What To Expect Once Listed With Our Company

You are now ready to list your home on the MLS with our flat rate MLS listing company. What happens next?

Homes and Land for Sale:

Rental Homes Click Here

After You Are Listed in the MLS:


Once we receive your listing web submission from our website, we will place your listing in the MLS usually the same business day! Real Estate Agents may begin to call you the very same day you are listed in the MLS. This is because the MLS system is instantaneous and since agents have the ability to store their buyers criteria in the MLS, they can access your listing immediately and start calling.

The MLS listing will instruct agents to contact you directly for inquiries and to set up appointments. You may set up appointments yourself, there is no need to call us when setting up appointment times.

Your First Showing


Before your first showing, please be ready with certain forms and disclaimers to hand out to Real Estate agents and buyers interested in your home. One form is the property Disclosure/Disclaimer Statement. This is a mandatory form required by the state. Another form you may be asked for is the Lead Based paint form if your house was built before 1978. These forms and more will be available to you in our forms library which you will have access to once listed. Be sure to print and fill out several copies of the Disclosure/Disclaimer statement and/or Lead Based paint form and hand it out to anyone interested in your home. You may also send us a copy of the completed form(s) and we will upload them to your MLS listing.

There are a few things that you should keep in mind when dealing directly with real estate agents showing your house. In general, the less you say, the better. It is sometimes difficult, if not impossible, to keep from offering opinions or information that you think makes the house more appealing. However, it is usually hard to guess the factors that are important to each potential buyer. Here are some examples of everyday subjects we recommend staying away from and why.

    How many children there are in the neighborhood. Even if the buyer has children, you have no way of knowing whether they would like a lot of children or none at all in the area.

    How great your neighborhood church/synagogue is. Religion can be a touchy subject no matter who you are speaking to!

    How quiet the neighborhood is. They may want a more social atmosphere.

    The 'newness' of particular items in the home. The term "New" is a relative term. What you consider new, may be old to others. For example, an item that is 2 years old may be new to someone who has lived in the house for 15 years, but it may be old to a buyer who thinks of new as anything less than 6 months old.

    Information on existing warranties. Warranties may expire before the new owners close on the house or they may be non-transferable. Talking about warranties may also imply that something could be wrong with your appliances or the house.

    How many showings you have had. If you have had a lot of showings or no showings at all, buyers may wonder why no one else is "jumping" at the home.

    You may even want to avoid talking about little things such as the beautiful birdbath in the backyard or the flowers that bloom every year. These things could be misinterpreted. The buyer may not want bird "messes" or may be allergic to flowers.

    We also suggest not offering reasons why you are selling. The death of a family member, you've outgrown the house, the home is too small for you, your recent divorce, etc can all be interpreted in many different ways which may result in the loss of a sale.

Receiving Offers


Regarding offers, if the buyer is working with a real estate agent, the agent will write up the offer and per MLS listing instructions, should deliver it directly to you. If the buyer is not working with an agent, either you or the buyer may write up the contract offer. Once listed with us, you will have access to contracts and addendums in our forms library. You may negotiate directly with the buyer's agent. Keep in mind that they are not working on your behalf, but are working directly for the buyer.

Contract Accepted


Once you have accepted a sales contract (the agreement is signed by both you and the buyer) you should decide if you would like your contract reviewed. Any title company or closing attorney can review the contract for you. If you plan on using that company for your closing, they may do this free of charge. Once the title company or closing attorney is selected (usually by the buyer) simply drop off a copy of the sales contract to them. They will do the rest.  Once you have accepted a sales contract you will need to notify us within 48 hours (2 days) by sending us a copy of the signed sales contract and a completed Under Contract form (provided to you once listed). The Under Contract form gives us vital information we need in order to change the status of your listing in the MLS and process your sale for closing. The 48 hour requirement is imposed by the MLS and applies to all companies who list in the MLS. Furthermore, by law, as your listing agency, we are required to maintain all documents related to the sale of your home for 3 years after settlement / closing. All of the above applies regardless if there is a buyer's agent involved in the sale or not.

The Inspection and Financing Period


Typically inspections and financing are the next step. The buyer orders a home inspection, termite inspection, survey's, appraisal and obtains financing (if needed). Please remember that all inspections are conducted by the buyer for the benefit of the buyer. There is no reason for you to get involved. Generally, a contingency is created in the sales contract to allow the buyer and the buyer's inspector to visit your property within 3-14 days of the signing of the contract to inspect the property for deficiencies. If any are found, an addendum with requested repairs will be provided to you and you may agree to repair certain items before closing, decline to repair, or agree to a cash allowance. Once all contingencies are removed from your contract, you are on your way to closing!

Settlement / Closing


The terms Settlement and Closing and synonymous and finally it has arrived! Generally it is a very easy process for sellers. At the settlement table, the attorney will go over your Closing Disclosure Statement / Hud-1 Settlement Statement / ALTA Statement with you. All of these terms mean the same thing - they are an explanation of expenditures and distribution of proceeds for the seller and sometimes the buyer. It will depend on which type of loan the buyer obtains as to which statement you will receive. After the Closing Disclosure is explained to you, you will begin signing the sellers paperwork which includes, the title, deed and the Closing Disclosure statement. That's it! You can then collect your money, usually within a day or two, once the sale has been recorded. Don't forget we will need a copy of the Closing Disclosure Statement / Hud-1 Settlement Statement / ALTA Statement within 48 hours (2 days) of settlement. Most closing companies are happy to email or fax a copy to us at your request.

Once we receive your Closing Disclosure statement we will notify you by email. Then you can relax and enjoy the fact that you saved thousands of dollars by listing in the MLS with our flat rate listing service through our company Select Premium Properties, Inc.

Rental Homes:

After You are Listed in the MLS


Once we receive your listing web submission from our website, we will place your listing in the MLS usually the same business day! Real Estate Agents may begin to call you the very same day you are listed in the MLS. This is because the MLS system is instantaneous and since agents have the ability to store their buyers criteria in the MLS, they can access your listing immediately and start calling.

The MLS listing will instruct agents to contact you directly for inquiries and to set up appointments. You may set up appointments yourself, there is no need to call us when setting up appointment times.

Your First Showing


If your home was built prior to 1978 - Before your first showing, please be ready with the Lead Based paint form. The form is available to you in our forms library which you will have access to once listed. Be sure to print and fill out several copies of the Lead Based paint form and hand it out to anyone interested in your home. You may also send us a copy of the completed form(s) and we will upload them to your MLS listing.

There are a few things that you should keep in mind when dealing directly with real estate agents showing your house. In general, the less you say, the better. It is sometimes difficult, if not impossible, to keep from offering opinions or information that you think makes the house more appealing. However, it is usually hard to guess the factors that are important to each potential tenant. Here are some examples of everyday subjects we recommend staying away from and why.

    How many children there are in the neighborhood. Even if the renter has children, you have no way of knowing whether they would like a lot of children or none at all in the area.

    How great your neighborhood church/synagogue is. Religion can be a touchy subject no matter who you are speaking to!

    How quiet the neighborhood is. They may want a more social atmosphere.

    The 'newness' of particular items in the home. The term "New" is a relative term. What you consider new, may be old to others. For example, an item that is 2 years old may be new to someone who has lived in the house for 15 years, but it may be old to a tenant who thinks of new as anything less than 6 months old.

    How many showings you have had. If you have had a lot of showings or no showings at all, renters may wonder why no one else is "jumping" at the home.

    You may even want to avoid talking about little things such as the beautiful birdbath in the backyard or the flowers that bloom every year. These things could be misinterpreted. The renter may not want bird "messes" or may be allergic to flowers.

Credit Check and Receiving Offers


Generally a renter who is working with an agent will already have had a credit check performed. You may ask the agent to view this report or you may elect to run your own. There are many websites that help home owners run credit checks on potential tenants. Some examples are below:

https://connect.experian.com/credit-check/landlord-credit-check.html
https://www.mysmartmove.com/SmartMove/landlord-credit-check.page

Regarding leases, if the renter is working with a real estate agent, the agent will write up the lease offer and deliver it directly to you. Keep in mind that any lease form can be used whether prepared by the owner or agent, however the client of the agent may feel more comfortable using a lease form drawn up by his/her agent. In such an instance, however, the owner can certainly accept, reject, or modify any conditions or terms in the lease form presented. If the renter is not working with an agent, either you or the renter may write the lease. Once listed with us, you will have access to lease contracts and forms in our forms library.

Accepting an Offer


Once you have accepted a lease contract, signed by all parties, you will need to notify us within 48 hours by sending us a copy of the lease and a completed Under Lease form (provided to you once listed). The Under Lease form gives us vital information we need in order to update the status of your listing in the MLS. Your home will remain active in the MLS until the form and your lease are received, so time is of the essence. By law, as your listing agency, we are required to maintain all documents related to the renting of your home for 3 years after the lease is signed. This law applies regardless of who rents the house, you or an agent.

First Month's Rent and Security Deposit


Handling of money: typically, the agent collects from the tenant a security deposit check made out to the owner in an amount equal to one month's rent. The check is handed over to the owner after lease signing. The agent simultaneously collects from the tenant a second check, this one for the first month's rent, made out to the renting agency which is promptly placed into the agency's escrow account. Sometime before possession by the tenant, the agency writes a check to the owner for 75% of the deposited amount deducting the 25% (or whatever amount you chose) they are entitled to as compensation for producing the tenant.

Walkthrough and Possession


Walkthrough - A walkthrough form can and should be used for the final walkthrough before possession. The agent may or may not, or the owner may or may not, accompany the tenant on the walkthrough before possession. Walkthrough forms will be available in forms library once listed. After the walkthrough the tenant will usually takes possession of the home. Now you can relax and enjoy the fact that you saved a lot of time and money by listing your rental property in the MLS with our flat rate listing service through our Company Select Premium Properties.