Frequently asked questions

What is the MLS?

The MLS (Multiple Listing System) is a database, where real estate agents can list properties either for sale or rent. When listing a property through the MLS, the owner (through the listing agent) provides a commission for the real estate agent that finds a buyer or tenant.

Do You Really Have No Hidden Charges or Extra Fees?

Correct. We have no hidden charges, as well as no transaction or processing fees that some competitors may surprise you with at closing.

We only receive the fee you pay us upfront, plus the closing fee for Premium service, and/or any add-ons that you may optionally order while listed with us (i.e., open house announcements, yard signs, etc. for standard users – Premium users have everything included).

Can an Individual List on MLS?

Not directly. The MLS is an agent-only “database”, through which agents share listings and offer compensation to agents that find buyers or tenants. Only a broker can create listings.

However, with our “limited service listing” service, we can list on MLS on behalf of the owner, without actually representing them. Think of it as getting your cake and eating it too. You get all the benefits and exposure that an MLS listing provides, without the high commissions or losing control of the sale.

How Can I Stay Compliant with MLS Rules?

Reeve is a do-it-yourself platform, so we’ve taken steps to help guide you through the listing preparation and posting process to keep you compliant right from the start.

The platform will then help keep you compliant by sending you notifications at various steps throughout the process (i.e., telling you when it’s time to close the listing, rules for posting pictures, etc.), so you never miss a step.

What are the Requirements for Having a Real Estate ‘For Sale’ Sign?

There are no National requirements, but there may be local or Home Owner Association rules regarding the use of ‘For Sale’ signs.

Some properties don’t even allow ‘For Sale’ signs, so it’s a good idea to check with your local regulations. In truth, ‘For Sale’ signs are a traditional tool used by listing agents, which is largely unnecessary in today’s digital world.

What Happens When My MLS Listing Expires?

We don’t believe in gimmicks or limiting our clients, which is why one of the best benefits that we offer are free extensions for any MLS listings that are about to expire.

This way, unlike some competitors, you still only pay a single fee for listing, even if your listing runs over our standard 12-month term.

What Commission Should I Offer?

Be competitive and try to offer between 2.5-3%. This will help prevent 90% of buyers working with an agent from being steered away (yes, it’s illegal and unethical, but it absolutely happens).

Think of it as a necessary cost for being able to access a buyer directly. About 5% of our sellers sell directly, without any agent involvement. You could set the commission very low, which would likely cause agents to avoid you, but that’s counterproductive to your goal of selling the home.

Everyone needs to pay the appropriate price for what agents bring to the table, as they may have been working with buyers for months before “finding” your home. It will also add value to the contract preparation and contract-to-closing tasks that need to be completed.

What are the Consequences for Home Sellers that Back Out of Contracts?

Again, this is a question that requires legal counsel. Because every contract is different, the consequences of violating the contract would be specified in the contract itself.

If you need more information, you should talk to your lawyer.

How Long Does the House Stay in the Contingent Status?

It all depends on the terms of the contract. Typically, it’s done for between 30-45 days.

If the buyer requires a mortgage to purchase the home, this will usually cause the contingent status to remain longer than if the buyer is purchasing the property with liquid assets.

How Can You Avoid Closing Costs When Selling a House?

The short answer is you can not avoid closing costs. Some of the closing costs are government transfer fees, a legal requirement when selling a home. It’s helpful to think about it like a form of sales tax, called a ‘Transfer Tax’. At a minimum, the sales tax must be paid on the sale of a property.

However, you can reduce the closing costs by using Reeve, as the largest percentage of the closing costs are the real estate commissions. Reeve charges a fair, flat fee for the service, not a 5-6% commission.

What are the Pros of Using Flat Fee MLS Services?

You mean, besides the ridiculous savings? 🙂 Using a flat fee MLS listing service when selling a property has several benefits, some of them being:

No large real estate commission (traditionally 5%-6% of home price)
You are in control of all aspects of the sale from start to finish
You’re in control of the price, marketing, and negotiations
You can save money by only paying for the services you need
You can avoid paying a seller’s agent commission, another huge 3% in savings
You can save some serious money compared to traditional real estate agents

What are the Cons of Using Flat-Fee MLS Services?

It’s important to note that using a flat fee MLS listing service means you’ll largely act as your own realtor, so expect to put in some of your own time and effort in exchange for the thousands of dollars in savings. But, if you have experience selling homes, then there are likely fewer risks with using a flat fee MLS listing service for you than for most people

The above is true for the typical “flat fee MLS” service. But Reeve is anything but typical. Reeve will guide you through the transaction and automatically take care of many of the steps that occur when selling a property. Even better, with the Premium service, your own dedicated licensed real estate agent will manage the transaction from start to finish, with assistance from Reeve, the AI-powered real estate assistant, all at a fraction of the traditional cost of selling a home.

What Paperwork Do I Need to Sell My House Without a Realtor?

Our sellers have access to a vast library of documents and templates needed for their transactions, and we encourage them to use them whenever necessary – completely free of charge.

How Can I Market My Home Without a Realtor?

That’s the beautiful thing about Reeve, we do the marketing for you. Not only do you get MLS listings, but you get Realtor.com and 750+ other real estate websites too.

What Should I Do with My Pets During a Showing?

Remove them from the property whenever possible. NEVER leave them out or loose.

What Happens to Earnest Money Deposits at Closing?

This will usually be spelled out clearly in the contract. In some cases, the earnest money deposit becomes part of the ‘cash to close’, where it can be used towards the down payment or closing costs.

If the buyer backs out of the contract without violating the terms, they may be eligible to get their earnest money deposit back, but if they violate the contract, the seller gets to keep the deposit as compensation for their wasted time.

Is the Earnest Money Deposit Refundable When Selling a Home?

It really depends on the terms of the contract. For instance, if the buyer finds something during their due diligence period, they may be able to get their earnest money deposit back.

However, in some cases, the contract may list the earnest money deposit as non-refundable.

Am I Still For Sale By Owner (FSBO) if I List with Reeve?

Legally, no. Technically you will be like a “for sale by owner” Our agreement is a limited service agreement. We don’t represent you, you represent yourself, just like a FSBO would. You are hiring us to only list your property on the MLS and advertise your listing through our partner network of over 750 websites.

With our Premium package, we do actually represent you and take care of absolutely everything a traditional agent would typically do, just better, and at a much lower cost.

Will I Receive Calls/Texts/Emails Directly?

Yes, Reeve connects you instantly. Your number is not published, because legally the broker number has to be published. But that’s better for your privacy anyways! Do you really want to be bombarded with spam and solicitations? We didn’t think so.

What is Your Cancellation Policy?

If you cancel before we’ve listed your home, you can receive a refund. However, we process this very quickly, so you would have to cancel almost immediately for that to apply.

Should you choose to cancel after the property has been listed, we can’t offer a refund, as we will have already provided the services you’re paying for.

What’s the Best Day to Publish Listings on MLS?

While there isn’t any definitive answer for the best day to list, some studies have shown that Thursday could be the most effective day to post listings.

By posting on Thursday, the listing will go live on Friday (and send out notifications), which then gives potential buyers the opportunity to come and see the home over the weekend. However, if you can’t list on Thursday, it doesn’t mean you’ll necessarily see less interest; you just may not receive offers as quickly.

Why Would I Want My Property Listed in the MLS?

90% to 95% of properties sold in the United states are sold by real estate agents. The only way to assure those agents that they would be compensated if they bring you a buyer (or tenant) is through the MLS, as the MLS listing is a contract for cooperation. With such a large number of listings in the MLS, agents litteraly do not have the time to look elsewhere and negotiate compensation with individual sellers before suggesting properties to their clients.

How Can I Extend My MLS Listing?

All of our agreements are set to a 12-month term (as every listing must have an end date), but we’re more than happy to extend listings for our clients whenever necessary.

Clients just need to send us an email letting us know that the listing is about to expire, and we’ll extend the listing for you to ensure it remains active as long as necessary.

When Should the ‘For Sale’ Yard Sign Come Down?

When the sale on the property closes. Any sooner could invite problems, as deals do sometimes fall through before they can be closed (i.e., during due diligence, .)

What Does Contingent Mean When Selling a Home?

Contingent means that a property contract has been signed, and the buyer of the home now has the opportunity to perform due diligence (i.e., home inspections, check the title, etc.).

In some cases, this is also required in order for the buyer to obtain financing from a financial lender.

Will My Phone Number or Email Be Displayed on MLS or Other Websites?

Yes, your phone number and email address will be displayed in the Broker Remarks, as well as in Showing Time for agents to contact you directly.

Those are “private” remarks; only agents see them, they’re not displayed on public websites. 3rd party websites (i.e., Zillow, Realtor.com, etc.) are legally required to display the Listing Broker contact information (ours).

However, the magic of Reeve comes into play. Reeve will intelligently and automatically provide interested buyers with your contact information for text and email inquiries, and then “live transfers” the call to your phone number. It’s like magic.

Can a Messy House Hurt Your Home Appraisal or Value?

For an appraisal, no. This won’t have any impact on your estimate.

For your home value, absolutely. This can detract from your home value.

Who Pays the Closing Costs When Selling a House by Owner?

Typically, these costs are negotiated ahead of time between the buyer and seller, and these terms are laid out clearly in the contract.

To get an idea of what the costs might look like for your property, consider checking out our [Net Sheet Calculator], which can help estimate what the closing costs of your home will be.

Can a Seller Back Out of a Contingent Offer?

You would need to check with your legal council to get an accurate answer for this question. Agents are not allowed to provide any form of legal counsel or advice.

Offers are a form of contract, so if you wish to back out of the contract, you need to ensure that you meet all the requirements listed in the contract for cancellation, and that you don’t violate any terms of the contract in the process of stopping the sale.

Does Earnest Money Deposits Go Towards the Down Payment or Closing Costs?

It can be used for either, depending on the terms listed in the contract that’s negotiated between the buyer and seller.

What is an Appraisal When Selling a House?

This is when an appraiser is hired to come and look at the property, the state of the home, as well as comparable homes in the area, in order to make an estimate on the value of the property.

For more information, we’d recommend talking to an appraiser, who can provide more detailed information about the types of services they provide.

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How Do I Host an Open House Without a Realtor?

Reeve can actually help prepare you for an open house. Our platform will help with an announcement, and you just need to focus on the on-site hosting. We’d recommend hosting on Saturdays, based on the listing on Thursday timelines we discussed before.

The snacks are completely up to you.

How Do I Vet a Buyer When Selling Without a Realtor?

The best way to vet buyers is to ensure that you either have proof of funds from their bank (i.e., a bank statement, etc.), or if they’re getting a mortgage to purchase the home, you’ll want to see a pre-approval letter from their lender.

What are Earnest Money Deposits in Real Estate?

It’s a form of regional deposit that is required in some states. In areas where earnest money deposits aren’t being used, an escrow fee is often applicable in lieu of it.

Do I Owe Any Commission if the Buyer Comes Without an Agent?

No, if the buyer comes without an agent, you don’t owe ANY commission. ZERO. Just the small flat fee we collected at sign up.

Can I List on Zillow Without Reeve?

Yes, you can. However, it’s just one platform.

By using Reeve, you get access to Zillow, Realtor.com, and 750+ other sites, which makes it much easier to have a successful sale.

Do You Charge a Fee to the Buyer/Agent at Closing?

No. We never charge a fee to the buyer or buyer’s agent. The only fee we receive is the fee you pay us. No gimmicks. No hidden fees.

Do You Have the Lowest Price Guarantee?

No, we don’t. But, we do provide the best value, customer service, and most efficient flat fee service at a very fair price. A lot of low-cost providers will charge you additional fees, (i.e., for changes to the listing), for listing agreement extensions, additional pictures, showing assistance, etc. Others will never even “support” your listing, answering calls and emails with a large delay, during business hours only, and so on (if ever!). Make sure you measure apples-to-apples when comparing services offered.

Can I List on Realtor.com Without Reeve?

No, Realtor.com does not allow listings directly from owners (also known as “for sale by owner”).

However, you can list with us under the Limited Service Agreement, and we can then publish on Realtor.com on your behalf. We just charge a lot less than a traditional agent, and you get a lot more freedom.

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