How It Works
The flat fee that you pay replaces the much higher listing fee, usually 2.5% to 3.5% of the sales price, that you otherwise would pay if you were using a full service Listing Broker in your local area. As a result, you will not have to pay additional fees to the listing broker that are typically based on the contract selling price.
You will, however, be required to pay a cooperating brokerage fee, usually between 1.5 to 3.5 percent, stated as a percentage of the total purchase price. The title agent conducting your closing will be be instructed, pursuant to your purchase and sales agreement (or listing agreement), to disburse any fees due to the cooperating broker.
Using our website is ideal for anyone who wishes to list more than one property. Just Remember! Once listed in the MLS, your property becomes available for other Realtors to show. You agree to show your property at your convenience.
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About Flat Fee MLS
This service is typically much cheaper than using a traditional real estate listing agreement. The listing fee for a “flat fee MLS” can range anywhere from $200-$500, depending on the area, while traditional brokers charge a total of 4% to 7% of the selling price of the property, that amount typically being split between two brokers involved in the transaction or two agents/brokers from the same company. However, in all cases where the property is “listed” in an MLS when using a fixed fee service, the seller must still offer a “Buyer’s Agent Commission”, typically 2.5% to 3% of the selling price paid to a co-operating broker who brings a buyer. However, the commission which is normally paid out to the “listing” broker is eliminated by payment of the flat fee. The savings can be substantial. See also “minimum service” laws.
The MLS (Multiple Listing Service)
The MLS (Multiple Listing Service) is a computerized database that enables realtors to display real time, real property listing information, so that authorized participants, as well as the public, can view and evaluate listings. The MLS serves as a means by which authorized participants (listing brokers representing sellers) make blanket unilateral offers of cooperation and compensation to other authorized participants (co-operating brokers representing buyers). MLS participants actively show and sell homes that are listed by other participants (member realtors). This process provides the basis upon which the Broker, who is working with the buyer and referred to as the Cooperating Broker, earns a commission. A cooperating broker’s entitlement to compensation is determined by the broker’s performance as procuring cause of sale or lease. 75% of all properties sold are sold through the MLS.
Commissions Are Not Fixed
Disclaimer:
- The broker’s compensation for services rendered in respect to any listing is solely a matter of negotiation between the broker and his or her client, and is not fixed, controlled, recommended, or maintained by any persons not a party to the listing agreement.
- The compensation paid by a seller to a cooperating broker in respect to any listing is established by the seller and is not fixed, controlled, recommended, or maintained by any persons other than the seller.
See also: For Sale By Owner or Flat Fee MLS?
See also: Unlicensed FSBO flat-fee MLS
See also: No Brokerage Relationship
See also: Listing Agreement
See also: Listing Broker
See also: flat-fee MLS
