FAQS
Listing Changes
To make changes to your listing, just complete and return our Listing Change Notice form. To download the form, please click here.
- How is a home normally sold?
- Why should I use Mentor Listing Realty?
- What is the MLS?
- Will the MLS help me sell my home?
- How long will it take to sell my home?
- How much should the commission to the Cooperating Broker (“buyer’s broker”) be?
- Where will potential buyers be able to see my property on the internet?
- Can I still sell my home myself?
- Will I have to pay a commission if I sell my home myself?
- Do I have to pay a commission to a cooperating broker?
- Why not just advertise my home as a “For Sale By Owner” in my local newspaper?
- What phone number will be shown on the for sale sign provided by Mentor Listing Realty?
- If a customer calls Mentor Listing Realty about my home, what will happen?
- Who will set appointments for cooperating brokers wishing to show my home?
- Can I extend my listing if my home has not sold?
- Do I have to have digital photos of my home?
- How do I send Mentor Listing Realty digital photos of my home?
- What if I am not able to take a photo of my home?
- How many photos of my home can I submit?
- How long do I have to submit photos?
- What areas are currently served by Mentor Listing Realty?
- Will Mentor Listing help me negotiate with buyers, evaluate and prepare counter offers, and assist me in closing my home?
- Will Mentor Listing Realty represent buyers looking for real estate?
- Are there any special rules regarding signs?
- Are there any special rules regarding lockboxes?
- How is a home normally sold?
In a typical real estate transaction, a home owner signs a Listing Contract with a real estate broker, and then the real estate broker enters the home into the local Multiple Listing Service or MLS. Other real estate brokers or sales people use the information on the MLS to match sale. - Why should I use Mentor Listing Realty?
A typical real estate broker gets a commission of up to 7% of the sale price of a property. When another real estate office sells the property (as much as 80% of the time), the listing broker usually splits this commission, giving the selling broker one half. With our flat fee listing program, you pay a one time fee of $399 to enter your property into the MLS, and you pay the selling broker the normal ½ of the commission when your property sells. This cuts your cost to sell your home in half. And if you sell your home yourself, you pay no commission! See how much you can save with Mentor Listing Realty! - What is the MLS?
The MLS (Multiple Listing Service) is a corporation owned and controlled by the local association of REALTORS®. The MLS provides a central system for sharing information on properties for sale in an area so that real estate agents with buyers can match these buyers to properties listed by other agents. Listings may only be entered into the MLS by licensed brokers and sales people belonging to the MLS. The MLS is the main way that agents find properties for buyers. Our service permits you to take advantage of this powerful service, but at a much lower cost than a typical broker. - Will the MLS help me sell my home?
Yes. Putting your home in the MLS system makes it available to the hundreds of real estate agents in your area. These agents have the buyers. Homes that are not in the MLS are invisible to these agents, and to the buyers they are representing. - How long will it take to sell my home?
If a home is priced correctly, it should sell in around 60 days. Your home may sell faster or slower, but your listing with Mentor Listing Realty is for six (6) months. If your home does not sell, you can extend your listing for another six (6) months for $99. Just execute a Listing Change Notice and forward it to Mentor Listing Realty. - How much should the commission to the Cooperating Broker (“buyer’s broker”) be?
Mentor Listing Realty recommends that the commission you offer the cooperating broker be as close as possible to ½ of the typical commission in your area. Real estate commissions vary from area to area, but are generally between 5% and 7%, with higher priced homes sometimes falling to 4%. With Mentor Listing Realty your commission is normally from 2½% to 3½%. We do not accept listings offering commissions to buyer’s brokers of less than 2%. Commission rates are negotiable, as is every element of the listing contract. Ultimately, it is your business decision how much, or how little, to offer the buyer’s broker. - Where will potential buyers be able to see my property on the internet?
Your home will be on over 90 national real estate web sites, and on hundreds of web sites local to your area. Your home will be on REALTOR.com, the official web site of the National Association of REALTORS®. REALTOR.com is the world’s largest database of properties for sale with over 353 million page views per month. REALTOR.com is the only real estate web site listed in the top 100 most popular web sites. Your home will also be on Zillow, moving.com, MentorListing.com, the pubic access site for your local MLS (depending upon the policies of the individual MLS), and on the internet sites of many area REALTORS®. - Can I still sell my home myself?
Yes. - Will I have to pay a commission if I sell my home myself?
No. If you find a buyer without the assistance of REALTOR®, no commission will be owed. - Do I have to pay a commission to a cooperating broker?
Yes, you must designate a commission to be paid to a cooperating broker. However, this commission can be a flat fee or a percentage of the sale price. The amount of commission to be paid is negotiable, as are all elements of the listing contract. - Why not just advertise my home as a “For Sale by Owner” in my local newspaper?
Almost 90% of all buyers use real estate agents when buying a home. A “For Sale by Owner” listing in the newspaper misses those buyers. - What phone number will be shown on the for sale sign provided by Mentor Listing Realty?
The optional for sale sign will show the “owner phone” listed by you on page 1 of the listing agreement. - If a customer calls Mentor Listing Realty about my home, what will happen?
Mentor Listing Realty will refer all inquiries about your home from buyers not represented by REALTORS® to you directly. Remember, Mentor Listing does not represent buyers. - Who will set appointments for cooperating brokers wishing to show my home?
Cooperating brokers will call you directly for appointments, additional information, questions, etc. - Can I extend my listing if my home has not sold?
Yes. Listings can be extended an additional six (6) months for $99, if an executed Listing Change Notice and the listing extension fee of $99 is received in the Mentor Listing Realty offices prior to listing expiration. - Do I have to have digital photos of my home.
No. Any recent color photograph of your home can be used. Just mail in your photographs to Mentor Listing Realty, P.O. Box 507, Michigan City, IN 46361-0507. Remember to clearly mark all photos with the property address and MLS number. - How do I send Mentor Listing Realty digital photos of my home?
Mentor Listing Realty can receive digital photos on CD-ROM’s and via email. You will be given the email address to use after you execute your listing contract. You can mail your electronic photos, on a disk, to Mentor Listing Realty, P.O. Box 507, Michigan City, IN 46361-0507. Remember to clearly mark all photos with the property address. If emailing photos, please put the property address in the subject line of the email. - What if I am not able to take a photo of my home?
Mentor Listing Realty will take a photo of your home for a fee of $75. - How many photos of my home can I submit?
Mentor Listing Realty accepts up to six (6) photos for every listed property. Additional photos, up to the maximum allowed by the MLS, can be added for $10 each. All additional photos will also be added to your listing on REALTOR.com, up to REALTOR.com’s maximum of 25 photos. - How long do I have to submit photos?
Mentor Listing Realty must have at least one (1) photo of the front exterior of your home within three (3) days of the acceptance of your listing. Late submission of photos could incur fines from the MLS system, which are the responsibility of the home owner. - What areas are currently served by Mentor Listing Realty?
Mentor Listing Realty currently accepts listings in Indiana and Illinois. Other areas will be added soon, so check our web site at https://mentorlisting.com for updates. Click here for a complete list of areas served by Mentor Listing. - Will Mentor Listing help me negotiate with buyers, evaluate and prepare counter offers, and assist me in closing my home? Yes. Mentor Listing Realty will provide you representation, whether you are selling the home yourself or through a cooperating broker, for a single flat fee of $499. Execution of our Agreement to Represent Owner contract is required for representation.
- Will Mentor Listing Realty represent buyers looking for real estate?
No. Mentor Listing Realty does not represent buyers in real estate transactions. - Are there any special rules regarding signs?
Yes. There are special restrictions regarding signs for homes in the 13 county area served by the Metropolitan Indianapolis Board of REALTORS® (MIBOR) and the 2 county area served by the Bloomington Multiple Listing Service. For homes in these areas, if any sign other than the sign provided by Mentor Listing Realty is displayed, you may be penalized or fined. Such fines are the responsibility of the home owner. - Are there any special rules regarding lockboxes?
Yes. There are special restrictions for lockboxes for homes located in St. Joseph County, Indiana. Mechanical lockboxes are not permitted in St. Joseph County, Indiana. If a lockbox is desired for a home in St. Joseph County, Indiana, it must be an electronic lockbox as provided by Mentor Listing Realty. Fines for mechanical lockboxes, which may be up to $100 per day, are the responsibility of the homeowner.