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Flat Fee MLS

Flat Fee MLS (sometimes referred to as "Discount MLS", "Flat Rate MLS", "Fixed Fee MLS" or "Fixed Rate MLS") refers to the practice in the real estate industry of placing pertinent information about a property for sale into the database of the local Multiple Listing Service (MLS) for a set fee or dollar amount as opposed to a commission based on the sales price of the property.

In this instance, the Listing contract between the real estate broker and the property owner typically requires the broker to enter the property into the MLS and calls for the seller to pay the broker a flat fee for the service. The net effect is to make the real estate industry's standard MLS available as a marketing tool to house sellers without the necessity of the seller purchasing a package of other services from the real estate agent.

This service is typically much cheaper than using a traditional real estate listing contract. 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 to "listing" broker is eliminated by payment of the flat fee. The savings can be substantial.

Variations And Types Of Limited Service:
The term "flat fee MLS" is also used to describe the service and fee structure provided by real estate brokers and agents who offer real estate services on "limited service" basis rather than as part of a bundled suite of services provided in the traditional, full service model. Since the seller is paying only and specifically for a listing in the MLS, the seller often takes responsibility for the other services typically provided by a full service real estate broker and is, in many respects, selling the property as a For Sale By Owner (FSBO). Typically, with flat fee MLS the fee is paid at the time of listing the property, rather than at closing (or settlement, as it is known in some parts of the US) as is the case with traditional brokerage services.
Many fixed fee services also offer contractual terms that permit the seller to advertise as a For Sale By Owner (FSBO) seller. Therefore, if the seller finds his own buyer, even the buyer's agent commission is eliminated.

Other advantages for the seller may include the option to cancel the listing at anytime and take it elsewhere in addition to not requiring that a seller be locked into a contract for a minimum amount of time.

A potential downside of using a flat fee listing service is that, in most cases, the seller must represent himself in the transaction, or arrange for other services such as an attorney or title company to handle closing. Some companies offer "limited representation" by the real estate broker, which include basic information to help sell the property. Because of this, flat fee listings may not be the best choice for the beginner. In any case, both flat fee (limited service) and traditional full service brokers normally advise clients to seek qualified legal advice regarding their real estate transactions.

Government Involvement In Flat Fee MLS
The United States Department of Justice Antitrust Division announced the launch of a new web site in October 2007 to "educate consumers and policymakers about the potential benefits that competition can bring to consumers of real estate brokerage services and the barriers that inhibit that competition." Among other findings, they report that new sales models can reduce consumer home sales costs "by thousands of dollars. For example, in states that allow open competition, some buyer's brokers rebate up to two-thirds of their commission to the customer, and some seller's brokers offer limited-service packages that let sellers list their homes on the local multiple listing service (MLS) for as little as a few hundred dollars. "Competition and Real Estate", includes a link to the real estate laws of each U.S. state and how they support or inhibit real estate brokerage competition.

More Information About Flat Fee MLS - According To

Wikipedia.org

Related Links About Flat Fee MLS

"The Last Stand of the 6-Percenters?", New York Times, 2006-09-03. Retrieved on 2006-10-10.

"Endangered Species", New York Times Magazine, 2006-03-05. Retrieved on 2007-05-02.

"Real Estate Commissions Shrinking" from NPR's Morning Edition, 14 April 2006 (retrieved 8 April 2007)

States with minimum-service rules for real estate sales. Retrieved on 2007-03-26.

"Department of Justice Urge Real Estate Commission to Continue to Allow Flexibility in Brokerage Services",

Real Estate Brokers "Limited service representative, contract disclosure required" portion of the law.

"Antitrust Division Launches Web Site on Competition in the Real Estate Brokerage Industry", DOJ Press Release (2007).

Flat-Fee Brokers, FSBO Offer Options for Sellers The Wall Street Journal - RealEstateJournal.com

DOJ/FTC Anti-Trust Workshop Department of Justice Workshop on Competition Policy and the Real Estate Industry

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