Home Size6,454 sq ft
Days on Market1
Does the Multiple Listing Service Sell Houses?
Last week I received a call from a lady that asked me, “Does the Multiple Listing Service sell houses?” My easiest answer was that it doesn’t sell houses but is a service that allows real estate agents to share their listings with each other.
She proceeded to tell me her story…that she had used one of the flat fee, pay up-front “for sale by owner services” to sell her home. It was her understanding that getting her house listed in the Multiple Listing Service would help her house sell. It’s been almost 90 days and she’s had no success.
This story breaks my heart in two ways. One is that people expect full service results when they pay discount prices. But more important, the big one is that people fail to hire a professional when it comes to handling the biggest financial investment of their lives. They think they are going to save a few dollars and end up losing more than they save. And not knowing what you’re doing can get you into all kinds of hot water.
She proceeded to tell me that she could get out of her contract at any time. Of course she could. The service already received their fee. I wish I got paid a fee to list houses. I actually have to sell them before I receive any compensation.
At this point, she is getting desperate to sell her home. When your house is listed in the Multiple Listing Service, it gives your home exposure. That’s only the beginning. Selling your home requires having a home selling plan in place to make it happen. Mine is an entire system – “Smart Seller Home Selling System.” Why? It takes more than placing your home in MLS to sell your house.
Days on the market
I have an appointment with her this week to talk to her about listing her home with me. She didn’t realize that her almost 90 days on the market in the Multiple Listing Service don’t go away. They stay with the house no matter what. She was under the impression that when she cancelled her contract, her days on the market would cancel as well. Unfortunately, that’s another hard knock she’s going to have to take. If she lists her house with me, she will start out with 90 days on the market, which is hard to overcome.
Last year I listed a house in Parkville that had been on the market for 435 days. We had a lot of work to do but it sold in another 39 days. Total days on the market when it sold was 474. Ouch! Do you think that cost the sellers money? There was NO WAY we were going to get top dollar for that house.
There are two things that eat your equity
Clutter and your days on the market
Selling your home
In the end, I wish people understood why full service real estate companies have been around so long. They work! In the 29 years that I’ve been licensed, there have been numerous discount companies come and go. But in the end, the full service big boys win. You get what you pay for and when it comes to your largest financial investment, it would serve you well to think about the pros and cons of who you hire to sell your house. The job of selling your home should not be taken lightly and should not be left to chance. Understanding the home selling process, including how the Multiple Listing Service works, should be explained to you when you are interviewing agents for the job of selling your home. Be sure you know how things work. As I said, your days on the market will eat your equity as quickly as your clutter. The results you get will be determined by the Realtor you choose – so choose carefully!
If you are thinking about selling your home in Overland Park or Olathe (or south of the river), call me at (913) 515-3250 to find out more about my “Smart Seller Home Selling System” and why it works to sell my houses faster, with multiple offers and for more money.
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(all data current as of 2/23/2019)
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