Flat Fee MLS Listing is a way to save a great deal of money. Traditionally you pay a Real Estate Agent a percentage of the sale price to list your home. In New York this is typically 6% which is paid out at the closing. The listing agent receives 3% of the sales price while the buyers agent receives the other 3%. If the listing agent sells the home on their own they receive the entire 6%.
Our service allows you to list your home for a flat fee and not pay the listing agent a percentage of the commission. In our example below that is 3%.
So if your home sells for $300,000 you would not pay the listing agents percentage.
In our example $300,000 x 3% = $9,000 in savings.
If you sell the home on your own to someone not represented by a broker you keep the entire 6%.
In our example $300,000 x 6% = $18,000 in savings. If someone buys your home with the help of an agent you must pay the buyers agent a percentage of the sale price at the closing. This amount is set by you prior to listing your home on the MLS. Typically sellers pay 2-3 % of the selling price to the buyers broker who is also referred to as the Cooperating Broker.
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