Frequently Asked Questions
How does Longmire Realty work?
You choose the marketing you need and how involved you want to be in the sales process. If you show your home and you sell your home, you save ! Don’t have time to show your home? If we show and sell your home, you only pay Longmire Realty ½ of the MLS Buyer’s Agent fee plus the normal listing fee to the Longmire Realty real estate professional that sells your home.
Your home can be offered to local realtors in the Multiple Listing Service (MLS) for Middle Tennessee so they can show and sell your home. If they sell your home, you pay a low Longmire Realty fee and you pay the real estate professional that brings the buyer the fee you agreed to and quoted in the MLS listing.
You will still save thousands… No matter how it sells or who sells, you save !
What advantages does Longmire Realty offer as compared to a traditional Realtor® or For Sale By Owner?
1) You Save Thousands! By selling your home with Longmire Realty instead of with brokers who charge a 6% commission. You can use your savings to reduce the sales price, or provide financing incentive options to the buyers, or offer an incentive to Buyer’s Agents who show your property. All of which will speed up the selling process.
2) Longmire Realty Offers Choices! We let you choose exactly how much you want to participate in the sale of your home and exactly what services you need assistance with. Your fee is based upon how many services your Longmire Realty Real Estate Consultant provides. If you participate in the sale of your home and procure the buyer by either showing your home yourself or through and open house you hold, the cost to sell your home will be 45% - 95% less than a traditional listing agent.
3) Longmire Realty’s proprietary technology allows you to obtain up-to-date information about your home sale quicker and more efficiently than a traditional listing agent. In fact, with our technology, you can be anywhere in the world and learn about the latest activity on your home.
Why not For Sale By Owner?
Longmire Realty provides protection! Our agents are licensed Realtor® providing all of the essential services from start to finish needed to sell your home; including a superior marketing plan, handling risk management and legal requirements, monitoring, negotiating, and closing at no extra cost.
So why do so many people still list with agents charging 6%?
The big real estate companies spend a lot of effort training their agents to push the service-side perception of their offering and avoid the issue of fees. To defend their traditional pricing structure, many agents will argue that “if you pay less, you will get less.” It’s all a smokescreen, of course. There is no shortage of unhappy sellers who paid 6%.
Most Consumers are loyal and sell very few homes, with the internet the home selling market has changed swiftly but most sellers do not know or understand the changes so usually when they prepare to sell their home, they first think of the agent that sold them their home. Because of their past relationship, they often find it difficult to “arm wrestle” commissions when they didn’t have to as a buyer.
Education - Most people do not realize commissions are negotiable and rely on advice from a friend or relative in the real estate business. Many people think that For Sale By Owner or traditional agencies are their only options because information concerning options were not presented to them and the resource that they relied on provides discredit for alternative processes.
What is Longmire Realty’s success rate as compared to a traditional Realtor®?
Longmire Realty sellers enjoy a better than 80% success rate. This compared to an average of 63% for the traditional system (National Association of Realtor® statistics). Longmire Realty has a better success rate due to our sellers having more flexibility to negotiate the purchase price since outrageous listing commissions are not part of the equation.
If I am going to show the home and do the open houses, why do I need Longmire Realty?
The #1 reason sellers use Longmire Realty is for our marketing & expertise. We counsel you on pricing your home, marketing your home, and most important, managing your transaction through closing to make sure that all of the paperwork is done correctly and that all required legal documents are included.
In addition:
- We guarantee in writing to advertise your property as needed.
- We use our exclusive marketing system to get you buyers.
- We list your home on the Internet at LongmireRealty.Net.
- We lend you "For Sale" and "Open House" signs.
- We discuss the "Bad" and the "Good" in all offers and negotiate to get you the best possible price.
- We pre-qualify your buyer and help them obtain financing. We go through your closing costs and leave you with an estimate of your net proceeds.
- We help you avoid problems, assist you should any arise and work to save you money in all the hidden parts of the transaction.
- We coordinate for you with the contractors, appraisers, inspectors and other professionals.
- We handle all negotiations, paperwork, contracts, any counterproposals, manage your transaction through the closing and attend the closing.
What if I sell my home myself?
If you sell your home without a cooperating Broker, no commission is due. The only fee is the Longmire Realty fee which is collected at closing.
If another agent contacts me directly to show my home, do I have to give them a coop if they write a contact?
If your property is not listed in the MLS , the answer is technically, no. In reality, if an agent from a real estate firm other than a Longmire Realty office wants to show your home because it is just perfect for their client, they will generally contact you first to find out if you are willing to offer a coop. At that point you will direct them to contact your Longmire Realty Real Estate Consultant who will work out an agreement between you and the other agent that will define just how much they will earn as their commission. If your home is listed in the MLS, then you are legally bound to pay the real estate professional that procures a buyer for your property the amount of coop defined in the MLS entry.
May a buyer contact me directly after a Realtor® shows my home to them?
Yes. However, you will still be obligated to pay a selling commission to the Realtor® who showed the home.
How does Longmire Realty help me with the paperwork and legal steps?
Longmire Realty’s licensed consulting team will help you execute your transaction through closing. Once you find a buyer (either directly or through a buyer’s agent), simply call Longmire Realty and one of our licensed Real Estate Consultants will assist you with the creation of the purchase agreement and steps to closing. If your home is listed on the MLS, and you receive an offer from a buyer’s broker or one of our Realtors®, then Longmire Realty will facilitate the transaction thru to closing.
How much commission do I have to pay?
Unlike most real estate agencies, we offer several options to list your home—we are leading the trend within the real estate industry to charge a “Fee for Services Provided”, or you can simply select Option 2 and pay a fee at closing. You decide how much you want to participate in the sale of your home and what services you would like your Longmire Realty Real Estate Professional to provide and decide whether you pay the upfront listing fee for the best value OR the higher fee—due at closing.
Are you a “discount” broker?
No. What makes Longmire Realty different is that we are a “fee for service” company. We have determined a very competitive fee for each component of a real estate transaction and we offer that to the public in a “no haggle” environment. Unlike traditional real estate, you don’t have to argue and bicker with us to get a super competitive rate! We don’t attempt to make a fortune from each family we deal with; we sell a lot of homes.
What is “fee for service” or “á la carte services”?
“Fee for service” is where the full service package is separated into any number of component parts and combinations. In this arrangement, different services cost different fees, and these fees are usually not contingent upon an actual close of escrow. This arrangement is suited for today’s more “e-savvy” sellers and “For Sale By Owners” who want assistance with select parts of the process of selling their home, without having to pay traditional real estate’s higher full-cost fee.
For instance, for the real estate professional, the two most costly and time-consuming services in a sale of your home are the open houses and showings. The standard Longmire Realty fee does not include these services. You can show your own home and SAVE! Should you need occasional help showing your home, we are still available for a low fee should we write a contract for the buyers.
But the key is: now you have the option to decide whether you need this service. Our fee structure provides you “full service” to meet your needs.
What is “full service?”
Most real estate professionals refer to their service as “full service.” This means that they do everything it takes to sell your home: place it in the MLS, advertise it in the local paper and home magazines, provider a flyer, do open houses, show your home to potential buyers, handle the negotiations when you receive an offer, and handle everything through closing.
The question really should be, “What is full-cost service?” Sadly, some brokers (regardless of company) list homes and then just put them in the MLS and wait for a contract to come in with no service provided beyond that. Many times after these listings expire, we end up interviewing with these unhappy sellers. We explain carefully to them what we do and what we don’t do. Most clients realize they are getting more services than when they where paying 6 to 7% commission. We offer you a menu of services that lets you choose as much or as little service as you desire! AND we back it up in writing by making the specifics of the service and the marketing we are obligated to provide part of the listing agreement!
How can Longmire Realty charge such low fees for its services?
We have streamlined the process of selling a home, identified how much time each service within the sale takes. This has allowed us to create low fees based upon the amount of time our real estate professionals will have to dedicate to the sale of your home. For instance, in most areas, higher priced homes take longer to sell. Therefore our fee will be higher for a higher priced home to compensate for the additional time we will have to invest and additional marketing we will have to provide.
If your business model is so beneficial to clients and you alike, why aren’t other brokers doing it?
Traditional real estate brokerage is pretty entrenched, very conservative and industry change is slow. The Internet has really shaken things up, and changes are starting to appear. Large national chains are even starting to tinker with the traditional model—including Century 21 in Atlanta, Georgia—and along with Longmire Realty of Nashville and Duffy Realty of Atlanta (Largest Fee For Service Broker in the South), there have been several Internet start-ups taking a stab at simple discount brokerage. We expect that the rate of change within the industry will increase, bringing new choices to consumers. Instead of seeking to “jump on the bandwagon”, Longmire Realty is proud of doing “fee for service” from the start.
Are there any hidden fees that I don’t know about?
No. Longmire Realty identifies all fees up front.
Do you also represent buyers?
Yes. Many of our sellers were once buyer clients, and of course, many of our sellers also want to buy again. We also have buyer brokers who specialize in working with buyers. For those buyers that are willing to partner with us in the search for their home we have special incentives.
What happens if a buyer calls Longmire Realty directly to request to see my home?
The Longmire Realty office will first check their showing instructions to see if you have given them permission to show your home. They will then make every effort to contact you and let you show your home. In the event that the buyer is impatient and you cannot be reached within a reasonable amount of time, a Longmire Realty Real Estate Professional will make arrangements to show your home.
What happens if a real estate agent calls Longmire Realty directly?
First, we will determine which Longmire Realty program you have selected. If you have signed up for the MLS Service, then we will schedule the showing. If you have selected the Longmire Realty Exclusive Listing, we will consult our showing instructions. If you have indicated that you do not want to let other agents show your home, then we will inform them of your decision. Otherwise, a 3rd party appointment agency (Centralized Showings) will contact you and make arrangements for the showing.
What happens when I receive an offer?
Longmire Realty will write the contract and handle the transaction thru to Closing. Contact us immediately so that we can prepare the paperwork and get the process rolling.
If Longmire Realty brings me a buyer and sells my home, then will I owe a commission to them for bringing the buyer?
If a Longmire Realty broker brings a qualified buyer to you and they purchase your home, we are entitled to the buyers’ agent’s commission for selling your home since we are acting as the buyers’ broker but we will only charge ½ of that commission. When you sign your listing agreement with Longmire Realty, we will define exactly what this fee will be. We always put everything in writing so you have no unanswered questions.
We work all day. How can we show our property?
Fortunately, the people buying homes also work all day so most people can only preview a home in the evenings or on the weekend. Generally, scheduling the buyer to meet with you is not an issue. However, in the event that the buyer can’t wait, you can choose to let us show your home for a low showing fee payable at closing should the buyer purchase your home.
Am I locked into a 6-month listing contract with Longmire Realty?
No. This totally depends upon the agreement you make with your Longmire Realty Real Estate Consultant. It varies with the area you live in and the office policy.
What are open houses? Are they necessary?
Open Houses are typically conducted on Saturdays and/or Sundays. The idea is to let the buyers preview your home in a no-pressure, non-scheduled manner. Many Longmire Realty sellers have great success with open houses. As to whether they are necessary or not, the answer is: "it can’t hurt". Open Houses statistically are responsible for 2-3% of all home sales. Just like "location, location, location" is important, so is "exposure, exposure, exposure". The more people that see your home, the more you increase the odds of finding a buyer.
What is MLS?
MLS® (Multiple Listing Service) is the most comprehensive computerized database of homes for sale, with over 1.5 million listings nationwide. This database is used by Realtors® to market and promote their own listings and to cooperate with other Realtors®. Realtors®, in turn, are compensated with part of the commission. A large portion of real estate transactions are a result of direct MLS exposure.
By having your home in MLS, it will be exposed to thousands of local real estate agents who otherwise would not have known that your property was for sale and would not have shown it. This is the same MLS used by a traditional broker who would charge you a full cost listing commission.
Do I have to list my home in the MLS and thereby offer a co-op commission?
No. That is totally up to you and often dependent upon your marketplace. If homes in your area are moving fast, then you will probably want to at least start without the MLS so you have an opportunity to sell your home yourself and save. However, if you are in an area taking 45 or more days to sell the average home, then you will probably want to list your home in the MLS to increase your exposure. As they say, time is money and exposure is critical.
What is REALTOR.com? What is Realtracs?
REALTOR.COM is a leading Internet site where buyers can search for homes. Technically, it is the official Internet site for the National Association of Realtors®. REALTOR.com’s 1.4 million home listings are provided by participating REALTOR® Multiple Listing Services. This is one of the advantages of listing your home on the MLS - your home will then be copied to the REALTOR.com web site and will be accessible to individuals and Realtors® via the Internet. This includes color pictures, tours and all pertinent information (price, location, square footage, contact information, etc.)
REALTRACS.COM is the middle Tennessee public access version on the realtor® MLS where local Internet buyers can view available homes.
Can I start out trying to sell my home as a Longmire Realty Exclusive Listing first, then add the MLS later?
Yes.
Won’t buyer’s agents boycott my listing?
No. Buyer brokers are indifferent as long as they are being paid their due. Our listings have been sold by nearly every major real estate company in Nashville and we have excellent relationships with our colleagues. Furthermore, it’s not likely that there will be another house just like yours (same price, size, condition, location, etc.) on the market at the same time as yours with a higher listing commission BUT with the same co-op commission.
Why does Longmire Realty work?
Longmire Realty works because a steadily increasing number of buyers are using the Internet to search for a home before they ever even consider speaking with a real estate agent. In fact, thousands of buyers visit our websites each month. We cover your bases with effective marketing and work directly with the real estate community because the local agents are fully protected by the MLS system. We provide services that make the process seamless because our licensed consulting team will help you and the buyer fill out all the forms that are required by the state and handle the process from start to finish, including helping you find a buyer, qualifying them for a new loan, all the way through selecting which escrow/settlement company to use. As a seller, it is important to know that you can have professional help throughout the entire process.
Will a yard sign be provided?
Yes, a distinctive Longmire Realty yard sign will be provided that is conservative and does not indicate a discount or alternative listing.
How do other Realtors® show my home?
Other Realtors® will schedule a showing using the instructions in the MLS. Nothing will be different for them.
Will my listing look the same as those who have agreed to pay a full listing commission to a traditional agent?
Yes. Your listing is a “Full Service” listing from the viewpoint of the MLS service because you are getting full service for the resources you have selected.
How long before my home will be on the MLS and REALTOR.com?
Your home will be on the MLS and Longmire Realty 24 hours of receipt and acceptance of the listing agreement and the other forms provided to you. They will be transferred to REALTOR.com when the local MLS service sends them data, which in many cases is once a week around Wednesday.
How should I price my home?
We will provide you with a Comparative Market Analysis that will provide you with information regarding the price range of similar home sales in your area so that you can choose a price you feel is appropriate for your home.
General Real Estate FAQ
Q: Do real estate forms have to be notarized?
A: Most real estate forms must be notarized to be recorded in the land records. Examples are deeds and mortgages. Forms that will not be recorded generally do not have to be notarized, such as a lease form.
