For Sale By Owners in MLS
MLS stands for multiple listing service. Every home for sale listed by a real estate agent, unless it is specifically exempted from MLS, will be listed in MLS. However, only real estate agents and other professional affiliates can access MLS, but that doesn’t mean a home buyer or home seller can’t get the same information — just not directly.
While there is no separate category for a For Sale by Owner (or FSBO) listing, the MLS can contain listings from sellers who are unrepresented.
- The way FSBOs circumvent some MLS restrictions is to pay a flat fee to a discount real estate broker to enter the information, but the seller is not really represented.
- Instructions to present all offers directly to the seller is often frowned upon or prohibited by MLS authorities.
- Sometimes the selling commission is less than the fee agents are offered by traditional brokers — which does not motivate agents to show these listings, even though they cannot legally refuse to do so.
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Your last point is the one I have heard a lot but I can never understand.
An agent typically needs to show his client many houses because hitting the jackpot. Now FSBO properties on MLS listings may have lower commissions, but they are still considered potential “jackpots” to the agents. I can’t see why the agents will hide them from the clients. Besides, if the FSBO house is in the same area, the agent might as well show it to the client, just in case he hits the jackpot.
My belief is that this “lowering commission will less motivate the agents” is another nonsense the agents invented.
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