Common Unasked Questions about Real Estate

MLS – Multiple Listing Service

Listing Agent – The agent who works directly with the seller aiding to prepare the home for sale, and marketing the home. This agent’s name hangs on the sign.

Selling Agent – The agent who brings the buyer to the home and assists the buyer in purchasing the home.

Broker – The person/company that supervises, manages and provides administrative services to a group of agents.

How does an agent get paid?

Different methods exist, but most often the seller pays a fee to the broker who listed her home. The broker splits that payment to compensate the listing agent and the selling agent (or the selling agents broker), after taking a portion to cover administrative costs. Typically, the buyer’s only costs are her down-payment and closing costs. It is illegal for an agent to be paid by anyone but her own broker.

What is the MLS and how does it help me?

The MLS is a subscription publication service that tracks information about homes for sale with participating brokers. Using the MLS, an agent may market a home to thousands of agents, regardless of the broker they work for. In addition, an agent may research homes for sale on the MLS by area, price or features, regardless of who listed the home. A broker must participate to use this service.

What can I expect from my agent in general?

Your agent should follow the National Association of Realtors Code of Ethics. She should educate you about your transaction. She should maintain your trust. She cannot lie to you or for you. She cannot “steer” or otherwise discriminate in any way. She cannot give legal, financial or tax advice. She should be a housing expert.

. . . As a Buyer?
Your agent, when representing you, should research homes best suiting your wants and needs; make appointments for you to see those homes; assist, if you want, to secure financing; and aid you through the negotiations, inspections and paperwork necessary to close the purchase.

. . . As a Seller?

Your agent should inform you of market conditions; be honest with you regarding the salability of your home; market to the widest possible audience to get the best possible sale; and give feedback from showings.. She should guide you through negotiations, inspections and the paperwork necessary to close the sale.