There are many REALTORS® associations throughout the United States. The agents working in Chattanooga and its surrounding areas are commonly part of the Greater Chattanooga Association of Realtors® (GCAR). More specifically, GCAR includes the following counties: Hamilton, Sequatchie, Catoosa, Dade, and Walker counties. These encompass what is known as the Greater Chattanooga area.
A multiple listing service (MLS) is vital for real estate agents to succeed. MLS helps REALTORS® to cooperate with each other to safeguard a clean, secure transaction. Additionally, the MLS is an important tool for real estate agents to share their listings with each other and specify what compensation is being offered to sell the property. A typical compensation offered is 3% (6% total) of the sales price, each to the listing agent and the buyer’s agent by the seller of the property. However, a REALTORS® commission can fluctuate more or less depending on the sales price and the involved parties willingness to negotiate.
As long as the agent’s brokerage allows the agent to lower his commission, a seller can always attempt to negotiate. Some real estate agents are willing to work for less while most understandably will want to be rewarded for their hard work. Ethically, REALTORS® must work equally as hard despite the commission rate. Otherwise, they would be in violation of their fiduciary duties.
With majority of home buyers searching online nowadays, the multiple listing service is crucial for success, especially for Greater Chattanooga real estate agents. Most importantly, the MLS benefits everyone involved: buyer, seller, listing agent, buyer’s agent, and in some cases For Sale by Owners.