FREQUENTLY ASKED QUESTIONS
What Do Realtors Not Tell You?
A recent NAR (National Association of Realtors) study revealed that only 7% of Realtors that listed a house for sale, sold that house. Why in the world would you pay a 3% listing fee when there is only a 7 out of 100 chance your Realtor will actually sell your most valuable asset. Passport Realty Flat Price MLS Listing can attract the greatest number of potential Buyers for the least amount of money and time.
Do I need to list on my local MLS?
92% of Buyers looking for homes to buy go to www.Realtor.com first. A Flat Price MLS Listing with Passport Realty Inc will also list the property on Realtor.com. If you want to make sure a local Realtor finds your home to sell, you must list on the local MLS. If you want your home to have exposure to the greatest number of Buyers possible, you must also be on Realtor.com, Trulia and Zillow. Passport Realty Inc is a Florida Corporation and a member of the North East Florida Association of Realtors (NEFAR). A Flat Price Listing with Passport Realty Inc will place your property on the MLS, all these web sites and many more.
Can I personal list my house on MLS?
No, only a licensed REALTOR® who is member NAR (National Association of Realtors) and the local MLS board can list on the MLS.
Are Flat Price MLS Listings legal?
Yes. In fact, there is a Federal Law that prohibits REALTORS from coluding to set fees associated with real estate transactions. There are nearly 600,000 licensed real estate agents and brokers in Florida and most of them do business the traditional way, charging a 6% commission to List (3%) and Sell (3%) your home. They dislike the service that the Passport Realty Flat Price MLS Listings provides, but, there is no law preventing us from offering these services.
What is the process for getting my house listed with a Flat Price MLS Listing?
You will call our office at (904) 866-6777 or email at michapassportrealty.com to set an appointment for an agent to come to your home. It will take an Agent and a Professional Photographer approximately 1.5 - 2 hours to complete the paperwork and take the photos
Your home will be listed on the MLS no later than the close of business the next day
How do I know the best price to list my property for?
The Passport Realty Flat Price Listing will provide you a list of currently listed and recently sold properties prepared by our staff that will provide accurate and timely information about recent sales of homes in your area that compare to yours in size, layout and amenities. This list is the same tool that a Full Commission Listing Agent would use to recommend a listing price.
What option are available for a Seller too busy to show their property?
Many Sellers that list their houses with us are very busy or elect not to show their properties. These Sellers can take advantage of the Passport Realty 1% Full Representation Option. This option provides agents to schedule appointments and show your home for you. They will write contracts from the prospective buyers, submit the contracts to you and write counter offers if necessary. They assist you and the buyer with financing and inspections, and all the documentation for a closing. The charge for the 1% Full Representation Option is 1% of the purchase price. This program will save you thousands of dollars over the standard 3% broker fee charged by traditional Sellers Listing agents.
How is the paperwork for an offer and closing completed?
The Buyers Agent will send you an offer by emailing you a contract directly, or by forwarding through our office. The designated Title Agency will complete the required paperwork for closing. You may also sign up for our Full Representation Program and we'll handle the entire transaction.
How many corrections to the MLS listing information can I make?
You will request all changes and corrections via email. Incorrect information can be corrected at any time. Changes to the Price, description and 1 photo can be made twice a month.
Can I cancel the listing at any time?
Yes, the listing can be withdrawn from the MLS at anytime, unless your home is under contract. Once under contract, it can only be removed when the contract is closed or canceled. A Cancellation Fee may be charged for cancellation of a a 1% Full Representation listing during the contract period.
Do I have to sign an Exclusive Limited Service Listing Agreement?
Yes. We are required by both Florida Law and by the Policies of the MLS system to have the Exclusive Limited Service Listing Agreement signed before we can place your listing on the MLS system.
Can I sell "By Owner" while my home is listed on the MLS?
Yes! That is one of the great advantegous about a Flat Price MLS Listing with Passport Realty. We want you to sell your home at the highest possible profit. If a Buyer approaches you without a Buyers Agent, you can write a contract directly with that Buyer, and avoid paying the Buyers Broker Fee.
Do I have to offer a commission to the Buyer’s Agent?
Yes. We recommend a Buyers broker fee of 2.0 - 2.5% instead of the standard 3%. There will be no appreciable difference is the number of showings of your property at this commission rate. Remember, many Buyers have already found your property on internet sites before even contacting a Buyers Agent. The agents will be happy to show your property and earn the fee.
Will Buyers Agents show my house just like any other lisitng?
Yes, your listing looks just like all other listings on the MLS. The cost of placing the listing is not shown on the MLS and the Buyers Agent is only interested in selling their Buyers a home.
How do Buyers Agents know what commission is being offered?
It is listied in the MLS information for the Agents to see.
Do I need a Lock Box for Agent access?
No… BUT, if you do not have a lock box you will need to be on-call during normal hours, 7 days a week to open your home to prospective Buyers or their Agents.
There are 2 types of lockboxes that provide security for a key to enter your property.
The SUPRA lockbox allows registered real estate agents to electronically open the box to retrieve the key. Only licensed Agents have the electronic keys to do so, and when they access the key, a report is sent to a central lockbox management office that revealed the agents name and the time of entry and departure.
The second type of lockbox has a combination code that is inserted manually. The Agent must call you directly to get the code for entry, however, there is no information provided about the person using the code for entry. Having a lock box on your home makes it so much easier on everyone that we highly recommend it.
We can provide you with either a Manual or SUPRA lockbox at an additional cost. You may also purchase a Manual lockbox from Home Depot or Lowes.
Should I use a Yard Sign to identify the property for sale?
Yes. The use of a professionaly produced yard sign is provided with the Passport Realty Inc Flat Price MLS Listing. A drive-by Buyer will have a direct number to call to set an appointment for viewing the property.
Do I need to hire a professional photographer to take photos for the MLS listing?
No... the Passport Realty Flat Price MLS Listing includes beautifully produced photos of your house. The MLS allows a maximum of 25 photos to be placed. While 25 is probably excessive for most properties, we will use as many as needed to adequate represent the property.
How do Buyers find my home when it is listed on the MLS?
They will go through a ‘portal’ website such as REALTOR.com or a local or national website such as Zillow or Trulia.
Is the $299 MLS Flat Price Listing Fee the only fee I have to pay?
If you're using our MLS Flat Pricing Listing Package, you only pay the Transactional Flat Fee of $299 at the time of listing. If the Buyer has an agent, you will pay the sales commission listed on the MLS.
If you are using our 1% Full Representation Option, you will pay the Transactional Flat Fee of $249 at the time of listing and a fee of 1% of the Sales Price at closing. If the Buyer has an agent, you will pay the sales commission listed on the MLS.