What is a Flat Fee MLS Listing?

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What is a Flat Fee MLS Listing? We’ll demystify this topic for sellers in the following video. I’m Chris at Hauseit. In case you haven’t heard of the platform, Hauseit is the largest For Sale by Owner and Buyer Commission Rebate company in New York City since 2014.

So a Flat Fee MLS Listing, you may have searched online, looked around for alternatives to selling with broker or perhaps paying less than standard 6% broker commission. A Flat Fee MLS listing is exactly as it sounds. A seller pays a flat fee to a broker to list his or her property on the local MLS and the associated websites that syndicated automatically from the MLS.

Typically what happens is a seller will pay a flat fee of anywhere from a few hundred dollars to even $1,000 or more to a local discount broker and the broker will then do a what’s called entry only listing and input the listing into the MLS on the seller’s behalf. Obviously, only brokers are only allowed to input listings into the MLS so the listing will be under the broker’s name not the seller. The broker will the co-broke on the seller’s behalf. So one of the main points of doing a flat fee MLS listing is getting access to the MLS so you can offer commission to buyer’s agents so to effectively do this, your listing needs to be in the MLS where it is contractually co-broked with other agents.

What this means is when a broker lists your property into the MLS, he or she also inputs commission that is contractually offered to all other broker members of the MLS. For example, let’s say if your listing broker puts 2.5% or 3% and that is if a cooperating broker in other words a buyers broker brings someone, brings a costumer which ends up purchasing your property, then he or she will be owed 2.5% or 3% regardless of whether you end up paying or not. In other words, your listing broker is on the hook contractually.

This is why co-broking or putting listings into the MLS is so effective, because buyer agents know that they'll get paid. In the flat fee MLS listing, after a flat fee is typically paid upfront, the listing broker will the ask the seller to sign the flat fee MLS listing agreement. This listing agreement once signed will allow the broker to list the property onto the MLS. The listing process can take anywhere to two business days for the listing to syndicate the MLS and all relevant websites.

Keep in mind that once the listing is entered into a MLS listing typically the MLS will then automatically syndicate the listing to a variety of third party websites. Many of what you’ve heard of such as Zillow or Realtor.com in New York City it would be StreetEasy, The New York Times and other sites that you’ve heard of. One important thing to know with a Flat Fee MLS listing in a certain areas such as New York City is that there may be other names for the defacto MLS in the area.

For example, in New York City where were based, the MLS is actually not that technically MLS because it is not affiliated with the National Association of Realtors which you have to be a member of in order to call yourself an MLS. So the broker database in New York City is unaffiliated and it’s called the REBNY RLS. It’s operated by the Real Estate Board of New York (REBNY) and it operates much the same way as an MLS. So in New York City the term would be Flat Fee RLS Listing which we are happy to offer here at Hauseit. So what’s next after your broker list your property on the MLS or RLS? Well what typically happens in a Flat Fee MLS listing is when inquiries come in related to your property, the broker will then typically forward to you for you as the seller to handle.

This means any showing requests, any scheduling and negotiations or anything else related with the property after it’s been listed. If you have any questions please don’t hesitate to leave a comment below, hit subscribe as we do have a regular content and if you have any other questions feel free to email us at team@hauseit.com.

Our website is http://www.hauseit.com. Please do check us out if you have any questions about buying or selling real estate and want to save money on broker commissions in New York City.

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