REQUIRED READING TO PARTICIPATE AND SAVE!
Frequently Asked Questions
This will answer 99.5% of your questions. Everyone has questions, and lucky for you, they are all the same. I hate reading too, but to pay only $100 PLEASE read it all. Think of it as we pay you $300 to read this (avg. savings). We also suggest you read the new Top 10 FSBO tips
Read it all (required), at least the questions. Click to jump to the answer.
Q. But how can you do it for only $100?
A.
AUTOMATION, and we put some of the work back in your hands, such as requiring that you read the FAQ so we don't have to answer the same questions over and over again by phone, which takes time and money. So thank you for making it easier for us... and cheaper for you. Also phone support (or a quick call) is not an option ($50 per call or attempted call or VM). Even if you think the website isn't working and you think that justifies a call to help me. (occasionally the website might not work for YOU, while it does for everyone else) email me at frank () 100dollarmls () com if you think something is fishy.
So, you must first use email and ONLY if it hasn't been responded to for 24 hours can you call (sometimes email responses will be under 5 minutes). Please read on ...
Q. Can I remove a listing and go Full Service elsewhere?
A.
Yes. The listing agreement is for 3 months. You can remove yourself at anytime, and we can do so within 72 hours. As of 6-25-06, new listings will no longer require a referral fee.
Q. Who are you?
A.The service was created by Frank Borges LL0SA, a tech savvy Real Estate Agent working with a 18 years of experience veteran broker. Frank's philosophy is that getting you listed in the MLS isn't rocket science, so it shouldn't cost more than 100 dollars... as long as you don't bug him and follow the process. 10% of customers that apply will be turned away if they exceed the "not worth it" level of paranoia with dozens of endless questions (some people freak out in this process and need full service, and expect that from a $100 service).
Q. How can I call you?
A.In order to
offer this service for $100, we do not offer free phone support (support means ANY call). You will have to email your inquiry. (You will get the proper email address after sending in the form on the front page.) There is a $50 charge for phone support if you call before waiting 24 hours after sending an email.
Q. Do you take any Listing Agent commission or processing fee at closing?
A.
We get this question again and again and again. So we will answer it 3 times. No, NO, nO. That is the entire point of this service. You pay a flat fee to us (as little as $100). That is ALL we get. You THEN offer only 3% to the BUYER AGENT (not us, unless we have a buyer which isn't likely). Again, you will NEVER pay more than 3% TOTAL plus the initial $100 fee (or optional upgrades). Also no end of transaction fees from us (like our competition charges). (see Top 10 tips if you have issues paying a Buyer Agent 3%)
Q. Do you charge another fee at the end like other companies??
A. No. Other companies try to look cheap, but then in the fine print they charge another $200 at closing. Call them out on it.
Q. What is the difference between the Virginia MLS and MRIS?
A.
The MLS stands for "Multiple Listing Service". MRIS is the MLS for the Washington DC area homes for sale. In other words, they are the same thing. Don't worry, this is what you want. There is nothing else.
Q. Do you offer other services like a Realtor (R) Lockbox, Wood post signs, consulting services?
A. Yes, Yes and Kinda, fill out the form to the right and we will send you more information on the next steps and detailed pricing. Signs are based on availability and consulting doesn't count tricking me to give you free advice while you think about hiring me for full service (this occurs too much and I can spot it a mile away).
Q. How long does it take?
A. After receiving the required paperwork, depending on the exact plan you pick, we can have you on as fast as 2 hours (if I'm available, email me for this level of speed), and the slowest cheaper option is 72 hours. (3 full biz days, as in the deadline for a weekend is 5pm Tuesday)
Q. How long does the lockbox take?
A. It is sent via priority mail, after you have paid. By default I'll send it to the house for sale, not the credit card address. Let us know VIA A SEPERATE EMAIL if you want it sent elsewhere. Picking up is NOT an option at this time.
Q. How are you different than the other sites offering Flat Fee MLS Listings?
A. 100dollarMLS.com is the outsourced provider for MANY of these national services. IE, if you pay them $500, you might be talking to me in 2 days. Our service is JUST Virginia and you have found the source directly, hence the savings.
No middle man! Congrats!
Q. Can I add a photo?
A. Yes you can email us the one photo for free which will take another 2-4 days to show up online (photos are submitted by us to the MLS only AFTER your listing goes live) or you can have the MLS take one for free and that will take an additional 3 days. Please keep photos between the size under 100k (use the free software at Picasa, to view your images. When you email out from there, it will
reduce the photos to the size we prefer).
You also can submit more photos for an additional fee (fill out the form on the front page to get the next steps). This is the #1 most underutilized feature of MRIS. Can you believe some full service agents sometimes only use one photo?! Recently I sold 2 houses, both with 20 photos, and we got an offer on day 2 from Utah and Florida, without ever being inside!
Q. The photo the MLS added is WRONG?
A. Yes this does
happen and regrettably too frequently (about 1 in 10 listings). The local MRIS outsourced their photo services to a company that has been making MANY mistakes. I swear that we are sending in the correct photo, but other photos sometime appear. Please email us your MLS # and we will request the photo be fixed.
Q. Do you list the home on sites like Realtor.com, Homesdatabase.com, Homes.com and WashingtonPost.com?
A. YES, and no. No we don't do this directly, but by putting your Virginia house for sale on the MRIS (MLS), these websites all pull from this central database and publish the homes on their website. So if another flat fee for Virginia MLS / MRIS placement service says "We'll get you on Realtor.com", they are misleading you. They aren't doing anything beyond putting you in the MRIS, which is what we do for $100, which they offer for $500-$1,000. ie. Getting on the MRIS (MLS) is all you should need to sell your home fast.
Q. How long does it take for my home to be on sites like Realtor.com and Homesdatabase.com ?
A. Homesdatabase.com is owned by the local MRIS and will post your information 15 minutes after we submit it. Realtor.com can take another 7 days to be updated, we suggest not using this service.
Q. Will my listing say "Call Owner" with my phone number? Will it show my name and phone number online?
A. Yes and NO. Your MLS listings will have a REALTOR ONLY REMARKS section where it will say to call the owner directly for ALL negotiations. However only Realtors can see this remarks section. If a Realtor calls me, I will tell them to call you. The REALTOR REMARKS section is NOT visible online on websites like Realtor.com. The INTERNET REMARKS (new) are not allowed to have owner's contact information on it (or I get fined). Online it will ONLY show the Listing Agent and Broker. This is not something we could change even if we wanted to. This is mandated by the MLS/MRIS. If you are hoping to get away with paying 0% commission on BOTH sides, that is fine, but do that through the Washington Post and find buyers without agents (only 5-10% of buyers have no agents). But please don't expect to use the MLS to get buyer's directly and cut out the Buyer Agent. It just isn't realistic through the Realtor's MLS. And if you DO find a buyer without an agent (ie, paper ads), they will probably know what your MLS price is and automatically start negotiations at 3% under your asking price. If an internet person calls us directly and they want representation, we reserve the right to become their Buyer Agent (this has never happened) .
Q. Can I have one price on the MLS and advertise another price elsewhere and say "+3% with Agent"?
A.
No. This will make your house VERY unattrative to agents. What you can do is verbally tell people with no agents that "if you don't use an agent, I will credit you the 3%" or "We can split the savings".
Q. Do websites like Realtor.com and Homesdatabase.com show everything that the MLS and Realtors see ?
A.
No. For one, there are 2 types of "Remarks". The "Realtor Remarks" and the "Internet Remarks". The MRIS ALWAYS hides the "REALTOR ONLY Remarks" section which has the "Call Owner Directly at 703-555-XXXX, DO NOT Call LISTER". The MLS requires that the "Internet Remarks" NOT include phone numbers, owner's names or "FSBO" in it.
Surfers will have to ask their Buyer Agent to see your home and that agent will contact you directly (or as stated in the MLS). If they try to call me, the message will say to contact a buyer agent (which 95% of them will already have).
The MLS also hides some other technical details from the internet public for security reasons. (Yes I know this was put here twice, but people sometimes miss it, and it is a TOP question). This is MORE reason to add photos.
Q. Can I post a website on the MRIS/MLS showcasing my home?
A.
No, they do not allow it. And yes, I have major objections to this rule.
Q. How much is it again? Any strings?
A.
No strings, no after the fact fees. You can do the process for as little as $100 depending on which options you pick, or don't pick. Many people actually want to sell their house for more, so they find the options are peanuts in comparison to making a couple thousand more.
Q. WHat is the BEST day to list?
A. Either Wed or Thursday. The problem with Friday is the email alerts for new listings go out at around midnight, so a Friday listing won't hit people at work as they are figuring out what houses to see on the weekend. Also the photos can take a couple days, so Wed and Thurs are the best days for a good weekend launch.
Q. After I accept an offer what next?
A. This information will be provided later to you, but you need to fax us the signed contract to remove your house from "active" status. This is a state law that requires us to have your paperwork for 3 years. I encourage you to ALSO email me with a "Did you get the faxed contract... The MLS # is XYZ, The price is $xyz, the Agent ID is XYXYXY and the closing date is 1/08/0X".
Q. Is it worth posting our house elsewhere online? Can't hurt right?
A. No it can't hurt, except your wallet. There are over 30 sites that claim to offer to post your house for a fee. Beyond maybe ForSaleByOwner.com or a Washington Post ad, I would estimate that 95% of homes are sold through the MRIS. Why waste money on vaporware? I do recommend Craigslist.
Q. What tips do you have for a FSBO?
A. Tip #1 is don't do it, but you are stubborn and many of you think that even though we do this as a full time job, we can't do it as well as a 1st, 2nd timer.
But if you are going to do it, or the even worse "I'll just try it", here are some tips: #1 issue that we see repeatedly is that FSBOs tend to ask for too much! Can't hurt? Wrong! Aggressive pricing is fine (actually that is bad too), but irrationally justifying sky high prices CAN hurt you. It hurts you by scaring the buyer agent since they question how reasonable this seller will be in the entire process, espcially when they are doing twice the work for the same 3%. Also a high price that is brought down, loses excitement, urgency and bidding wars. NEW! Just added! Top 10 tips
Q. What do you ask from me as a customer?
A. To be able to do this for $100, we ask that you take a moment and read the detailed next steps and directions (sent after you fill out the form). Since you are reading these FAQ, we thank you. Keep it up and make this easier for both of us. Also email is the fastest and best way to get a hold of us. You'll get this when you submit the form.
Q. I will be buying a house, can you help with that?
A. YES. We can get you in contact with a Real Estate Agent that will give you as much as 2% cash back on the property you are buying. And yes it is legal, don't let anybody trick you into thinking otherwise. So if you are buying a $500,000 home you could get as much as $10,000 cash back for new construction.
Q. Can I make changes to my MRIS listing once I pay you?
A. YES, however there is a $50 per change fee to discourage frequent price changes or content editing. For example asking for a price change and a remarks change is 2 changes. Removal of your listing from the MLS without selling your house, counts as a change. Email us the changes for posting within 24-48 hours. Putting your house "under contract" or "sold" is not a "change" and is included.
Q. How long does it stay on the MRIS?
A. 3 months. After 3 months email us and it will stay another 3 months for an extra $200.
Q. How much do I save using 100dollarMLS.com versus a full-service Real Estate Agent?
A. Technically, if your home is $300,000 and an agent wants to charge you 6% total (3% + 3%), you would save $8,900. Or $9,000 minus $100 for 100dollarMLS.com (note the Buyer Agent still gets 3%)
INSERT DISCLAIMER OF BLATENT ADVERTISEMENT BELOW
Q. How much do I LOSE using 100dollarMLS.com versus a full-service Real Estate Agent?
A. Yes you "save" on the commission, but will it leave you with the most money in your pocket? I don't think so. There are some national statistics about how Realtors as a group get 7% net extra vs FSBOs, (but I don't know where or how that study was done). But I DO know that an aggressive agent will net you more.
Again, I offer this $100 service to the super stubborn that think they can do it themselves. You won't listen to me, so I'll offer it knowing that you'll otherwise go elsewhere and get it.
But if you contacted a reference or two of ours that I was able to help get $65,000 and $102,000 over list price, you might think twice (rare examples, but oftentimes I get $10k over what they are willing to take). And no they weren't under priced. Think about it, do you think a Realtor Buyer Agent is going to encourage their clients to go sky high on some FSBO that will for one will require her to do double the work? Also there is a process that makes this escalation work, that process is part of our commission. Now don't go thinking we can get you $100k extra all the time, but ask our references about how we fight to get you that extra $5k, $10k, $20k-$102k, even if our incremental commission is only 50 bucks. Email frank from the front page for info on this. (but we won't let you use us to price your house and give you tips, just to list it for $100, we aren't that dumb. ;-) ) Also see below for "Do you recommend Flat Fee MLS" for more reasons not to do flat fee.
Also when you buy, people think we just push paper (that is what I used to think). However, when I recently helped a client win a house for $50k UNDER what he was willing to spend, while he was the the LOWEST of 7 contract offers and we WINNING (with a home inspection)... there is a difference.
Q. I'm a Realtor and I'm pissed that you are offering this and cutting me out.
A. What?! Did you not read this entire page? I agree with you, they shouldn't do this. But consider this, if they didn't use this service and went straight 100% FSBO, then YOUR commission would be at risk. Through this service they MUST offer 3% and that can NOT be renegociated (instead the price needs to be the only flexible point). None of the "I can do $X, if you cut your commission in half." So you should be thanking me for keeping the buyer agent commission
out of the process.
Q. How do I pay?
A. Via credit card only. You will be prompted at the next step with payment instructions.
Q. My question wasn't answered. How can I contact you to add my question to your FAQ?
A.We would love to
hear from you. Everything from typos, to your technical questions to any hesitations that you might have. Just fill out the form to your right, and fill up the comments section with your questions. We eagerly await hearing from you, and we look forward to adding your question to our future FAQ. Thank you.
Q. Where are all the options and upgrades and prices?
A. Don't get ahead of yourself. This information can be overwhelming, so we ask that you take it one step at a time. Step #1 is Read the FAQ, Step #2 is to fill out the form on the front page. Then you get Step #3 that explains how to exactly get started. Don't worry, we won't spam you.
Q. I'm still skeptical.
A. I'm sorry, and maybe this service isn't a fit for you. Perhaps you need a full service agent to walk you through the process and make you more comfortable. Sorry, but we can't offer phone support for the super paranoid and still only charge $100. If you want, you can call the NVAR and see if my license is real. My name is Frank Borges LL0SA , Member of the National Association of Realtors. NRDS AGENT ID # 846521762, feel free to go to www.NVAR.com and call them to confirm who I am. Or email me at: frank (at) 100dollarMLS (dot) com.
Q.
Do you even recommend flat fee MLS over a Realtor?
A. NO!
Wow! Didn't expect that did you? I offer it since there is a demand for it, but I don't recommend it! Safeway sells cigarettes, but they probably don't recommend that it is good for you. If you are asking if I recommend doing Flat Fee MLS
over a 6-7% Realtor, the answer is yes/probably. But do I recommend it over a FULL service agent like myself that will do it for far less?... HECK NO! I see too many FSBOs get taken by the Buyer Agents. You have no representation. I'm talking from savvy lawyers to great business negotiators. If you goal is to get TOP DOLLAR in your pocket, you should let ME do it for you.
Here are some reasons why:
(if this convinces you, I hope you will consider me and not your local Realtor)
WHO REALLY SAVES THE 3%? If you have me as your Realtor, the Buyer Agent and the buyer think you are paying 6% total commission. If they see you are a FSBO, they see you are "saving" 3%. They then tend to try to negotiate some or all of those savings. I see it all the time!
ONE SLIP UP CAN = $10k. Yes there are actually single sentence mistakes you can say that could lose you $10k
MULTIPLE CONTRACTS. I've gotten FSBOs an extra $41,000. Again, if you don't ask the agents for offers in the right way, they will offer you thousands less.
DETAILS AND LOOPHOLES. I see MANY fsbos get taken advantage of. There are contingencies in there that I can help remove AND a Buyer Agent is less likely to back out if there is a Realtor on the other side. I see buyer's remorse all the time with FSBOs
MORE WORK FOR BUYER AGENT= NOT GOOD. They see FSBOs as doing double work (details needed to close). So given 2 similar houses, they will go with the non-fsbo each time.
BUYER AGENTS ARE SCARED OF FSBOS. Some FSBOS (not necessarily you) are very irrational. It is hard to talk sense to them or they just don't "get" the process. This makes the B.A. hesitate or offer less.
MORE COMFORT= MORE MONEY. The more comfortable the Buyer Agent, the more likely they will recommend a higher offering price. They have comfort working with other Agents.
WATCH OUT FOR LAZY REALTORS! Some listing agents get you full price and give up. What incentive do they have to get you another $5k? 3% of $5k ain't worth it. Well, I'll work my tail off to get you that next $5k, so you'll recommend me to your neighbor. That is how businesses are built.
"BUT IT IS A HOT MARKET" Yes, but that just means it will sell fast, not for top dollar like I can get you.
When I'm done with your house and getting you top dollar, the last thing you will think about is what you paid me, but what you REALLY saved using me.
Q.
What do you charge to be my full service Realtor?
A.
Sorry I don't have one rate. Email me from the front page with your detailed needs. If you are selling a $100k condo 60 minutes from me and your overpricing by $20k, I'm going to charge differently than somebody selling a properly priced $800k home in Arlington.
Q. Do you have references?
A. Yes! Here are some testimonials
Now go read the Top 10 tips
Eighteen years of experience
in Northern Virginia Real Estate!
Soon to expand to MD and DC
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