Does Redefined Realty’s 3.5% commission at closing include the “Co-Broke” commission?
YES! Redefined Realty offers a 2.4% Co-Broke commission to agents this is included in the 3.5% due at closing. In Metro Milwaukee 2.4% is the normal commission. In the Greater Madison area the Co-broke commission is often 3%. If you want your property listed in the Madison area MLS (SCWMLS) we can adjust our contract accordingly by increasing the commission at closing to 3.9% which would then include a 3% Co-Broke commission. Keep in mind, these Co-Broke commission rates are the norm, not the rule and sticking with the norm often leads to more success.
Why does Redefined Realty charge listing fees?
At Redefined Realty, we believe that 6% is too much to pay at closing. The problem that traditional real estate companies face is the many listing expenses upfront and selling expense along the way. Traditional companies end up eating those costs on all listings they don’t sell (sometimes 50% or more). Therefore they are forced to overcharge by passing those expenses onto the sellers whose houses do sell. Redefined Realty’s philosophy is that sellers should be able to choose to cover those upfront listing and marketing expenses themselves in return for the substantial commission savings at closing.
What’s the difference between “Full Service MLS” and “Limited Service MLS”?
In the eyes of the MLS and REALTORS® Association, the difference is determined primarily by whether or not the listing broker sets up showings, presents and negotiates the offer to purchase and coordinates closings. Most flat fee companies choose to be “limited service” companies because they don’t perform one or more of those duties. At Redefined Realty, we off all the services as other full service agencies the only difference is we partner with our sellers by charging the small listing fee of $1000 in exchange for a discounted 3.5% commission.
Do Realtors show “Limited Service” listings to their Buyers?
Theoretically they should. In fact, according to the Realtor Code of Ethics they are required to. But in reality, the MLS has made it easy for them to weed those properties out of their Buyer searches. While experience tells us that most agents do what is in the best interest of their Buyers… I think we all know what sometimes happens in reality…Listings with lower commissions are often overlooked.
Will REALTORS® show my home if it’s not listed in the MLS?
Maybe – Maybe not. As with many things in life, it’s often about options. REALTORS® typically have a lot of MLS listed homes to show their buyers. The advantage of MLS listings for REALTORS® is that their compensation has been predetermined. In order for a REALTOR® to show your non-MLS property (FSBO) they have to either negotiate a commission with the seller ahead of time or negotiate a commission with their buyer. Either way, it’s an extra, uncomfortable, time consuming step in the process that may not be taken because REALTORS® have many other options. Listing your home on MLS is almost a must these days.
Is the MLS the best way to sell my home?
The MLS is statistically, by far, the best way to sell your home. The MLS accounts for roughly 75%-85% of home sales nationwide and is the most effective form of advertising used by Redefined Realty.
What is the Multiple Listing Service (MLS)?
What does every Redefined Realty REALTORS listing include?
- FREE No-obligation Comparable Market Analysis
- The most comprehensive advertising campaign available through the Multiple Listing Service (MLS).Worldwide Internet exposure on the top websites via LIST HUB (Google, Yahoo, AOL, Zillow, Trulia, and many more)
- MLS public web sites: Realtor.com, WiHomes.com
- Listing on the Redefined Realty Realtors, LLC website – Redefined.com plus local websites HomeAndLot.com and LakeHouseByOwner.com
- Digital photo gallery-up to 25 photos
- One custom reflective “For Sale” sign: The best in the industry.
- On-demand printable flyers
- Professional 3rd party showing set up service for agents
- Combination lock box during the term of the contract
- Feedback request survey sent to all agents after they show your property
- Ongoing market snapshot – Real time market analysis
- Contract review, negotiation, and paperwork preparation on state approved real estate forms
- Continued marketing after you have obtained an accepted offer
- Closing coordination with a title company (additional title company charges will apply)
- Hold all earnest money in Redefined Realty’s Trust Account in accordance with state and/or federal law