Frequently Asked Questions
Commission changes based on National Association of Realtors settlement August 2024
Starting in August 2024, sellers will no longer be able to post a predetermined offering of commission payable to a buyer’s agent on the Multiple Listing Service. (MLS). All commissions are fully negotiable, and the seller can negotiate a commission amount with each buyer that chooses to submit an offer.
This does not mean that the seller will no longer be asked to pay a commission to sell their property. Most buyers will not have the proceeds to pay their agent and will continue to ask the seller to cover this commission. As mentioned before, this is negotiable with each buyer.
When you list your home with Intermountain Properties, in addition to the flat listing fee charged based on the length of the listing agreement the seller chooses, there will also be a .15% transaction fee collected at closing.
For example- if you negotiated a 2 % commission for the buyer’s agent on an accepted offer, at closing you would pay a total of 2.15% commission. The buyer’s agent would get 2% and Intermountain Properties would get .15%.
Given this change which will require the seller to negotiate and agree to a commission with each buyer, Intermountain Properties does offer an additional service to handle these commission negotiations along with overseeing, writing and negotiating any counter offers, inspection and repair requests and all other issues which may arise during the sale.
The service is optional and costs $700, and is only paid at closing. If a seller wishes to use this optional service, they may sign up for it during the listing process.
Who is Intermountain Properties?
Intermountain Properties lets you list your home on the MLS and other listing sites for a low flat fee. When your property sells, you pay a small transaction fee of only 0.15%
What is a flat fee listing?
Instead of providing real estate services for a large percentage of your selling price, We charge a small fixed price to list your home on the Multiple Listing Service (MLS) This fee is $99-$199 depending on the service level you choose and the length of listing you select. At closing a small transaction fee is paid of 0.15%
When are commissions due?
As of August 2024, commissions are fully negotiable, and the MLS will no longer allow listed properties to post the amount of commission a seller is willing to pay. Sellers can now negotiate a commission amount directly with each potential buyer. The seller will sign a specific commission agreement with a buyer whose offer they decide to accept.
We encourage our clients to still offer a reasonable commission to a buyer’s agent as this will help with showings and offers. By offering little to no commission, this could push the commission expense on to the buyers, who may not be able to afford this expense and choose not to see your property or make an offer.
Let’s say you agreed to pay the buyer’s agent a 2% commission. At closing you would pay a total of 2.15% commission which would include the 2% to the buyer’s agent and the .15% transaction fee to Intermountain Properties.
What is the MLS?
The MLS (Multiple Listing Service) is an Internet database of ALL PROPERTIES offered for sale by real estate brokerages in your area. The MLS is exclusive to Realtors. Realtors search the MLS daily to find homes for their buyers, and for most Realtors, it is the only tool they need to find the right home.
What MLS systems do you work with?
We currently work with the 3 largest MLS networks in the State of Utah. The Wasatch Front MLS is the largest and covers the entire State. The Park City regional MLS covers the Park City- Heber Valley areas. The Washington County regional MLS covers the southern part of the State.
Are you a licensed real estate broker in Utah?
Yes. This web site is owned and managed by Intermountain Properties, a Utah-licensed real estate brokerage. We specialize in providing homeowners with complete MLS advertising services and support. We strive to provide our home-sellers with the VERY BEST in MLS advertising and marketing products. We feel that our Flat Fee MLS listing program is truly the best in the industry, unmatched in price, benefits, and service.
What is the listing Syndication?
In addition to advertising on the Realtor’s MLS, your listing is also distributed to a huge number of public search sites like… Realtor.com, UtahRealEstate.com, Homes.com and Zillow.com to name just a few.
Who uses your service?
Our typical client is a “For Sale By Owner” who wishes to utilize the Realtor’s MLS to gain maximum advertising exposure to both Realtors and independent buyers without paying a higher traditional listing broker commission and without a “binding” listing contract. Yes, our average customer includes the “every day” homeowner, real estate investors, builders, and everyone else who wishes to sell their property faster and save thousands on broker fees!
Who is listed as the contact on the MLS for my listing?
There are two versions of the MLS. One for agents and one for the general public. You are listed on the MLS as the direct appointment contact for the agents MLS. On the public MLS they will only show the listing agent’s name and contact information. If a person calls our office and inquires about your property, we will either pass your name and contact information so they can contact you directly, or we will call and schedule a showing on behalf of the potential buyer if they prefer to have an agent accompany them.
What type of "For Sale" sign should I use?
The MLS prohibits the use of non-brokerage signs on any listed property. If you want to use a FOR SALE sign on your property, MLS rules require that you use our brokerage sign. We provide a FREE brokerage sign when you choose our “Premium” listing package. If you choose our 1-month listing option, you can order a brokerage sign through this web site at a cost of $50. Signs are shipped to your doorstep by USPS. Please allow 2 to 3 days for delivery. You will need to provide your own stand. Once your property is listed, you can not use a “For Sale By Owner” FSBO sign. The MLS will fine you $100 for having a FSBO sign when your property is actively listed on the MLS.
How do I make changes to my listing?
One of the unique features of our flat fee MLS listing service lies in YOUR ability to easily manage your MLS listing online. Simply return to our website- login and then click on “Manage My Listing” and submit your listing modification, or you can email our service department directly with any needed changes.
Do you provide broker assistance when I get an offer?
If you choose to handle the offer and negotiations personally, then we are available to answer general questions. You will need to provide us with copies of all signed offers immediately after going under contract as well as all other documents generated and signed during the sales process.per the Utah Division of Real Estate guidelines.
If however you’d like us to be more involved and handle the offer negotiations, writing up counter offers, helping with sellers disclosures, selecting and ordering your title work, working through repair requests from the buyers after an inspection, then we can assist with those activities also. There is an additional fee of $700 which will be collected at closing.
MLS photo policy- Use ONLY your photos
Photos that the seller uploads for their listing MUST be taken by them personally or by someone who has given them the rights to use these photos in their listing. The MLS will assess a $1000 fine for the unauthorized use of another person’s photos from a previous MLS listing. The seller agrees to abide by these guidelines and be responsible for any fines assessed from non-compliance to these photo guidelines.
In the $99 basic 1 month listing option, the seller can post 10 photos in their listing. With the $199 premium 1 year listing, the seller can post 35 photos.
Can I cancel my listing?
You may cancel your MLS listing by giving us written instructions to cancel. You can’t be currently in active negotiations on an offer or be under contract at the time you decide to cancel.. To exercise your right to cancel, you can simply click on “Manage My Listing” and cancel your listing. Your listing will then be canceled and removed from the MLS system within one business day. Once your listing is active on the MLS and you decide to cancel, there are no refunds given.