WHAT HAPPENS WHEN YOU LIST YOUR HOME WITH A REALTOR THAT IS A MEMBER OF A DIFFERENT MLS SYSTEM OTHER THAN THE LOCAL MLS?
I’m a realtor in the Cumberland County, Crossville, Tn. area. This area is serviced by the greater Knoxville Association of Realtors. This is our MLS, (Multiple Listing Service) for our local area. There are fewer and fewer homes on the market and lately Realtors from outside our MLS are sending letters to homeowners asking to list their home. Usually at a discounted commission rate.
As a homeowner what advantages or disadvantages might there be for listing your home with a realtor that is not a member of the local MLS system? The only advantage would be if you are getting a discounted rate and that would be nullified by any number of agents that are willing to discount their commission that are members of the local MLS.
The disadvantages are numerous and could cost you in the long run.
There are currently approximately 350 Realtors in the Cumberland County area that are members of the Knoxville Area Association of Realtors, (KAAR). Each one of these realtors has a database of potential buyers in a variety of price ranges. Everytime a home comes on the market in someone’s price range that matches the search criteria setup by their agent, those potential buyers automatically receive an email with a link to the new listing with photos, listing information, property tax and other relevant information. WHEN YOU LIST YOUR HOME WITH A REALTOR OUTSIDE THE LOCAL MLS SERVICE, NONE OF THOSE POTENTIAL BUYERS RECEIVES ANYTHING ABOUT YOUR HOME BEING FOR SALE!
When pricing your home for sale, how familiar is a realtor not from your area with prices and market conditions? Probably not familiar at all! They don’t have access to the local MLS system and cannot do a proper CMA, (comparative market analysis), of your home.
When marketing your home, how familiar with local building codes, utility companies, advantages to living in your area would an agent be if they lived 30, 50, 75 miles away?
Once a realtor in our local MLS system becomes aware the home is for sale, there is nothing to email their potential buyers! There is no local MLS sheet to send.
It’s ALWAYS a good idea to list your home for sale with someone that knows the area, is familiar with local market conditions AND is a member of the local MLS system for your area. Your home's listing will almost instantly get emailed to hundreds, if not thousands of potential buyers who otherwise will not know your home is for sale.