FLAT FEE MLS LISTING FAQ

DO I NEED TO HIRE AN ATTORNEY IN ORDER TO BUY/SELL MY HOME?

1.      In most real estate markets the Title Company can handle every aspect of a real estate transaction. However, many customers hire a Real Estate Attorney to protect their interests throughout the real estate transaction. When selecting an attorney, choose one who specializes in Real Estate.

WHAT DO I HAVE TO DO TO GET A FREE MOVE REBATE FOR MY NEXT APARTMENT?

2.      Plug-In Realty works exclusively with all of the Apartment communities within the DFW to provide you with great rates. You must first register Plug-In Realty as your apartment Locating Agent on the entire apartment forms where the referral information is inquired.

HOW IS PLUGIN REALTY ABLE TO PROVIDE A FREE MOVE REBATE ON MY NEXT APARTMENT?

3.       The apartment community will provide Plug-In Realty with a commission for bringing in a new tenant. Plug-In Realty will then use a portion of the commission to pay a professional Moving Company for your moving services.

WHAT IF I DON’T MENTION PLUGIN REALTY REFFERED ME ON THE FORMS FOR MY NEXT APARTMENT?

4.      You will NOT be able to receive a FREE MOVE REBATE unless Plug-In Realty is listed on ALL forms for your next apartment.

(FLAT MLS LISTINGS)--DO I HAVE TO PAY A COMMISSION TO A BROKER IF I FIND THE BUYER AND SELL MY HOUSE BY MYSELF?

5.      NO. If you have decided to go with one of our FLAT MLS LISTING OPTIONS and if you find your OWN buyer to buy your property, you DO NOT have to pay a commission.  However, the buyer you have found Must Not be working with any other agents.

WHAT IS THE MLS (MULTIPLE LISTING SERVICE)?

6.      The MLS (Multiple Listing Service) is the primary data system that most real estate agents use to market and sell property.

HOW DOES THE MLS BENEFIT THE HOME SELLER?

7.      How can sellers get access to the largest number of buyers? By placing your home information into a computer accessible by every MLS member who will show your property to their qualified buyers in your price range.  Placing a home in the MLS expands a seller's sales force, exposes the property to a larger pool of prospective home buyers, and creates more demand for the property.

HOW MUCH COMMISSION DO I HAVE TO OFFER TO THE BUYERS AGENT?

8.      The law states that the commission rate is negotiable.  Even though the law requires no set price, unfortunately some agents will not show a property if the commission rate is too low. We recommend  to set the commission  at the traditional 3% which can be negotiable.

WHAT DO YOU MEAN 1% CASH BACK REBATE?

9.      If you choose a REALTOR® at Plug-In Realty to represent you on the purchase of an existing home or a new home, you will receive 1% of the purchase price upon closing and funding of your new home or property OR you Will receive the 1% cash back rebate in a check form at closing from the title company (it all depends on your lender and what they will allow).

DO I HAVE TO PAY TAXES ON THE 1% CASH BACK REBATE?

10.  YES, you will need to complete a W9 and submit your cash back rebate amount for your end of the year taxes (It is required by law).

HOW DO I BECOME ELIGIBLE TO GET MY 1% CASH BACK REBATE IF I AM A BUYER?

11.   You must first sign a buyer’s representation agreement which allows Plug-In Realty to represent you as your buyer’s agent. Then the person selling the house must provide the traditional 3% commission to the buyer’s agent.

IF I HAVE ALREADY SIGNED A BUYER’S REPRESENTATION AGREEMENT WITH ANOTHER REAL ESTATE COMPANY CAN I STILL USE PLUGIN REALTY TO BUY A HOUSE AND GET THE 1% CASH BACK REBATE?

12.  Unfortunately when you sign the Buyer’s Representation Agreement you engage in a contract with that real estate company and Plug-In Realty will not be able to provide with service or the 1% cash back rebate.

I HAVE HEARD THAT THE CASH BACK REBATE IS ILLEGAL, IS THIS TRUE?

13.  NO, it is not true at all. 40 States Currently Allow Real Estate Commission Rebates and TEXAS is one of them. States that do not allow Real Estate Rebates are: Alabama, Alaska, Kansas, Louisiana, Mississippi, Missouri, New Jersey, North Dakota, Oklahoma, Oregon and Iowa . Please click on the link for more details. http://www.usdoj.gov/atr/public/real_estate/texas.htm. 

WHAT IS THE LISTING COMMISSION IF I USE PLUGIN REALTY AS MY SELLING AGENT?

14.   Typically a Real Estate Agent will charge you 3% just to list your property for sale.  At Plug-In Realty will provide you with superior services at a fraction of the cost. You can list your property for ONLY 1%...

HOW LONG WILL IT TAKE FOR MY HOUSE TO BE AVAILABLE IN THE MLS?

15.  Please allow 24 Hours from the time that we receive your forms.

CAN I GET FULL SERVICE REPRESENTATION ONCE I HAVE CHOSEN A FLAT MLS LISTING OPTION?

16. YES, all we would need to do is cancel your current listing and sign a new contract for full representation.

WHAT IF I'M NOT ABLE TO COMPLETE ALL THE INFORMATION ON THE NTREIS RESIDENTIAL DATA INPUT FORM?

17.  There might be a few things that you may not know for example Parcel ID, Map Page, and Map Coord.  The important information you will need to provide us is Property Information that you should know. For example interior and exterior features, Property Description and driving directions.

WITH THE FLAT MLS OPTION, WHAT FORMS DO I NEED TO COMPLETE AND RETURN TO Plug-In Realty?

18.  You Must complete the IABS (Information About Brokerage Services), Exclusive Agency Addendum to Listing, Listing Agreement Exclusive Right To Sell, Seller's Disclosure Form, NTREIS Residential Data Input Form. If your home was built before 1978 then we also need The Lead-Based Paint Disclosure Form.