Selling Your Own Home – Day 2

Home For SaleFriday, and the frustrations begin. We have decided to use Iggyshouse.com (more on that next post) to list our house. The main reason? A free MLS listing. Just because you are hip and cool and willing to do all the leg work to sell your home yourself doesn’t mean that everyone is. In fact, the vast majority of people buying homes still use real estate agents. Whether using a Realtor is a good or bad thing we will not go into today, but if you want to sell your house and most buyers are using Realtors, then good marketing sense says that you should go where the Realtors are. And the Realtors are on MLS.

Quick history lesson (don’t worry this won’t hurt). Not long ago, the MLS system was coming under scrutiny for uncompetitive practices. Like most businesses when the heat got turned up they tried to see if they could get the problem to go away without actually having to change their very profitable business model. As it ended up, MLS opened up the system to BUYERS by letting member companies provide MLS listings to the public (hello realtor.com and so on). This was a shrewd move, because the heat did go away, and they are laughing all the way to the bank. Why? Because it is still a very closed system when it comes to SELLER access. In other words, there is no way for you, Joe Public to get your home on MLS directly. You have to go through a broker.

Enter Iggyshouse.com. Iggyshouse.com is a web site where you can list your home for sale. This is practically worthless as 99% of buyers will never go to iggyshouse.com and instead will go where their realtor points them. But, in exchange for putting your listing on iggyshouse.com they will also list it for free on the MLS system and that my friends is the whole ball game when it comes to selling your home yourself.

So, the frustration? Well, if you read the site really, really closely, there are still some information gaps. Most specifically on timelines. Although there is a mention of the time lag to get your home onto Realtor.com there isn’t any mention about the MLS time lag. And, there is some semi-misinformation regarding how long it takes to get onto iggyshosue.com as well.

If you read my previous post, you know that we were trying to hit a very specific date in the afternoon for our listing to hit MLS. That won’t be happening. First, although iggyshouse says that postings take minutes unless they are “very busy” our listing took several hours to have its “content approved.” Then, we have to do a whole other process to get the MLS listing which is fine because we want to have control over what shows up. But, then it says it will take 24 – 48 hours for our MLS listing to show up. Well, fudge monkeys. Now, our listing will hit MLS on Monday probably which is pretty much one of the worst days. Oh well, the difference between “good” day and “bad” day isn’t much.

So, you want to use iggyshouse.com? Here is what you need to know:

1) You must list on iggyshouse.com first in order to get your MLS listing. Do not spend too much time crafting this listing because it has NOTHING to do with your MLS listing. You can come back later and make it nicer if you want.

2) If may take several hours (maybe more) to get your house on iggyshouse. Since you request your MLS listing separate, get you house on iggyshouse way in advance of your MLS listing. It’s not like anyone will see it until you start doing some promotion, so if you do it a week in advance. Plus, as you fill it out it will jog your mind on other information you are going to need (for example, what year your house was built).

3) It will take you 30 minutes (minimum) to fill out your MLS listing and it requires two pictures (including a front outside shot with no sign visible — MLS rule says no advertising). Plus, you have to fax a utility bill or property tax statement to iggyshouse to prove that you are the owner, so plan ahead and don’t figure you’ll do it between donut bites at work.

4) It takes 24 to 48 house to get onto MLS so if you want to be on by Thursday submit your request by Tuesday.

We’ll see how it goes from here.

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Coming up:

Other services out there and why we chose what we chose

Signage, pictures, and descriptions how to do them

Legal stuff (yuck!)

Buyer Agent Commissions

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