Preferred Properties Group Welcomes By-Owner Sellers
We have designed a specific platform to provide By-Owner Sellers (“Self-Represented Sellers”) with (1) the opportunity to have their property displayed on the major real estate websites and (2) the ability to attract buyers who are using the services of a Realtor® to purchase a home.
Both of these benefits are achieved by listing the Seller’s property in the Multiple Listing Service (MLS).
The source of the information for thousands of websites that display real estate listings is the MLS. Realtor.com, Zillow, Trulia, Homes.com, national brokerages, local brokerages, and real estate agent websites displaying real estate listings receive their listings information through distribution agreements with the MLS.
For the overwhelming majority of properties listed for sale in the MLS, the Seller has entered into an “Exclusive Right of Sale Listing Agreement” with a Realtor®. Exclusive right of sale means that the Seller has engaged a brokerage to represent them in the sale of their property. The agreement requires the Seller to pay a brokerage fee even if the Seller finds a buyer independently. Services involved in the process may include: coordinating property preparation, providing a value opinion, hiring and paying for professional photographs and videos of the property, staging, designing and implementing marketing campaigns, hosting open houses, paying for advertising, evaluating offers, providing negotiating guidance, and coordinating the closing process. There is a lot of work involved for an agent in a full service sale. In exchange for the responsibility with an Exclusive Right of Sale Listing, brokerage firms typically charge a fee that is reflective of their effort, expense, knowledge, and risk.
There are other ways to list a property in the MLS
We respect and appreciate the fact that not every Seller wants a full service relationship. Some Sellers do not want the services and some people don’t want to pay for it – We get it. As a result, Preferred Properties Group offers “Limited Service Listing Agreements” where a Self-Represented Seller can list their property in the MLS and receive the two essential elements that they need: (1) access to Buyers working with a Realtor® and (2) exposure on the websites.
With our service, Self-Represented Sellers pay a nominal fee to list their property in the MLS. The Seller retains the control and flexibility to market and sell their property. If a participant in the MLS procures a buyer, the Seller is obligated to pay a brokerage fee.
This service enables Sellers to maintain control and minimize expense, while gaining the exposure for their property that they need.