Flat Fee MLS Listing Texas
Flat Fee MLS Listing Texas
Is the practice in the real estate industry where a seller enters into a listing agreement with a real estate broker who accepts a flat fee rather than a percentage of the sale price for the listing side of the transaction. The buyer's broker is still typically offered a percentage though that could be a flat fee as well. A discount REALTOR® flat fee MLS brokerage typically unbundles the services a traditional real estate brokerage offers and list the property for sale in the local multiple listing service (MLS) a la carte without requiring the seller to use its services for valuation assistance, negotiating, transaction management and showing accompaniment. Flat Fee brokers are real estate brokers, just like the national brand names, but offer discounted or unbundled services. Most flat fee brokers do offer full service brokerage services.
In the by owner MLS ®, the listing agreement between the Texas real estate broker and the property owner typically requires the broker to enter the property into the MLS and provide other contracted services, with the broker acting as what the traditional industry has coined a "limited service broker". However, the flat fee industry prefers the term a la carte broker because the services are not limited. Instead freedom of choice is expanded to allow sellers to pick from a menu of services.
Within the nontraditional real estate services market, there are multiple programs offered to sellers that share the common objective of saving the consumer money by reducing the overall expense of selling real estate. A "nontraditional service" does not automatically entail "limited service". For instance, some full-service brokers list properties under a full-service agreement but charge a "flat rate" that is not a percentage of the sales price.
For Sale By Owner MLS ( Multiple Listing Service in Texas ) is not different from traditional real estate brokerage services. Because the Texas MLS requires a listing agreement between a real estate broker and property owner, the rapid explosion of discount flat fee service providers has created a gap in the States developing laws governing flat fee services provided by real estate broker.
The main differences flat fee Multiple Listing Service and traditional services, flat fee allows the seller to sell as a for sale by owner in and not pay a commission. With traditional commissioned real estate agents, if you sell your own property, you will own the agent a high commission. Flat fee listing allows the customer to sell as a FSBO and with an agent, having the best of both worlds.
You are not a for sale by owner FSBO on the MLS, you are listed with an agent but still have the option to sell your own property without paying a buyer agent commission. We are a discount real estate broker from the normal 6% commission. Flat Rate or Flat Fee MLS listing services have been around for years but is fast becoming more popular when selling your property.
We comply completely with SB 810 on all our listing packages (along with all rules and regulations by TREC, TAR, NAR & MLS Boards) - that includes a provision that requires a broker who represents a party or who lists real property under an exclusive agreement to: inform the party of material information related to the transaction, including the receipt of an offer by the broker, and answer the party's questions and present any offer to or from the party. The bill prohibits a broker who represents a party from telling another broker to negotiate directly with the broker's client. The bill further provides that, for purposes of 1101.157, a license holder who has additional authority to bind a party under a power of attorney or a property management agreement is considered a party to the lease or sale; an inquiry to an employee of a builder or developer about contract terms or forms does not violate §1101.652(b)(22) if the person does not have authority to bind the employer to the contract; the delivery of an offer to a party does not violate §1101.652(b)(22) if the party's broker consents to the delivery and a copy of the offer is sent to the party's broker; and provides an exception to the requirement of sending a copy of the offer to a party's broker if the party is a governmental agency using a sealed bid process that does not allow a copy to be sent to the broker.