FAQ

 

real estate Questions from Private REALTY GROUP

  1. Do you work with buyers?
    • Yes!  We work with buyers and we are excellent negotiators so let us know if we can help you find the perfect home.  
  2. Are there any hidden fees or charges?
    • There are no hidden costs but additional charges may be charged for additional work performed.
    • For sellers, we collect the MLS listing fee up front but do not get paid the 1% fee until your house closes (For FLAT FEE option).
    • For buyers, we do not get paid until you purchase a home and it closes.
  3. What is the MLS (Multiple Listings Service)?
    • The Multiple Listings Service (MLS) is a database of real estate & statistics that is set up by a group of cooperating real estate brokers. The MLS provides accurate and structured information about properties available for sale and is the most popular way that buyers, sellers and agents find available homes for sale in their target market.
  4. Do I need to be on the MLS to sell my home?
    • Homes sell all the time that aren’t on the MLS, but it takes significantly more work. Over 90 percent of buyers start their search on the Internet, and over 80 percent of agents utilize the MLS to stay up to date with what is on the market. When considering these statistics, the MLS stands out as undoubtedly the best way to get your home in front of potential buyers. Especially those buyers who are working with the 2,500+ agents in the Detroit metro area. The bottom line is an MLS listing gives your home the exposure and placement necessary to be found by motivated agents and buyers, not to mention reduce its time on the market by weeks or months.
  5. How can Flat Fee charge less than other firms?
    • Thanks to improvements in technology, all real estate agents are much more efficient today than they were 5 years ago and significantly more efficient than they were 20 years ago.  It takes much less time for an agent to assist in a transaction today than it did in the past.  
    • Despite these improvements in efficiency and reduction in time, real estate agents have not changed their pricing models.  Most agents charge the same fees today that they did 20 years ago.  Most charge a commission of 6% of the sales price.  In terms of real dollars they are actually charging more today than 20 years ago because property values appreciated substantially over that same time period.  
    • Flat Fee was formed in 2008 on the basis that the public deserved a real estate brokerage pricing model that accounted for all of the improvements and advancements made over the past two decades.
  6. Does Flat Fee do open houses of its listings?
    • We do have an option for full service flat rate in which we will do open houses for you. 
  7. Will a larger firm be able to sell my home quicker?
    • No.  This is one of the great misconceptions created by the larger firms.  There is no empirical support showing that larger firm listings sell quicker just because the firm is larger.
  8. Will agents from other firms still show my property if I list with Flat Fee?
    • Over the past 3 years our listings have been shown and sold several hundreds of times by agents from other firms. 
    • If a property meets an agent’s buyer’s crtieria then they want to show them the property in the hopes of getting paid.  A buyer’s agent does not get paid unless their client finds a home they want to buy. 
    • Agents also have a legal obligation to look out for the best interest of their client and to put the client’s interest above their own so if the buyer likes the property then they have a legal obligation to show them.

     

    FOR MORE INFORMATION OR ADDITIONAL REAL ESTATE QUESTIONS FROM PRIVATE REALTY GROUP, LLC, PLEASE CONTACT US – 248-294-7850 or info@privaterealtymls.com