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Brokerless, Inc. Packages

Frequently Asked Questions

What is Flat Fee MLS?

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 the local Multiple Listing Service (MLS) for flat fee as opposed to a commission based on the contract selling price. All the benefits associated with an MLS listing will be realized at a fraction of the cost. No additional listing fees will be required to set up your listing.

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 do Buyers/Agents 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.

What savings will I achieve using Flat Fee MLS?

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.

Will I have direct access to the MLS?

No you will not have direct access to 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 type of 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.

Do I need to offer compensation to cooperating brokers (a/k/a buyer agents)?

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.

Exclusive Agency vs. Exclusive Right-of-Sale

Generally, two types:

Exclusive right-to-sell Listing Agreement: An exclusive right-to-sell listing is the most commonly utilized instrument with full service. It gives the broker the exclusive right to earn a commission by representing the owner and bringing a buyer, either through another brokerage or directly. The owner pays both the listing and selling broker fees. The owner cannot sell the property herself without paying a commission, unless an exception is noted in the contract.

Exclusive-Agency Listing Agreement: Most commonly used with flat fee MLS. A listing contract under which 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 anyone a commission if he or she sells to a prospect who has not been introduced or claimed by the broker. Most commonly used with Flat fee MLS listings or limited service business models.

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