What is MLS?

MLS is an acronym for “Multiple Listing Service”. REALTORS use it to list/search properties for sale by other agents. 3rd party sites like REALTOR.com, Zillow & Trulia stream listings from MLS so the general public can search properties in Maine. You can search Maine listings at www.mainelistings.com.

PLEASE NOTE: Lyman House Realty Group does not have any editorial control over 3rd party websites – they are streamed from MLS and sometimes take time for the updates to show*.


What is a Flat Fee Listing Service and how can it help me?

A flat fee listing service is what it says. You pay a flat fee to Lyman House Real Estate Group ($299/6 months or $399/12 months if paid at time of listing) and  in exchange we list your property on MLS. Having your property on MLS makes it searchable to brokers and buyers.  Your property gains exposure. On MLS, you do need to offer a commission to the broker representing a buyer at closing, however, if a broker does not represent your buyer, no commission is due.

SALE PRICE $200,000 / 6 MONTHS

STANDARD 7% COMMISSION CONVENTIONAL BROKERAGE
6 MONTH LISTING WITH LHRG & OFFERING 2.5% COMMISSION TO BUYER BROKER
LISTING WITH LHRG BUYER NOT REPRESENTED
 Commision paid at closing $14,000
Commission paid at closing $5,000 plus $299 upfront listing fee
 $299 listing fee
TOTAL COMMISSON PAID $14,000
TOTAL COMMISSION + LISTING FEE PAID $5,299
TOTAL LISTING FEE PAID $299

Do Buyers call Lyman House Realty Group for information on my property?

On the listing of your property – your contact information will be listed under “Showing Instructions” and will appear in public remarks on 3rd party sites. Buyers or buyer agents will contact you directly and you will answer questions and set up showings. If a buyer agent or buyer calls our office, we will refer them to the contact number and email you have on the listing. Seller negotiates the terms of the offers directly with the buyers or buyers’ brokers

I’ve never sold a house before. Do you think I can do it?

Lyman House Realty Group’s listing service is a useful marketing tool for experienced sellers with knowledge of the real estate process.  Lyman House Realty Group WILL NOT prepare or review any documents for sellers or buyers.  Lyman House Realty Group recommends you contact an attorney to prepare/review any documents for your real estate transaction.

How can I update my listing?

  1. Login
  2. Manage Account
  3. Update Listing

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PER MLS RULES

Per MLS, your listing must be updated within one business day of your property going under contract (acceptance of an offer) and one business day of after your property closes. Not updating your listing will result in fines from MLS that will be passed on to seller. You must notify Lyman House Realty Group via email within 1 business day of accepting an offer whether with the name of the broker representation the buyer or if the buyer is representing himself or herself. You must notify Lyman House Realty Group via email within 1 business day after the closing and include the closing date, sales price, type of financing, any money given back to buyer for closing costs. Failure to notify us will void our contract and result in MLS fines that will be passed on to the seller. Your listing being terminated with no refund.

WOW! That is a HUGE SAVINGS! How do I have Lyman House Realty Group list my property?

There are 6 things we need before we list your property:

  1. A signed Maine Real Estate Brokerage Relationship Form
  2. A completed & signed Exclusive Agency Listing/Marketing Agreement Form
  3. Appropriate Property Disclosures
  4. Appropriate Listing Input Forms
  5. At least 1 photo of subject property
  6. Payment for service – ($299/6 months or $399/12months if paid at time of listing)

Oh My Goodness! The map on my listing is wrong!!!

On your MLS listing there is a Google Map locating your property and giving directions. If the location is wrong, no problem! Visit www.itouchmap.com/latlong/html and email us the latitude and longitude! We will update!

Do I really need to offer a commission to the buyer’s broker?

To be listed on MLS you need to offer a commission to the buyer’s broker. The average commission offered is between 2.5-3% of the sold price paid at closing. The better the commission is, the more apt a broker will show your property. However, if a buyer contacts you directly and is not represented, no commission is due at closing.

I’m an investor and I have a lot of properties. Can I sell more than one property at a time?

Absolutely!

OK – I don’t have time to sell my property anymore, can I hire a traditional broker?

Absolutely! But you must cancel your listing with us first and our fee is non-refundable. You can cancel at any time. Contact us – we will send you a form to sign.

My house is sold and has closed! Do I still need to let LHRG know?

YES! Let LHRG know within one business day of the closing date. We need to know the purchase price, any money given back at closing, the type of financing, if any, used by the buyer. IE: conventional, FHA, RH, VA. We also need the buyer’s name. LHRG will verify with the seller and update MLS.