We’re a new company, but here are some of the questions our users are asking us, and our answers:
1. Are there hidden fees or is my Free MLS Listing really free?
Users keep getting stuck on whether our FREE MLS listings are really FREE or whether there are hidden fees, either upfront or upon sale. Richr’s FREE MLS Listings are totally FREE! There are no hidden fees for listing your home on the MLS with Richr. One of the main benefits of listing on the MLS is so that the 47,000 brokers in the Tri-County area see your home and show it to their clients. MLS rules require that you offer them a commission to compensate them for bringing a buyer so you might end up paying them a commission if they find your buyer, but there are NO fees for listing your home on the MLS.
2. Why do I have to offer a cooperating broker compensation when I list on the MLS with Richr?
Neither Richr nor our network of brokerages will take a fee for your MLS listing. However, as the MLS is a co-brokerage site, they require a fee to be offered to agents who find a buyer for your property. You can choose the figure to offer, as long as you offer more than 0%. We generally recommend a 2-3% figure to motivate agents to bring their buyers to see your home, but you can choose the figure you’re comfortable with. And remember, as the MLS syndicates to hundreds of other websites, if a buyer finds your property without a broker, you pay no commissions and save a full 6%. If a broker brings a buyer, you still saved 3% of commission payments.
3. How does Richr make money if there is no fee?
Simple – we don’t. We are a new company with a mission to empower people to buy and sell property freely and directly with one another. 6% broker fees are hugely disproportionate to the work undertaken to sell a home, and savvy homeowners want an alternative way of transacting directly. Our first tool in changing the status quo is our free MLS listing platform so that sellers can harness the same marketing power as an agent. We don’t seek to make money from this – we want our users to have a great experience and tell their friends and family about it. We aim to monetize when we release our financial products to help owners and buyers finance their properties without the huge fees that companies currently charge.
4. Why list on the MLS?
There are over 800 Multiple Listing Services (MLS’s) in the USA. The Miami MLS covers the Tri-County area and is the database used by 47,000 agents to share their property listings with other brokerages. This is where buyers agents find homes to show their clients. Also the MLS syndicates to hundreds of other real estate websites, so buyers searching without agents can also find your property. Why wouldn’t you want to harness the same marketing power as an agent and use the MLS to maximize the visibility of your home listing?
5. Do I need a real estate broker to sell my home?
According to the National Association of REALTORS®, there were 5.51 million homes sold in 2017. Over 1.3 million of their members are competing for those listings, so of course, realtors are protective about their industry. Although some people need brokers assistance to sell their homes, others do not. Many people are experienced sellers and don’t need agents. Agents themselves often sell their homes as FSBO’s rather than using a brokerage. Other sellers have had bad broker experiences and don’t want to rely on middle-men to sell their home. More and more sellers just want to save tens of thousands of dollars of their equity rather than losing it to commission payments. We want to help those who want to go it alone, by offering technology services to make the process easier.
6. How is Richr different to other MLS sites?
There are many flat fee MLS listing sites, they have been around for decades. Richr is different. We connect homeowners with brokers who will list their home for FREE on the MLS.
- Our software helps users complete their listing information in a simple questionnaire format
- The questionnaire can easily and quickly be completed on a computer or cell-phone from Richr.com
- Our software will pre-populate public information to help you with the hard stuff
- Our platform will save your draft listing so you can return to it whenever you want
- Users can cancel anytime
- We don’t nickel and dime you for $79/$99/$139/$179, with a limited number of photos for 1/3/6 months. All our users get unlimited photo uploads (to the max you can put on the MLS) for a full 12 month listing.
7. Is Richr a brokerage?
We are a technology and referral company. We are not a brokerage. We have built a network of brokerages that are willing to list your home for FREE on the MLS. We also use our own affiliated company Richr Homes to list properties. In return, they would love to find a buyer for your property and for you to spread the word about how great they helped you. That’s it. NO FEES and NO CATCHES!
8. How can Richr help me list on the MLS if it’s not a broker?
The MLS can only be accessed by brokers and their sales associates, which is why we have formed a network of brokerages that are willing to list your home for FREE on the MLS, including our affiliate company Richr Homes. We refer your listing requests to brokerages in your area so they can list your home on your local MLS.
9. What happens after I submit my free MLS listing on Richr.com?
After you submit your free MLS listing through the Richr platform, we will email you to confirm that we received your listing. If it’s missing any vital information such as photos, we will let you know. We will forward your listing to the most suited broker in our network. They will then contact you to review the listing and to execute a listing agreement. As MLS rules require that all brokerages sign listing agreements for each listing, there is no way to list on the MLS without signing a listing agreement. With Richr, the agreements are FREE, and users can CANCEL ANYTIME.
10. Why are there 3 commission entries on the MLS listing for my property when I only offer one buyers agent commission?
The MLS captures details on the commission you offer to a buyers agent who brings a buyer for your property. The three commission entries that appear on the MLS all relate to the three different types of buyer agent relationships that can exist. Any buyer will only ever have one of these relationships – so only one commission is being offered. Here is an explanation of the different types of buyer agent relationships you may find on the MLS:
- Transaction broker – In this relationship the buyer’s agent can also represent the seller, but provides limited duties to both.
- Buyer Agent – This is an exclusive buyer agent relationship so the buyer’s agent cannot also represent the seller.
- Non-representative – The agent does not represent the buyer and just facilitates the transaction.
Many clients question whether the three entries mean they are offering a listing agent commission, but they do not. They have no connection to the listing side of the transaction. In fact, the MLS doesn’t capture or record a listing agent’s commission (which is zero with Richr).
11. How will potential buyers contact me?
Agents with potential buyers will contact you directly as your phone number will be attached to your MLS listing. Buyers reaching out from
12. In what circumstances would I have to pay compensation to any agent or broker?
The listing agreement make it clear that $0 brokerage fee and 0% broker commission is payable to your listing agent for listing your home on the MLS. The agreement states the compensation you have agreed to offer a broker who represents a buyer for your home.
So: If an unrepresented buyer purchases your home after seeing it on one of the hundreds of sites it will be syndicated to, no $ or % will be due to anyone. If a buyer with representation purchases your home or if your listing agent matches one of their clients to your home, then the compensation offered to a co-operating broker would be owing as they will have found you a buyer.
13. How is Richr different to Fizber, Owners.com and Forsalebyowner?
Fizber, Owners.com and Forsalebyowner have been around for years. They are all FSBO sites, seeking to monetize by charging complicated fees for different MLS listing packages. They advertise FREE LISTINGS to get users to click on their sites, but what they offer are free listings on their own site, not the MLS. They then try to upsell their expensive MLS packages ranging from Fizber ($295 for 6 MLS photos or $525 for 25 photos), to Owners.com ($395 for 12 MLS photos) to forsalebyowner ($399 upfront and $499 at closing).
If you want simple, straightforward 12 month MLS listings with the max photos the MLS will allow, look no further than Richr, where your listing is FREE. Our mission is to provide a free marketplace for buyers and sellers to transact freely. Our first step in this process is to provide a free sellers service, so take advantage of it, and list freely on the MLS with Richr.
14. How do I upload photos to my listing?
On the photo upload screen, you can upload photos individually or use our batch ‘drag and drop’ feature. If you are having problems, your photos may be too large. Either reduce the number of photos you are dragging at one time, or resize the photos using free websites like pic resize. Our questionnaire allows you to highlight the photo that you would like to be the featured photo on your listing, so make sure you identify your best photo.
15. How do I make changes to my listing once its’ gone live?
If you want to add photos to your listing, reduce the price, update your status etc. you should email your change request to the listing agent at the email they provide you with, and copy email@example.com. We will then follow up to confirm that the requests have been actioned. We want your listing process to be as smooth as possible.
16. How do I notify potential buyers of my open house?
Open houses are a great way to show-off your home to potential buyers. That’s why agents conduct them for their own clients (they also try and pick up buyers as new clients). Beware that some HOA communities do not allow sellers to conduct open houses, so check with them before you schedule your open house. Putting open house signs around your neighborhood can help direct buyers attention to your listing, but we can help you advertise your open house online on sites such as zillow so that buyers searching the web can be notified. We make this simple and entirely FREE for you. Just email firstname.lastname@example.org or your listing agent with your request and they’ll action it.