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Here is a collection of frequently asked questions that we have put together to help you learn more about our Flat Fee MLS service. If you have any other questions, not listed here, feel free to send an e-mail or chat with us.

By clicking on any of the questions below, you may view the answer.

Can Seller cancel a listing anytime?

Yes. In the event the Seller wants to withdraw their Property from the market prior to the expiration of the Listing Agreement, Seller may do so with no early termination fee by giving written notice to Broker. The listing can only be cancelled when there is no contract pending on the Property involving a Buyer who was procured by a Cooperating Broker. Once the request for termination is validated by Broker, such termination shall be effective within 48 hours of receipt by Broker.

To cancel the listing, access your Client Login and submit the request. Changes will be deemed accepted once updated on the MLS.  Email requests, voicemail messages and/or phone conversations requesting changes will be disregarded.

Changes will be made within 24 hours. A confirmation email will be sent to the email address on file notifying Seller that the requested change has occurred.

Can Seller still sell a property "by owner" while it is listed on the MLS?

Yes. Seller retains the right to sell the property. If Seller accepts an offer from a buyer without a licensed Broker, Seller does not pay any commission.

Does Metro Realty, Inc. hold earnest money?

No. Seller shall not enter into any sales contract that requires Metro Realty, Inc. to hold earnest money. Seller must make arrangements with an attorney or a third party to hold earnest money.

How will agents know that Seller is offering commission?

If a property is listed in the MLS, the seller must offer a commission to the buyer’s broker. This is called the cooperating commission. There is a field on the MLS listing sheet that shows the amount of commission being offered.

Is this the same MLS other agents use in Chicago and the surrounding suburbs?

Yes. Midwest Real Estate Data LLC (MRED LLC) is the largest and most widely used database in Chicago and the surrounding suburbs.

Should Seller hire an attorney to handle the transaction?

Seller should seek advice for legal, tax, inspection, survey, title and all other matters not specifically outlined in the listing agreement in regards to this or any real estate transaction.

What happens when a broker submits an offer to the office?

Under Illinois law, real estate licensees must provide a minimum level of services to its clients. All offers submitted by brokers must be emailed to our office per the instructions that will appear on the MLS listing. Upon receipt of an offer, we will email the offer to the Seller as a PDF attachment. We will assist the Seller during the entire negotiation process and be available to answer questions.

What is the "Buyer's Broker" commission and how much should Seller offer?

The Buyer’s Broker commission is the amount the Seller is willing to pay a Buyer’s Broker that brings a qualified buyer. The Seller pre-determines this amount at the time of the listing and this amount is paid to the Buyer’s Broker at closing. This amount should be competitive with other listings in the area if Seller wants to take full advantage of the MLS. The commission offered is typically 2%-3% of the selling price.

What is the difference between a traditional full service broker and a Flat Fee MLS Listing service?

A full service broker will help a Seller determine a selling price, list a property on the MLS, schedule showing appointments and negotiate the sales contract on the Seller’s behalf. For these services, the Seller pays a hefty listing fee of 2-3% of the selling price in addition to the 2-3% Seller will be required to pay the Buyer’s Broker, for a total of 5-6% in commissions! We offer Sellers a way to list a property on the same MLS for a flat fee. In exchange, the Seller assumes some of the duties traditionally performed by the Listing Agent. The Seller will pay only the Buyer’s Broker portion of the commission at closing. If Seller accepts an offer from a buyer without a broker, Seller will not pay any commission.

Which methods of payment are accepted?

We accept all major credit cards.

Which other websites does the MLS syndicate the data to?

In connection with being listed on the MLS, a property will also be listed on Realtor.com, Trulia, Zillow and many other leading websites. All online inquiries received from prospective buyers are forwarded directly to the Seller.

Will Metro Realty work with buyers to try to collect the Buyer’s Broker commission?

No. We do not work in a dual agency capacity. This means that we will not represent the buyer and the seller in the same transaction. All calls or inquiries from prospective buyers about a property are referred directly to the Seller.

Will other brokers boycott a property listed by a Flat Fee Broker?

A licensed real estate broker makes his/her money from commissions. If a Seller was to hire a traditional real estate broker to sell his/her home, he/she would pay 4-6% commission. This commission is normally split with the buyer’s broker who brings in the buyer. In a traditional real estate transaction, the buyer’s broker receives 2-3% commission at closing. As long as a Seller is offering a similar commission, a broker will show the listing. It is also illegal for a property to be boycotted by a broker and a broker can have its license revoked if this occurs. Brokers must always act in the best interests of their client. The refusal to show a property based on the commission a seller is offering is not acting in the best interests of its clients. Furthermore, if a broker decides to boycott a property, he/she can possibly be engaging in price-fixing and group boycotting which violates U.S. Anti-trust laws involving both civil and criminal penalties leading to a possible 3 year jail term and heavy fines.

Support

How do I cancel the listing?

To cancel the listing, access your Client Login and submit the request. Changes will be deemed accepted once updated on the MLS.  Email requests, voicemail messages and/or phone conversations requesting changes will be disregarded.

Changes will be made within 24 hours. A confirmation email will be sent to the email address on file notifying Seller that the requested change has occurred.

How do I change the commission?

To change the commission offered to the buyers broker, access your Client Login and submit the request. Changes will be deemed accepted once updated on the MLS.  Email requests, voicemail messages and/or phone conversations requesting changes will be disregarded.

Changes will be made within 24 hours. A confirmation email will be sent to the email address on file notifying Seller that the requested change has occurred.

How do I change the price?

To change the list price of the property, access your Client Login and submit the request. Changes will be deemed accepted once updated on the MLS.  Email requests, voicemail messages and/or phone conversations requesting changes will be disregarded.

Changes will be made within 24 hours. A confirmation email will be sent to the email address on file notifying Seller that the requested change has occurred.

How do I make a general change request?

To submit a general change to the listing, access your Client Login and submit the request. Changes will be deemed accepted once updated on the MLS.  Email requests, voicemail messages and/or phone conversations requesting changes will be disregarded.

Changes will be made within 24 hours. A confirmation email will be sent to the email address on file notifying Seller that the requested change has occurred.

 

How do I notify you of a sales contract?

To notify us of a Sales Contract on the property, access your Client Login and submit the notification. Email updates, voicemail messages and/or phone conversations providing any updates will be disregarded.

A status change on the MLS, will be made within 24 hours. A confirmation email will be sent to the email address on file notifying Seller that the requested change has occurred.

 

How do I post open house information?

To post an open house, access your Client Login and submit the request. Changes will be deemed accepted once updated on the MLS.  Email requests, voicemail messages and/or phone conversations requesting changes will be disregarded.

Changes will be made within 24 hours. A confirmation email will be sent to the email address on file notifying Seller that the requested change has occurred.

How do I request comps?

Please click the link below and complete the form. We will email you comps within 24 hours.

Pricing Help

How do I submit listing remarks?

To submit listing remarks, access your Client Login and submit the request. Changes will be deemed accepted once updated on the MLS.  Email requests, voicemail messages and/or phone conversations requesting changes will be disregarded.

Changes will be made within 24 hours. A confirmation email will be sent to the email address on file notifying Seller that the requested change has occurred.

 

How do I submit photos?

You have the ability to add up to 25 photos to the listing. For best image quality, photos should be JPEG formats, 1920×1080 pixels in size. Please note one (1) photo MUST be a front exterior photo. The photos MUST be uploaded in the order in which you want them to appear in the listing.

To add or change photos, access your Client Login and submit the request. Changes will be deemed accepted once updated on the MLS.  Email requests, voicemail messages and/or phone conversations requesting changes will be disregarded.

Changes will be made within 24 hours. A confirmation email will be sent to the email address on file notifying Seller that the requested change has occurred.