About Flat Fee MLS, the Multiple Listing Service, IDX, Florida Living Network, Florida Properties, MLS Advantage, and Realtor.com
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.
About IDX
IDX allows Florida brokerage firms, that are in the MLS, to display each other’s listings on their own websites. Users can perform a single search across multiple markets.
About Florida Living Network
Florida Living Network allows Realtors® to create a web page with the IDX property search. The Florida Living Network is your gateway to homeownership in Florida. Whether you are seeking the help of a professional REALTOR®, or just want to peruse some properties, you’ve come to the right place. Search Florida Realtors
About Florida Properties
Florida Properties is a cooperative effort of MLSs to aggregate the state’s listings into one service displayable only by other MLSs and Florida Realtors®.
About Realtor.com
REALTOR.com® puts real estate listings for millions of homes for sale at your fingertips in regions across the United States and Canada. It offers listings of millions of homes spanning all 50 states and thousands of cities and towns representing over 800 MLSs. To search for a home on Realtor.com, simply enter a city and state in our search bar to gain access to the expansive database of real estate listings currently on the market.
About MLS Advantage
MLS Advantage allows participating boards and members to share available MLS listings across the entire state of Florida. With a single search, members can find all listings that match your search parameters from participating MLS boards. View list of participating boards.
