Flat Fee MLS is an alternative to the traditional real estate model where the seller typically pays a 5%-6.5% commission.
The flat fee that the seller pays replaces the much higher listing fee, usually 2.5% to 3.5% of the sales price, that the seller otherwise would pay if using a full service Listing Broker Realtor.
As a result, the seller will not have to pay, at closing, additional fees to the listing broker that are typically based on the contract selling price. The seller will be required, however, to offer compensation to a buyer’s agent (we recommend usually 2%-3%), otherwise known as a cooperating broker.
Buyers and Buyers’ agents will work directly with the seller, potentially saving the seller thousands of dollars in commissions. If the seller conveys title without the assistance of a Buyer’s Agent, then the seller will not have to pay a cooperating brokerage commission on his/her transaction, making it an entirely Brokerless transaction.
1. Search for a Flat fee MLS broker in your state and Go FSBO!
2. Wipe out the listing brokerage commission and save thousands.
3. Stay in control by eliminating certain contractual risks that are present when using a full service real estate broker.
4. Advertise your home as a (FSBO) for sale by owner property.
5. Deal directly with a licensed MLS broker provider in your state. Fees vary by State, County, and Local Broker.
6. Click here to learn about state laws or regulations affecting your rights as a seller of real property.
7. MLS Listings are updated in real time and are available for viewing on www.realtor.com and your local MLS 24/7.
8. We use exclusive agency listing agreements. This means if you sell on your own, you pay no commission whatsoever.
Paying a flat fee for an MLS listing means more equity the seller’s pocket! All the advantages associated with an MLS listing will be available to the seller at a fraction of the cost. As a result, there will be no additional listing fees owed specifically to the MLS entry only listing broker. Typically, those fees run from 2.5% to 3.5% of the selling price, and are normally paid to the Listing Broker at closing. Fees vary by State, County, and Broker.
see also: flat fee mls providers
Flat Fee MLS Savings Hypothetical
Full Service Listing without Flat Fee
$500,000 Sales Price
3% Commission to Buyer’s Agent: $15,000
3% Commission to Seller’s Agent: $15,000
Listing with Flat Fee MLS Discount
$500,000 Sales Price
Commission to Buyer’s Agent: $0 – $15,000
Flat Fee to Brokerless, Inc: $295
Savings to YOU: $14,705 (minimum)
$29,705 (if buyer does not have agent)
Flat fee MLS is a term used to describe a practice in which realtors place pertinent information about a property for sale into the database of a local Multiple Listing Service (MLS) for a set fee or dollar amount as opposed to a commission based on the contract selling price of the property.