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MLS Listings—A New Option
Posted November 29th, 2010 under smart selling.
An exciting development for Sellers! Thanks to a new agreement between the Canadian Competition Bureau and the Canadian Real Estate Association, those of you who want to sell privately can now have a Realtor post your listing on the MLS system while you handle the rest of the selling process yourself.
This new agreement corrects a strange situation that existed previously. Although Realtors were always able to negotiate their fees and services, once we posted a listing on the MLS system we were obligated to assume agency responsibility for the entire selling process, whether we were providing other services or not. Even if a seller did not want this ‘full agency’ package, the Realtor was obligated to take responsibility. In any court dispute the Realtor's Brokerage would always be treated as having full fiduciary duty.
So, in the past, the Realtor had no way to split the responsibility, even if the Seller wanted it that way! Because the responsibility couldn't be split, the extra liability made it far too risky for a Realtor to post a listing for a flat fee.
To fill this niche, companies such as For Sale by Owner and Property Guys sprang up. Because these sell-it-yourself companies are not licensed and didn't have to worry about the liability that Realtors carried, they were able to post your listing on their website for a low fee and Realtors could not compete.
Now that the rules have been improved, a Realtor can offer the same listing-only service as a sell-it-yourself company, and the fees can be the same or even lower.
This is a great situation for private sellers because it opens up the MLS system to them, which allows them to get far more exposure for their home than they would on a sell-it-yourself website. Since MLS is used by 100,000 Realtors and is searched by millions of people daily, it is an extremely powerful marketing tool for a private seller.
In summary: if you want to sell privately , you now have the option of accessing the MLS system for a low fee, while handling the negotiation and other aspects of the sale yourself.
Want to know more about the MLS listing option? Just ask me, I'll be happy to help.