Variations and Types of Limited Service
The term "flat fee MLS" is used to describe the services and fee structures of real estate brokers and brokers who offer real estate services on a "limited service" or an "a la carte" basis rather than as part of a bundled suite of services provided in the traditional, full-service, commission-based model. In flat fee MLS listings, the seller is paying to be advertised in the MLS and for other contracted services. The seller, in many respects, is selling the property as a For Sale By Owner (FSBO), and actually waives some of those "fiduciary responsibilities" an broker typically owes his or her client. The "flat fee MLS" broker typically does not assist in any of the contract preparations, or assist in any way other than providing those marketing services contracted for and entering the property into the "MLS" system. Some Flat Fee service providers are now offering "contract review" and/or "contract negotiation" services as an upgrade option, but that should be spelled out in detail in any Flat Fee service agreement. In some areas, such as New York City, brokers by practice do not typically prepare contracts, so the lack of broker's providing contract preparation services is a moot point. On the other hand, in states like South Carolina where brokers can act as "scriveners" and actually provide and complete forms prepared and archived by the State's Realtor Association, Flat Fee subscribers should ask whether their Flat Fee service provider will provide standard real estate forms as requested.
Typically, with flat fee MLS the fee is paid at the time of listing the property rather than at closing or settlement, the opposite from traditional brokerage services. However, if a Buyer's Broker sells a Flat Fee MLS listing, the commission payable to the Buyer's Broker is typically paid at closing.
Read more about this topic: Flat-fee MLS
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