MLS listings are one of the primary sources buyers look for when they are on the hunt for a new home.
From a seller’s perspective, if you’ve been thinking about selling your home then it’s important for you to understanding how to prepare your property for MLS listings. MLS is the Multiple Listings Service, the number one resource for REALTOR®’s and buyers who are looking for a new home.
If you’ve ever spent time sourcing MLS listings on realtor.ca or received automated listings from your REALTOR®, you’ve definitely been exposed to them and have a general understanding of what they look like.
But do you know everything else that goes into a preparing a property to get to the point of MLS listings?
Whether you’ve lived in your home for a long time or not, chances are, it could use a little sprucing up (or a lot). When you meet with your REALTOR® for a listing appointment, they will come prepared with a range of paperwork to review with you.
And, I would caution you that yes, you SHOULD review all documents before you sign them. Remember, when you sign a listing agreement with a REALTOR®, it is a legally binding agreement so you should understand all of them inside and out.
First things first, let’s take a look at the listing agreement.
This document will outline the seller’s information and property address, the total you’d like to list the property for and what date you want it to go up with other MLS listings. This is the commencement date. But, don’t fret. This can always be amended if the property isn’t going to be ready in time.
The listing agreement will also define commission, which is the compensation owing the listing brokerage as well as the cooperating brokerage. This should be outlined as the total commission followed by the total owing to the buyer’s brokerage.
The standard fee is 5% with 2.5% going to each brokerage, but it is open to negotiation. Sometimes it may go up a bit depending on the amount you’re trying to net from the sale or your relationship with the listing agent. In other cases, this could also go up a bit if you require support over and above the general services that a REALTOR® typically offers (e.g. if you require some renos).
There is a lot of information contained within the listing agreement that you may not be familiar with, but before you agree to go ahead with this and the MLS listings, it’s important that you are. Your REALTOR® should explain their fiduciary duties to you when they are representing you as their client, what multiple representation is and what happens if you should find yourself in that situation, marketing your home, leveraging electronic communication and signatures throughout the process – and more.
In addition to the listing agreement to sign before preparing your property for MLS listings, your REALTOR® will also require you to sign a document called “Working with a REALTOR®” which outlines the nature of your relationship with them, the distinction between the client/customer and more.
There are also some other supplementary documents that they may or may not have you sign up front. These may include:
- Consent to advertise. This is a form that should be completed by the seller (and the buyer) outlining if they consent to either REALTOR® advertising the price the home sold for, anything that could identify any party to the sale or purchase, anything that identifies the property and more.
- Sellers directions re: property offers (e.g. if you want to have an offer presentation night or
accept offers anytime and if you’re hosting an offer presentation, if you’re willing to consider
pre-emptive “bully” offers in advance). This will also state the method of how the cooperating REALTOR®’s should submit offers.
- Lockbox consent form allowing your REALTOR® to hang a lockbox on your door for the purpose of service providers and other REALTOR®’s to access the property.
- Schedule A. This isn’t always attached but if there are any other extenuating circumstances, these will be described here so you and your REALTOR® can agree to them in writing.
If you are comfortable with all of these preliminary documents contained in the listing agreement, you will sign off on them as will your REALTOR® and obtain a copy afterwards.
Next comes the fun part!
It’s time to collect all of the nitty gritty details about your property. The data form for MLS listings is a comprehensive document to outline all of the information pertaining to your property. This will include everything from the type of house you have and what it’s made of to the age, size, services available and all of the room measurements/associated features. It will also include remarks that relate directly to the property and extras as well as remarks for the brokerages specifically.
Depending on where your property is located, it may also be a good idea to interboard MLS listings (e.g. you may want to post your home on the Mississauga Real Estate Board along with Toronto’s Regional Real Estate Board).
In addition to all of the specs about the property, MLS listings include a photos of the property. Depending on the marketing initiatives you’ve agreed upon with your REALTOR®, this may also include a video, 3D virtual tour and/or floor plan. All of this will help give buyers a better understanding of what the property looks like and if it may be a fit for them and/or their family.
After the data form is completed, your REALTOR® will also send a copy over to you to review and approve with a signature to ensure all of the information collected is correct.
Once they have this in hand, they (or their admin support) will broker load your property so the MLS listings go live on time for the commencement date.
Now, you should keep in mind that your REALTOR® may make suggest some things to help make your home stand out, not only for photos but also for showings. This may include cleaning, repairs and/or staging. In addition, they may also suggest that you invest in a pre-inspection report to offer to buyers they feel more comfortable waiving a home inspection condition.
All of this can take time, so be patient throughout the process and make sure you stay on top of key dates.
Then it’s time to promote, promote, promote.
The great thing about MLS listings is that they go out automatically to buyers set up to receive prospect searches. There is also an option to post these listings on other 3rd party sites such as realtor.ca, House Sigma, Zillow, Zolo and more.
In the day and age of social media, there are also lots of great opportunities to post on social media – and boost those post with very targeted ads on facebook and Instagram.
On the traditional side, you can also promote the MLS listing and property for sale by canvassing homes in specific areas, hosting an open house and reaching out to REALTOR®’s to see if you can marry up the home with one of their buyers.
When you’re preparing a property for MLS listings, there is a lot to go over, but that’s where your trusted REALTOR® comes in to guide you throughout the entire process. Even if your home sits for awhile, there are also options to refresh a stale listing also.
If you’re thinking about buying or selling, let’s chat – 647.896.6584, by email at info@serenaholmesrealtor.com or by filling out this contact form. For plenty of other great tips, news and updates, make sure we’re connected on social and you’ve subscribed to my YouTube channel.
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