FAQs

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.

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.

Who is Brokerless, Inc.?

Brokerless is an interactive, web based, flat fee Multiple Listing Service provider. Brokerless has developed a platform that gives its web customers the ability to submit their own listings, via the affiliate broker's website, and have the data transmitted directly to the listing broker. The listing will then be entered into database of the Multiple Listing Service and an active MLS number will be generated.

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. You will, however, be required to offer a buyers agent commission (a/k/a cooperating brokerage fee). Most of our customers offer between 2% to 3%, but the choice is yours. The title agent conducting your closing will be be instructed, pursuant to your purchase and sales agreement (or listing agreement), to disburse any fees due to the cooperating broker.

How do Agents/Buyers contact me?

Buyers/Agents contact the Seller directly to set up showings. The Seller's contact information is placed in the "Showing Instructions" of the MLS for Buyer's Agents to see. However, it is a violation of the MLS for a Seller's contact information to be placed in the Public Remarks section or on Partner MLS Websites. If a Buyer/Agent calls Listing office, we tell them the Seller is responsible for setting up showings, and we give them the contact information. So, all calls are directed to the Seller. Any emails inquiries are forwarded to the Seller.

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 1.5% to 3.5% of the selling price. You set this amount and this fee is paid to the cooperating broker (a/k/a buyers 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. The title agent conducting your closing will be be instructed, pursuant to your purchase and sales agreement (or listing agreement), to disburse any fees due to the Cooperating Broker.

Can my property be listed on the MLS for longer than my listing agreement calls for?

Yes. However, listing agreements must have a definite expiration date. Therefore, additional paperwork will be required to extend the original period contemplated in the agreement.

Who will be in control of my Flat Fee MLS listing?

You will be in control all showings, buyer inquiries and negotiations.

What are the duties of a limited service flat fee mls listing broker?

The duties of a real estate broker will strictly depend on the laws of the state in which the property is located. If your state does not impose minimum service requirements, then the duties will be limited to the following: As a real estate licensee who has no brokerage relationship with you, (insert name of Real Estate Entity and its Associates) owe to you the following duties: 1. Dealing honestly and fairly; 2. Disclosing all known facts that materially affect the value of residential real property which are not readily observable to the buyer. 3. Accounting for all funds entrusted to the licensee.

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 do I find property that is listed for sale on Realtor.com?

Visit www.realtor.com.