What is the MLS
Lynette
        Bates

 

Count on me to effectively and efficiently handle your real estate transactions.

Lynette Bates

MLS stands for Multiple Listing Service. It allows the Real Estate agencies in a certain area to pool their listings so all MLS member agencies have access to each other's listings. Each agent can show and sell any home listed on the MLS.

Why is the MLS important?

The MLS is important to sellers because it allows more buyers to see the home - usually resulting in a quicker sale, but the MLS is important to buyers as well.

Why is the MLS important to buyers?

Because agents have access to all homes listed in the MLS, the buyer does not have to visit every Real Estate Agency in the area to buy a home. They can choose the agent that works best for them and this agent can show them any home listed on the MLS.

Just imagine if there was no MLS, our poor buyer would have to work with many different agents from different agencies. These agents would not get to know the buyer's wants and needs in the same way they would if the buyer worked exclusively with them. These agents would be motivated to sell their own listings to the buyer before the buyer went to someone else. In this situation nobody is representing the buyer. Without the MLS buying real estate would be a bad experience for many buyers who would have to make their way through all the conflicting interests and high pressure tactics with no experienced person to help them.

What is Buyer Agency?

Buyer Agency protects the buyer by allowing them to work with an agent they can trust and who can take the time to get to know the buyer's wants and needs in a home. Because this agent is bound to the buyer by contract, the agent is free to use his or her experience to make sure the buyer makes an informed home purchase. Buyer Agency also establishes a relationship of confidence and trust between the agent and the buyer. Your home is likely the most important purchase you will make. To get the most for your money and to make the process of finding a new home as painless as possible you need representation.

This is why Minnesota law requires that real estate agents discuss agency options at the first substantial meeting with a client:

82.197 Disclosure requirements.

Subdivision 1. Agency disclosure. A real estate broker or salesperson shall provide to a consumer in the sale and purchase of a residential real property transaction at the first substantive contact with the consumer an agency disclosure form in substantially the form set forth in subdivision 4. The agency disclosure form shall be intended to provide a description of available options for agency and facilitator relationships, and a description of the role of a licensee under each option. The agency disclosure form shall provide a signature line for acknowledgment of receipt by the consumer.

What does a Buyer's Agent cost?

It costs the buyer nothing! The sellers have already agreed to pay commission on the sale of the property by signing a listing agreement. So if the buyer offers $100,000 for a home, that is what they pay. The seller then pays the commission out of this amount. Part of the commission will go to the seller's agent and part will go to the buyer's agent. This is how Realtors are compensated.

What's the best way to buy a house?

Hire a dedicated agent with access to the MLS who knows the community, takes the time to understand you, and will dedicate themselves to the task of finding your next home.



ABR

abrABR (Accredited Buyer Representative) The ABR designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to REALTORS by the Real Estate BUYERS AGENT Council (REBAC) of the National Association of REALTORS who meet the specified educational and practicalexperience criteria.

Q: What is a Real Estate Buyer's Agent?

A: A real estate buyer's agent represents the consumer who is purchasing the property in the real estate transaction. This agent owes full fiduciary responsibilities, duties and loyalty to the real estate buyer. The buyer's agent works for the buyer client and has the clients best interests in mind through outthe entire real estate transaction process.

Q: Why use a Real Estate Buyer's Agent?

A: As a consumer, how often do you buy real estate property? Once, twice, three times in your lifetime? Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases the seller will be represented by an agent. Wouldn't you want to have complete and fair representation in the real estate transaction? The real estate buyer agent is responsible to protect their clients'best interests. Research by the NATIONAL ASSOCIATION OF REALTORS® has shown that when a buyer agent is used, the prospective buyer found their home one week faster and examined three more properties than those consumers who did not use a buyers agent.

The benefits of using a Buyer's Agent:

  • Using a Buyers Representative offers the consumer many benefits.
  • Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
  • Assist the buyer in determining the amount that they can afford (pre-qualify) and show properties in that price range and locale the consumer has determined.
  • Assist in viewing properties and either accompany the client on the showings or preview the properties on behalf of the client to insure that the identified specifications are met.
  • Research the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property.
  • Advise the client on structuring an appropriate offer to purchase the selected property.
  • Present the offer to the sellers agent and seller on the clients behalf.
  • Negotiate on behalf of the buyer client to help obtain the identified property. Keep in mind that the buyer agent will be doing so with their clients best interests in mind.
  • Review and explain all legal documents to their buyer client.
  • Recommendations and assistance in securing appropriate financing for the selected property.
  • Provide a list of potential qualified vendors e.g. movers, attorneys, carpenters if these services are needed by the consumer.
  • Most importantly, the buyer would know that they are fully represented throughout the real estate transaction.


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