What is the MLS?
The Multiple Listing Service (MLS) is a database that only local licensed realtors can access. The database allows other brokers in the area to see listings of properties for sale with the hopes of connecting homebuyers to sellers. Posting your property to the MLS is often one of the first things your agent will do. MLS data is often considered the holy grail of real estate information. Data is usually updated to property websites like Realtor.com®, Move.com®, Trulia.com®, Google.com™, and Zillow.com®.In addition, the MLS creates an Internet Data Exchange (IDX), which allows other buyers in the area to search for local properties listed on the MLS. Sellers can add basic information to real estate sites, but only licensed brokers can post content and list a property on the MLS.
Your property for sale will appear in the Midwest Real Estate Database or MRED. MRED is one of the most extensive MLS databases in the nation serving approximately 40,000 brokers and appraisers and 8,000 offices. The Midwest Real Estate Database covers Chicago and the surrounding suburbs, including Cook, DuPage, Grundy, Kane, Kankakee, Kendall, Lake, McHenry, and Will Counties.
Discount Broker is a local, licensed, and trusted flat fee real estate company based in Illinois. We’re not an out-of-state or third-party provider. We don’t just list your home to the MLS; we’re here to guide you through the entire process. Selling a property can be complex. From answering common questions to help with contract negotiations, our experienced real estate agents are ready to assist.
Our local market knowledge and extensive experience help you sell fast and get the most for your property.
When a homeowner sells a property, the first step is hiring a listening agent to list the property on the MLS and help sell the home. Traditional agents work without pay until the property closes. Once the sale closes, the agent is paid a commission on the sale price (5%-6%). The agent’s commission is typically split with the buyer’s real estate agent. If a buyer purchases your home without an agent, the listing agent keeps the entire commission.
Rather than paying your real estate agent a percentage of the sales price for your home, a flat-fee MLS listing is an agreed upfront fee for their help. Then, the agent lists your home on the Multiple Listing Services (MLS) marketplace for you. Regardless of what your home sells for, the fee you pay your real estate agent stays the same as a flat fee MLS listing.
Keep in mind you still have to offer a commission to any agent that brings you a buyer (2.5% – 3.0%). If you find a buyer yourself or they come to you without the assistance of a buyer’s agent, you don’t pay a commission at closing.
Flat rate MLS services can save you thousands of dollars on real estate agent fees. At Discount Broker, we give you access to similar tools and resources traditional agents use. If you believe you can market your home without the help of an agent and want MLS exposure without paying an agent, consider a flat fee MLS listing.
If a sale is consummated because an agent brought a buyer to your property, that agent should be compensated. On average, it’s customary to pay the buyer’s agent 2.5% – 3.0% commission.
However, the amount is entirely up to you. We recommend using this to your advantage. The higher commission to offer to a buyer’s agent, the more motivation they have to persuade their client to purchase your home.
We offer various packages to help you get the most out of listing your property with us. All packages include listing your property on the MLS for a predetermined period, listing on local realtor sites, and a standard yard sign. We also offer add-ons, including lockboxes, professional photos, and managed showings.
Additionally, we’re here to help throughout the entire transaction. If you need advice or assistance regarding offers, counteroffers, notices, and contingencies, your broker is on hand when needed.
It does. Discount Broker exclusively lists properties that can be found on the Midwest Real Estate Database. All properties must be within the state of Illinois. While MRED also serves southern Wisconsin and northwest Indiana, Discount Broker does not list outside Illinois.
Absolutely. You can cancel anytime. We don’t charge a cancellation fee.
Additionally, we offer a money-back guarantee. If you choose to use another method to sell your property, we’ll connect you with a local agent in your market. If your property closes through our referent agent, we’ll refund you for your flat fee listing with us.
You may cancel at any time by filling out a cancelation form. Cancellation forms are available on your account page. Once received, we will cancel your property within 24-48 hours.
We can also email you the form for you to fill out if that’s your preferred method.