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Frequently Asked Questions

What is Flat Fee MLS?

Flat fee MLS is a term used to describe a practice in which a realtor places a property for sale into the local Multiple Listing Service (MLS) for flat fee as opposed to a commission based on a contract selling price. All benefits associated with an MLS listing will be realized at a fraction of the cost. In other words, a flat fee is paid (UPFRONT) instead of paying a listing commission of 3% (typically) at closing. 

In order for our flat fee realtor to list you in the MLS, he needs your permission in writing. This permission, among other required formalities, is found in what is termed the listing agreement. 

The flat fee listing agreement is a formality that officially gives the listing broker permission to put your property on the MLS. Also, it specifies the price you want to start at, and the commission that you want to offer to other realtors if and only if a realtor brings you a buyer.

We are an alternative to using a 6 percent broker. When you list flat fee on mls, you are listed with a realtor for a flat fee, and also retain the right to sell “by owner.” This provides the best of both worlds (fsbo plus mls), giving you the most contractual flexibility, while still maintaining your fsbo status. I hope this explanation helps you better understand what we do. 

What is the Multiple Listing Service?
The MLS (Multiple Listing Service) is a computerized database which enables realtors to display real property listing information, so that cooperating brokers, as well as the public, can view and evaluate listings.
How does Brokerless MLS work?
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. As a result, you will not pay additional listing fees that are typically based on the contract selling price.
How do Agents/Buyers contact me?

There are two types of people who will see your listing — realtors and non-realtors (the general public.)

Only realtors have direct access to the MLS. Realtors will see your contact information on MLS and will schedule showings directly with you according to the showing instructions. You should have seen what this looks like in the PDF proof/print out we sent you.

The public does not have direct access to the MLS. They will see your property through one of the virtually hundreds of websites that PULL data from the MLS (i.e. Realtor.com, Trulia, Zillow, etc). The MLS prohibits us from displaying seller contact information in the public remarks section. The MLS does not own or control 3rd party websites. Realtor.com and Zillow, for example, are owned and operated independently, and we have no control over how they format listings. Our policy is, and has always been, If a buyer lead comes into the office from from any source, we forward that lead to you. 

Will I have direct access to the MLS?
The Flat Fee MLS service that we provide denotes that you, acting as seller, fill out forms so that a licensed Broker can submit your property data into the Multiple Listing Service (MLS). Therefore, you, acting as seller, will not be granted direct computer access to the Multiple Listing Service (MLS). All commissions are negotiable as a matter of law.
What savings will I realize using a flat fee home selling discount broker?

Paying a flat fee for an MLS listing means more equity in your pocket! All the advantages associated with an MLS listing will be available to you at a fraction of the cost. As a result, there will be no additional listing fees owed specifically to Brokerless. 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. Consumers who choose a limited service option can realize savings of up to thousands of dollars.

Link: Brokerage Options and Potential Savings on Homes Sold.

What type of Flat Fee Listing Agreement will I be required to sign?
An exclusive agency listing agreement is the most commonly utilized instrument when using a discount broker. The owner appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property, on the owner’s stated terms, for a commission. The owner reserves the right to sell without paying a commission if he or she sells to a prospect who has not been introduced or claimed by a specific broker. Most commonly used with Flat fee MLS listings.

This essentially reduces contractual risks between the seller and the listing broker, since the seller is free to sell (or otherwise transfer title to the real property) to any person procured by the seller (i.e. someone who is not represented by a “Buyer’s Broker”) without having to pay a brokerage commission or penalty. The net effect is to limit brokerage services provided, thereby giving the seller greater control and flexibility at significantly reduced costs.

The flat fee listing agreement is a formality that officially gives the listing broker permission to put your property on the MLS. Also, it specifies the price you want to start at, and the commission that you want to offer to other realtors if and only if a realtor brings you a buyer.

Will I need to offer compensation to a buyer's agent?
Yes. In all cases, where the property is “listed” in the MLS for a flat fee, the seller must offer compensation to a “Buyer’s Agent”, typically 2% to 3.5% of the selling price. This fee is paid to the cooperating broker (or agent) for producing a bidder or purchaser, when (and if) the transaction closes. As previously stated, you will not be required to pay a commission to a buyer’s agent if you sell to a buyer (or prospect) who has not been introduced or claimed by a specific broker.
Can my listing be extended if my property doesn't sell?

Yes. In order to relist or extend your listing, a signed new listing agreement will be required to have on file, if your listing expires.

Who will be in control of my Flat Fee MLS listing?
You will be in control all showings, buyer inquiries and negotiations. The listing broker may assist with paperwork.
Can I upgrade after signing up?

Yes, you can upgrade at any time after signing up. You will need to contact our sales office and they will walk you though any upgrades.

How soon will updates appear on realtor.com?

MLS Listings are updated within 24 hours of any changes being made and are available for public viewing on www.realtor.com and your local MLS 24/7.

How many people will get to view my property listing?

Every month millions of unique visitors searching Realtor.com will be able to view your listing. Realtor.com sends out numerous feeds to other major internet sites that display MLS listings as well.

Learn why Realtor.com is the busiest site on the web.