avoid showing your home in
those circumstances. However, if you still want to use your own sign and the MLS rules do not prohibit it, you are free to do so.
Many buyers are intimidated by For Sale By Owners and having to deal directly in negotiations. A Realtor® yard sign will attract buyers who will know that the house for sale has a definite list price and that the owners are marketing the home professionally.
You may use the included "Call Owner At: 555-xxx-xxxx" (ie. your phone number) rider on the Bloomkey sign so that buyers may contact you directly. Also, with Bloomkey's Toll-Free Property Hotline, buyers can find out about your property and even transfer to your number directly simply by using your MLS number, Bloomkey Property ID or Street Name.
Q. Can I use my own exterior photo for the MLS?
A.
Yes. Depending on the Bloomkey MLS Listing Package you choose, you may upload or email up to 6 photos of your home for inclusions on the MLS. Exterior, front elevation home photos
are also sometimes taken by the MLS photographer* and are
copyrighted for their use*. After input
into the MLS database, this photo
is then uploaded by the MLSs to
the public Internet websites.
*Subject to MLS area restrictions. Various MLSs have limited the metropolitan areas for which they will take photos and others have stopped taking photos altogether. In these area you will be required to provide a digital photo of your home for use on the MLS and Realtor.com
Q. Can I make changes to my MLS listing?
A.
Once we input your home information into the MLS, you will receive a copy of the MLS listing printout. If there are any mistakes, please let us know at once and the corrections will be made. After the initial input and review, you may make changes to your
MLS listing
for a nominal fee. There is no
charge for status (active, pending, sold). buyer agent commission or price changes.
Q. Can Bloomkey handle buyer calls for information and showings for me?
A. Yes. Bloomkey offers 24 hour/7 day a week Toll-Free Property Hotline where buyers can hear recorded information about your property, obtain financing information and even transfer directly to your phone number. The Bloomkey Property Information Hotline allows home buyers to find your property simply by entering or speaking your property's Street Name, Bloomkey Property ID# or MLS Number.
Or, if you need Professional Showing Scheduling Service, with live operators to set up your showings 7 days a week, visit our Online Real Estate Store.
Q. Can Bloomkey assist me with writing a valid contract and represent me in contract negotiations?
A.
Yes. While you remain in charge of the
entire process, there are Bloomkey services offering professional assistance
and contract negotiation by our licensed
Realtors®. And with the Contract Assistance Program , we're available by phone, fax
or email as licensed real estate brokers
if you have any questions at any point
during the real estate process. Click Here to upgrade your RealtyThrift or Bloomkey Gold plan at any time to include Broker assistance with contracts. Professional
assistance at a price that makes sense.
Q. What if I need or want to cancel or upgrade my level of service at a later date?
A.There's
no penalty for canceling or upgrading the BloomkeyThrift or Bloomkey Gold HomeSelling Plans
and the money you've already paid goes
toward the next plan you choose. To upgrade your plan CLICK HERE .
And, with Bloomkey's MONEY BACK GUARANTEE TRIAL, you can always choose to use a traditional broker at a later date and receive a partial refund of your Bloomkey Flat Fee at settlement if you use an Bloomkey's referred full service brokers or allow us to refer you to the broker of your choice. See our terms and conditions for details.
Q. How does Bloomkey's MONEY-BACK GUARANTEE PROGRAM work ?
A.If you're not completely satisfied or, if your plans simply change and you wish to turn your property over to a full-service, traditional real estate agent, contact the Staff with Bloomkey. Bloomkey will refer you to the broker of your choice or assist you in choosing an experienced real estate broker in your area. Once your property reaches settlement and the broker you have chosen has paid the agreed referral fee to Bloomkey, a part of your listing fee will be refunded! Call 1-800-974-6657 or see terms and conditons for details.
Why pay more if you don't have to? Give yourself the opportunity to experience the savings only FLAT FEE MLS listing with Bloomkey can provide. Thousands of home sellers already have and are glad they did!
Q. What are the Bloomkey Home Selling Plans and how much does it cost?
A.
Click here to search for prices and packages in your area.
Q. What's included?
A.
For a description of Bloomkey's Home
Selling Plans, click here.
Q. Are there any other fees ?
A. There are NO hidden fees with Bloomkey. Everything is clearly outlined on our website and in your Bloomkey MLS listing agreement. You pay only for the services you want.
NOTE: Georgia property listings in the following counties (Barrow, Bartow, Cherokee, Cobb, Dawson, Dekalb, Douglas, Forsyth, Fulton, Gordon, Gwinnett, Hall, Lumpkin, Paulding, Pickens, Walton ) are subject to an FMLS (First Multiple Listing Service) sales fee of .12% (.0012 times the sales price) of the Property which is due at settlement and goes to First MLS of Georgia.. FMLS also charges a $25.00 cancellation fee for early termination of a MLS listing in Georgia.
North Carolina property owners are required by state law to have an accurate measurement of the square footage of their property in order to list with a real estate broker. An appraisal performed within the past two years will suffice for this requirement. Otherwise, sellers will be required to have a professional broker or appraiser measure the property prior to listing. Fees for this service vary by vendor. Please call 1-800-974-6657 for details.
Other restrictions may apply in your area, click here for details.
Q. How do I get the free real estate forms you provide?
A.Once
you've listed with Bloomkey, you will
be provided with a user name and password
to the Member's Only area of our site. There you may download the included forms as often as you
need. In areas outside of Bloomkey's coverage area, you may obtain forms from your assigned local affiliate broker.
Q. How do I get started?
A.
Click the "Order" button below
and simply complete Bloomkey's easy 3 Step
listing process: 1) Order the Bloomkey Home Selling Plan of your choice
2) Make Secure Online Payment and 3) Complete
and sign the MLS Listing Agreement
and Property Information Worksheet.
Once we receive your payment and information along with the signed MLS listing agreement for your state, your home's listing information will go into the REALTOR® MLS system within 2 business days (or later date of your choice). You will be contacted by a representative with Bloomkey to assist you in getting started. Your Bloomkey HomeSeller Plan kit with complete instructions on how to get started will arrive within 3-7 business days.
*These FAQ's are offered for illustration purposes only. For details call Bloomkey at 1-800-974-6657 or see our terms and conditions.
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