Since August 2024 we have had a few new contracts added to the real estate process. In my region we use an Multiple Listing Service system called brightMLS. The MLS is great because it is a centralized location where all of the listings in your area can be found. It is something that REALTORS pay for to be a part of so we know what homes are on the market, what houses will be posted soon, and which ones have sold and for how much. It is a great tool that helps us track and analyze sales on a district, county, state, or regional level to help us predict market trends, price your home accordingly and negotiate new prices.
One of our new forms from this past summer is a disclosure explaining what an MLS is and how the bright MLS works. Now if you live in another area (not the PA, MD, DE, NJ area you probably have a different MLS and a different form. Check with your local realtor for accurate information) You know me though, I like to make sure everyone has the information multiple times and also the opportunity to review it more when needed. So, even though you will here me explain it in person, let's go over it now so you have the information before hand and you know where to go if you want to review it again later.
This form is used for both buyers and sellers, however buyers just sign the top half and sellers sign with the top and bottom. So let's start with the top first.
The top section asks for both the agent and the clients information and the date.
Then it answers both what is an MLS? and How does it work?
The MLS is described as a database of properties for sale and rent in the area which it shares with other websites like zillow or realtor.
The way it works is by supporting an open and transparent market for agents and brokers to share property information with other subscribing brokers and agents.
Clients get to decide what is posted on the MLS, as well as how and when the information gets posted.
Broker fees and agent compensation are not a part of the MLS but it must be agreed to in your listing or buying contract prior to using the MLS.
Buyers and sellers alike then sign assuming they understand the information.
Then sellers move on to the next section.
The second section is all about the listing. Since Clients get to chose what information is posted as well as how and when, bright asks that you sign off on that now so that agents know exactly how you want your home to be presented on the MLS.
Question 1 is asking when you want your home to go on the MLS. It does not need to be ready for buyers yet. If your agent speaks to anyone about your house going on the market or if it's posted on any social media they have 2 days to submit all the information to the MLS.
Question 2 gives options:
*A. The client gives permission for brightMLS to share your homes listing information with other sites like zillow or realtor or homes and other sites.
B. The clients does not give permission for bright to share the property listing information with any outside site. The listing will only be available on brightMLS.
*C. Your home is ready to be posted on the MLS as coming soon so people are aware that it WILL be on the market soon but you do not wish for it to be active for people to schedule showings or submit offers yet. The next line is for you to fill in the date you would like property to go active.
D. The client is specifically asking that even fully informed about the MLS they would like to have their home listed as an office exclusive. This means no internet marketing at all. Your home would only ever be shared within your agents office.
* the ones with this are typically what a traditional listing will use since it will share the listing across all platforms and also gives you a coming soon period where the house is being marketed on the platforms for a few days before you have an open house or allow showings. That said they are not mandatory and you can always set up your listing your way.
Once you have picked how your property will be listed the form is finished and both you and your agent can proceed feeling confident in knowing exactly how you wish your property to be marketed.
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