Flat Fee Pocket Listing Frequently Asked Questions
Yes. The MLS is a berry powerful marketing tool. and depending how yo use it, we can list your information on these sites for buyers to contact you directly. When the majority of the selling terms have been agreed apron by the buyer and the seller, TOR Real Estate will help draft all the contracts and act a Transaction Broker there to facilitate the wishes ant terms of the seller and buyer.
In addition, if a seller wishes to have their own agent, of attorney to review the docents or negotiate on their behalf, that remains their right. However, you, as the seller, are under no obligation to compensate, but only to cooperate, with professionals a buyer chooses to enlist to work on their behalf.
“Article 3 of the Code of Ethics requires that “REALTORS® shall cooperate with other brokers except when cooperation isn’t in the client’s best interest.” The Code goes on to say “the obligation to cooperate doesn’t include the obligation to share commissions, fees, or to otherwise compensate another broker.” REALTORS® must cooperate with other brokers regardless of whether or not compensation is offered. This “cooperation” may include sharing information about listings and allowing others to show a listing.
Taking cooperation a step further, an MLS is defined, in part, in NAR’s Handbook on Multiple Listing Policy as a means by which participants make offers of compensation to other MLS participants. Policy Statement 7.23 of the handbook clearly provides that “in filing a property with the multiple listing service of a Board of REALTORS®, the participant makes a blanket, unilateral offer of compensation to the other MLS participants and shall therefore specify on each listing filed with the service the compensation being offered by the listing broker to the other MLS participants.”
A listing filed with the MLS must specify some amount of compensation (the amount of which is wholly at the discretion of the listing broker) to other participants in the MLS, including buyer’s agents, subagents, or transaction brokers. Otherwise no contract can be formed between the participants. Yet, it’s critical to remember that cooperation and compensation are not interdependent. Brokers who choose to participate in an MLS must abide by its rules. But the Code of Ethics is clear that cooperation doesn’t require compensation.”
With our flat fee MLS listing you are agreeing to cooperate with the potential of a buyer’s agent. However, you are under no obligation to compensate them beyond the initial $89 listing fee. TOR Real Estate will act as a Transaction Broker, meaning we do not represent either side, but we have years and years of experience both in marketing and second facilitate a closing between the buyer and the seller. This means we can help drat documents to the agreed terms (the average contact is 20 to 30 pages these days), make sure necessary items are done within the scope of the contract (like inspections, surveys, termite inspections, open escrow account with a reputable (and trust worthy title company) and so forth. Going from purchase agreement to contract is not an easy process, however, that’s exactly what TOR Real Estate specializes in without the need of a second Realtor and broker to erode your profits.
Well fist, it important to know that the MSL is an agreement to cooperate, however not necessarily compensate, a co-brokered deal. The “system” is backwards and broken, but the big box brokers don’t want you to understated this. Commissions are intentionally deigned to be confusing for the consumer, most sellers have no idea how many hands are in their pocket, eroding your equity, when it time to close. The average sale has the Realtor, their “team, their broker involved on just one side of transaction. The other side also has a Realtor, a broker, and their team and office fees. Under this outdated model, it’s no wonder selling your hose cost so much money.
For most of our Flat Fee MLS customers, savings average about 75% in Realtor commission. This means your walking away at closing with thousands more of your equty. Take a moment a moment and figure out how much you would save when you pay only 2.25% vs 6% of your homes sale price.
Not With TOR Real Estate it’s ass easy as 1, 2, 3…
- Complete your property information on our website
- Watch your email inbox for an invoice from a link to your new listing and a PayPal invoice to complete your payment
- You have the chance to review your listing before we distribute it on the MLS, Realtor.com, and all the most popular home search sites.