An MLS Entry Agreement is a limited listing contract that allows a property to be posted on the Multiple Listing Service (MLS) without full representation by a real estate agent.
What It Means in Practice
An MLS Entry Agreement—often called an MLS Entry-Only Listing—is a type of listing arrangement where the seller hires a broker solely to input the property into the MLS. Here’s how it works:
- Minimal Agent Involvement: The listing broker does not provide traditional services like showing the property, negotiating offers, or advising the seller.
- Direct Seller Interaction: Interested buyers or their agents contact the seller directly to schedule showings, submit offers, and handle negotiations.
- Flat Fee Structure: These listings are typically offered for a flat fee rather than a commission, making them attractive to sellers who want to save on agent costs.
Key Features of MLS Entry-Only Listings
- No appointment coordination: Cooperating brokers contact the seller directly to arrange showings.
- No offer presentation: Offers are submitted directly to the seller without the listing broker’s involvement.
- No advice or negotiation support: The seller handles all aspects of the transaction independently
Why Sellers Use It
- Cost savings: Sellers avoid paying a full commission to a listing agent.
- Control: Sellers maintain direct control over the sale process.
- Exposure: The property still gets listed on the MLS, which is the primary platform agents use to find homes for buyers.
Considerations
- Limited support: Sellers must be comfortable managing showings, offers, and legal paperwork.
- MLS rules apply: Even entry-only listings must comply with local MLS regulations, including timelines for submission and data accuracy
- even in an MLS Entry-Only Agreement, the broker is still officially the listing broker. That’s because:
- MLS rules require a licensed broker to post any listing.
- The broker’s name and license appear on the listing as the point of entry.
- A legal listing agreement is signed, even if it’s limited in scope.
So while the broker may not offer full services like showings or negotiations, they’re still the one who “owns” the listing in the eyes of the MLS. It’s a minimalist version of representation, but representation nonetheless.