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Chicago MLS - What is it?
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The
M.L.S. stands for the Multiple Listing
Service. There over 900 MLS Servies
across the United States and the Chicago
MLS is the Multiple Listing Service
of Northern Illinois (MLSNI). It is
the 3rd largest MLS system in the Country.
Berg Properties is a memeber of the
MLSNI. The MLSNI covers Chicago and
all its suburbs throughout northern
Illinois and parts of central Illinois,
it also includes some areas of Northern
Indiana and Southern Wisconsin. You
can get listed on the MLS
for a flat fee. |
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MLS systems were founded to help real
estate agents list properties in a central
repository so all realtors, regardless
of the specific realty company they
worked for, could collaborate and share
listing information. The MLS reduced
market times and helped insure that
REALTORS® would get paid a commission
if they found buyers for a property
that another REALTORS® had listed.
Traditional REALTORS® generally
charge anywhere from 3%-7% commission
to list property in Illinois. Commissions
are negotiable. They split that amount
with the buyer's broker. The most common
commission offered to a buyers broker
(cooperating commission) in the Chicagoland
area is 2.5% but commission amount varies
from company to company and listing
to listing. |
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The
MLS has taken advantage of the internet
by allowing consumer websites like Realtor.com,
chicagotribune.com and other real estate
type search engines pull data off the
their system and post properties for
sale nationwide to increase exposure.. |
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There
is another Chicago MLS Listing service
used locally called the MAP MLS. It
is currently being merged with the MLSNI.
This system primarily covered portions
of some Chicago’s northern suburbs
already covered by the MLSNI. |
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Close
to 80% of all buyers use REALTORS®
to help them find their home. Some rely
on REALTORS® for their expertise
and/or knowledge of the area. Many buyers
who start out looking for a home on
their own usually wind up using a REALTOR®
because they come across a home listed
by a REALTORS®, who then, in turn
winds up showing them other similar
houses they might like that the realtor
has found for them listed on the MLS. |
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Getting
your home listed on the MLS is the best
and most cost efficient way to market
your property. Trying to market your
home on your own by listing it in the
local newspaper every week will quickly
become very expensive. You’ll
also find that you’ll get very
little if no response from buyers. It’s
more likely you’ll be hounded
by REALTORS® looking for listings
trying to convert you into listing your
home with their real estate company.
If you are interested in buying a home,
click here to Search
Chicago Home Listings.. |
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The
MLS not only notifies virtually all
the REALTORS® (who have 80% of the
markets buyers) that your home is for
sale, it also posts your property on
several major nationwide real estate
search engines that anyone with internet
access will be able to see. |
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Don’t
be confused by companies like BUY OWNER
or For Sale By Owner, these companies
do not typically list you on the MLS
or if they do it is very expensive and
they want the money up front. Companies
like these primarily only list your
home in their own magazine and on their
own websites, places where most buyers
are not looking for their next home.
Many of these companies now offer a
seperate service to list your homes
but do not offer the upgraded Realtor.com
listings with multiple pictures and
open house postings and some include
a back end percentage to the listing
broker. |
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Frequently
asked questions about listing on the MLS |
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