Chicago - Lincoln Park 477.011989
1 Trans Am Plaza Drive, Suite 580 Oakbrook Terrace, IL 60181
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Top Chicago Real Estate
Old Listing Model
Subject $300,000 Property
In the traditional real estate model, there are 4 parties involved in the transaction: the buyer, the seller and their respective Realtors, each trying to represent the best interest of his client. First, the seller hires a Realtor as Listing Agent to market and sell his home. In return for his work, the typical Listing Realtor will charge a 6% commission based on the sales price. The listing agent then places the home on the MLS in order to advertise the sale of the property to other Realtors working with respective buyers. Once a buyer is found and a sales price is agreed upon, a sale will finalize. At closing, the buyer agent is paid 2.5% ($7,500) for providing the buyer and the listing agent receives the remaining 3.5% ($10,500)
Top Chicago Real EstateFlat Fee MLS Listing Model: Subject $300,000 Property
With our “For Sale by Owner MLS Listing”, the seller skips the middle man and deals directly with the Buyer's Agent or anyone who wishes to view the property; thus, saving thousands of dollars in commissions!! Instead of a 6% commission, Top Chicago Real Estate charges the Flat Fee of only $299, thereby creating the savings of $10,199 for a $300,000 property. We provide the same service, selling tools, exposure and full support from listing to closing as any full service Realtor. Plus we assist you with pricing, showing help, negotiations, contracts, and more!
It is imperative to have your property listed on the MLS, so that Realtors will contact you directly in order to view the property. If a Realtor is successful in producing a buyer and effectuating the sale, that Realtor is owed a typical 2.5% commission ($7,500). By serving as your own listing agent, NO LISTING COMMISSIONS ARE REQUIRED… Best part - You still retain the right to “Sell By Owner”. If you find your own buyer with our added exposure, then absolutely NO commission is due!
What is the MLS or Multiple Listing Service?
The MLS is a database of homes for sale that is used by Realtors to catalog the available properties in a particular area. In Chicago, the Multiple Listing Service contains thousands of homes for sale and is used to search and compare homes by location, price, features and photos. Only Realtors have access to the MLS database.
How Should I Price My Home?
When you contract with Top Chicago Real Estate we perform a complete market analysis of your home and give you a price range for which the property should realistically sell. You can take our advice or choose a number you are comfortable with. Changes in price can be made with a quick phone call.
Who Will View My Home?
Any buyer who is searching online to purchase will see your home on multiple sites including Realtor.com,Homes.com,Trulia.com and countless others. Chicago has over 44,000 Realtors who will see your listing. These Realtors have serious, pre-approved buyers looking to secure a new home. Most buyers without an agent are in the early stage of looking and not usually pre-approved yet.
How Much Does The Buyer’s Agent Receive?
The 2.5% commission is standard and it is smart to preserve this in a Buyer’s market. If you want to offer less commission many Realtors will show their clients other properties that offer the standard 2.5% co-op commission. Less showings mean less buyers. If you are able to procure your own buyer you will not need to pay an agent fee.
How Long Will My Listing Run?
In Chicago, the average market time is now 5 months. Top Chicago listings are good until your property sells!!
What Happens When A Contract Is Presented?
All Contracts come directly to Top Chicago Real Estate. Upon receipt, we notify you immediately to review the offer. Based on the content and terms of the offer, we then establish a strategy to negotiate a successful closing.
Tips For Showing Your Property
The more showings the higher your chance of selling. We will discuss ways you can handle showings yourself or use our extra options for additional help. You can also post on websites like Craigslist.org or YouTube or hand out flyers. You are required to place the Broker name ( Top Chicago Real Estate) and the phrase “Buyer Agents Welcome” somewhere on the listing.
