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The Magic of Multiple Listing


Introduction

Having arranged with the Realtor of your choice to market your propertyMLS through the Multiple Listing Service, operated by the Real Estate Board as a service for its members and the public, the Magic of Multiple Listings has already started to work for you. A photo of your home has likely now been taken and within 48 hours ... well, that's the story of MLS.

This article provides information on what you should expect from your real estate broker ... what he or she is expecting from you ... and how MLS puts you in the sales picture.

What Should You Expect From Your Listing Broker?

Your broker may arrange for an inspection day for sales representatives.

This inspection serves three purposes. First, it enables a number of sales representatives to view your home at one time, thus avoiding individual appointments for each one of them. They like to see a home themselves before showing it to prospects, so that they are familiar with it.

The second reason is obvious. Many homes are sold as a direct result of house inspections for sales representatives! This can happen when one of the visiting sales persons has a current prospect seeking such a home. It's another form of exposing your home to the market.

You should expect your broker to consult with you during the listing period regarding progress or problems.

The Advertising Advantages of MLS

Directly or indirectly every home listed on MLS is advertised every day of the week.

MULTIPLE LISTING, itself is in fact an advertising system. It is by far the best system every devised to advertise homes to most individuals engaged in selling real estate - the members of your real estate board. Copies of the listing of your home will frequently be distributed to more than 90% of the brokers and sales representatives in your area.

Many people believe, mistakenly, that real estate brokers are not fulfilling their obligation unless they faithfully advertise the home each day in the newspapers. They fail to remember that their broker - and other members of MLS have other comparable homes which are being advertised and which will draw inquiries from people who will look at several homes - including theirs - before they buy. In this way, each advertisement really advertises several homes. With the tremendously wide selection of homes listed on MLS at all times, each home in reality is advertised several times a day.

In addition to other general media, all brokers and salespersons belonging to the real estate board in your area have access to additional information about listings currently on the service and are kept aware of fresh facts about your home.

Your listing salesperson will welcome your suggestions on any points that should be featured.

The 'FOR SALE' Sign is One of Your Best Advertisements.

Some owners do not wish a "For Sale" sign placed on their property. This is usually an unwise step.

Many homes sell from brokers' signs. Neighbours, service people (laundrymen, repairment, etc.) and passers-by tell others that your home is for sale.

Real estate sales people value enquiries from signs most of all, because the enquirer has already seen the home from the outside and was interested enough to call.

Your home should have a "For Sale" sign. Ask your sales representative to put one up and check that it is neat, clean and well-placed to get attention.

Before the Buyers Come Take Stock of Your Home!

Remember, first impressions can be the deciding factor. Clean, attractive homes sell faster and for more money. Do all of those things that cost mostly time and labour, such as painting or cleaning inside and out, including windows; tidying-up the basement, storage room, garage, cupboards (neat, well-ordered cupboards look larger); mowing lawns, cultivating flower beds, trimming shrubs, removing snow and ice from walks in the winter, generally fixing up door handles, squeaking hinges and dripping faucets.

Make certain that kitchen, bathrooms and bedrooms are neat and clean. Try to keep the house relatively free from strong cooking odors.

When the Buyers Come These are the Best Ways to Help ...

Selling property, especially homes, involves a certain amount of inconvenience to the occupant. All sales representatives are aware of this and will be as considerate as possible. Your help can make their job easier if you follow these suggestions: Be prepared to show your home at all reasonable times. The prospect you turn away might be the logical buyer.

Leave the showing of the house to the sales representative. Interrupting the presentation, even though you're trying to help, may lose a sale. (if you feel he or she has overlooked some selling points, telephone later about them.) If the sales representative's client asks questions about the house and neighbourhood, answer directly and truthfully.

If you have a dog, keep it out of the house and under control. Many buyers are afraid of a dog.

Turn down or turn off radio or television sets. They are distracting.

Never apologize for the appearance of the house. It only emphasizes possible faults.

After-dark inspection requires adequate lighting. Put on the lights, from the front door right on through every room. Good lighting creates a warm feeling (and avoids frantic searches for light switches by the sales representative!)

TWO IMPORTANT POINTS

Please do not discuss price, terms, possessions or other factors with prospective purchasers. Refer them to your broker, who is better equipped to bring negotiations to a favourable conclusion because he or she knows ways to solve problems that may arise in this respect.

Please do not show your home to prospects except by appointment through your broker's office. Your co-operation will be appreciated and again can help speed the sale.

What to do if there is No Action?

If no one is looking at the house or making offers, call your listing sales representative and discuss with him the reaction he is getting from his fellow brokers and from prospective purchasers with whom he has discussed your home.

There are Only 3 Main Reasons Homes Do Not Sell.

  • Location
  • Condition
  • Price
If you and your listing sales representative agree that there are no problems in respect to any one of those three points, then there is little doubt that with a little more time and continued effort it will sell.

If there appears to be a problem, try and work out a solution with the help of your broker.

The Magic of Multiple

Simple facts are the key to the success of Multiple Listing.

The more buyers you can reach the faster your home will sell and the better price it will bring.

Modern communication methods make it possible for your home, including complete details of the photograph, to reach all the co-operating representatives in your area, usually within 48 hours.

It is estimated that each sales representative knows between 4 and 7 buyers seeking homes.

This is estimated to be more than 90% of the potential buyers in your area at any one time!

This widespread distribution of facts to all members of your Real Estate Board achieves one essential step for you:


 

Exposure to the Market

Of course these buyers are seeking a wide range of homes. Because of this you'll never actually see most of them. Your broker's expertise, and that of his trained sales staff, along with the array of facts provided about your house through MLS enables him to qualify prospects. Only those individuals genuinely interested in purchasing, your home, or one like it, will visit your home.

Despite the great numbers of people working to see your home:

ONE PERSON

is all you have to deal with. He or she is the broker of your choice, your listing agent, the one person all negotiations and appointments may be arranged through.

MILLIONS OF DOLLARS WORTH OF HOMES ARE SOLD THROUGH MLS EVERY MONTH ACROSS CANADA

Yours could be one of them. We WANT it to be one of them.

Your broker and the Multiple Listing Service of your Real Estate Board, have an interest in selling your home, and are as anxious as you are that it should sell.

Having read this article on how MLS works to see your home you will appreciate that provision of such services costs time and money.

If, towards the end of the listing period, your home has not been sold, there must be a reason and we are as interested in finding that reason as your are.

We suggest that you contact your listing broker at least five days before expiry for a detailed report on why he thinks your property has not sold.

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