Utah Discount Realty

General: MLS and Realtor® Questions                                                

Q. What is the MLS?
A. The MLS (Multiple Listing Service) is a computer system with an extensive database of information about properties for sale.  It is the main source of information that the agents turn to first and foremost to find properties for their buyers.  Statistically, almost 80% of all U.S. homes are sold through the MLS.  

Real estate professionals pay annual fees for the right to publish information about your home in the MLS computer system and agree that our sellers will pay a commission to any licensed real estate agent that brings the buyer for their home.  Back to top.

Q. What is the CMA? 
A. Competitive Market Analysis (CMA) is a comparison of properties that are similar in location, style, and amenities to yours (which is known as the subject property).  The comparison helps you set a realistic price for your property.  Generally, we use a combination of properties that have been recently sold or are under contract in your area.  

With a clear understanding of the current real estate values in your area as they relate to your property, you can decide on the listing price that is as advantageous as possible to you and is also encouraging to the potential buyers that will be looking at it.  Back to top.

Q. Is it true that Realtors using the Multiple Listing Service (MLS) sell most houses and that they usually sell for a higher price?
A. Yes, it's true on both accounts. According to the National Association of Realtors, approximately 80% of all U.S. homes are sold through Realtors using the MLS and homes listed on the MLS average net proceeds of 7% higher than homes sold for sale by owner.  Back to top.

Q. What if I am already working with an agent?
A. If you are in a contractual arrangement with any other broker or your property is currently listed with another broker, this is not intended as a solicitation of your business or that listing. We honor and respect relationships with other brokers. Otherwise, we will be happy to list your home and help you find a new one.  Back to top.

Q. Is the MLS really going to help me sell my home?
A. Listing your home on the MLS is crucial if you are serious about selling! As previously mentioned, up to 80% of all U.S. homebuyers use the services of a real estate agent. Their real estate agents use the MLS to search for homes on the market. Not only does the MLS provide a central location to advertise homes for sale to local agents, it communicates to them that the seller is willing to pay a commission to the buyers’ agent. Thus, listing your home on the MLS serves to motivate real estate agents to show your home and to work hard to sell your home to their buyers. Surveys show that other methods of producing buyers and advertising are far less effective and rarely deliver satisfactory results.  Back to top.

Q. How do you provide your service at such a low price?
A. Most of our services are provided electronically. Since we don't maintain a large office and we do most of our business via phone, fax, email, and the internet, we have very low overhead and can easily pass our savings on to both our sellers and our buyers.  Back to top.

Q. What areas do you serve?
A. We are based in Salt Lake County and currently list homes on the MLS in Salt Lake City and surrounding areas.  Back to top.

Q. Will you provide CMA / price recommendation?
A. Yes if you choose to go with a discounted listing commission.  The report will be e-mailed to you, usually within 24 hours of receiving listing agreement.  Back to top.

Q. How long is the listing period?
A. The recommended listing period is 6 months, however you are free to request a shorter listing period.  Back to top.

Q. How long does it take to be listed on the MLS?
A. During the normal business week (Monday - Friday) it usually takes 24 to 48 hours to be listed on the MLS.  Back to top.

Q. How will I know if my property is listed with all of the correct information?
A. You will receive a copy of your MLS listing and you may make any changes you like, provided the changes are acceptable to the rules and regulations of your local MLS and Board of Realtors.  Back to top.

Q. Will Realtors call you or me?
A. With our 1% Discount Listing Commission, we will handle all aspects of the transaction.  With the Flat Fee MLS Input, realtors will be calling you directly. Realtors' custom is to call before showing your home. Offers will be promptly presented. If you choose our Discount Listing, we will provide broker assistance regarding offers.  Back to top.

Q. Will you conduct open houses?
A. No, but you  may hold an open house of your own, if you so desire.  The fact of the matter is that open houses are primarily prospecting tools for real estate agents. Open houses are really a way for agents to get their names out there to prospective buyers who are early on in their quest to buy a home. Furthermore, very few homes (less than 5%) are sold as a result of an open house because many of the visitors are tire-kickers, bargain hunters, nosey neighbors and people looking for something to do on the weekends.  Back to top.

Q. Who will do all of the paperwork involved in the sale of my home?
A. If you do not feel comfortable with doing the paperwork involved and feel you need professional assistance, we offer contract preparation in our 1% Discount Listing Commission. This package also includes all disclosures, contract negotiation and a number of other valuable services.  Back to top.

Q. Will my property be listed on the internet?
A. Yes. Your property will be listed on www.realtor.com, www.homes.com,  www.utahrealestate.com/ and other real estate websites. These internet listings will give you national exposure to out-of-state homebuyers. Since hundreds of people move to Utah daily, this exposure can be a vital component in selling your home quickly and for the best price.  As these are independent websites, they pick up whatever they wish from your MLS listing to publish on their websites. Thus, we have no control over these independent websites and we cannot change or edit their content.  Back to top.

Q. What if I sell the house on my own?
A. If you find your own buyer who is not represented by an agent, you will not be obligated to pay a commission on the sale.   Back to top.

Q. If Utah Discount Realty brings me a buyer and sells my home, will I owe a commission?
A. Yes. If we present a qualified buyer to you and they purchase your home, we are entitled to the buyers' agent's commission for selling your home since we are acting as the buyers' agent.  Back to top.

Q. How do I pay for my MLS listing?
A. We accept checks, money orders, cashiers checks, or you can make a payment through PayPal.  Back to top.