Flat Fee MLS Basics

Traditionally, real estate companies and their agents charge 6% commission to list a property. In return, they place the home in the Multiple Listing Service (MLS), market the property in newspapers, hold open houses and do all the leg work involved in the transaction when an offer is received. The 6% commission is usually split 50/50 between the Listing Broker and the agent who sells the property, also known as the Buyer's Broker or Selling Broker.
Listing for a flat fee provides you with the resources you will need to get your home sold while saving you the listing office commission that is traditionally 3%. At the same time, you reserve the right to sell the property as a for sale by owner otherwise known as fsbo. When you find your own buyer and sell for sale by owner you can double your savings and pay no commission.
The flat fee mls programs have been around for years but the internet really brought their use to the forefront of the market. When properties that are listed in the MLS can be found all all real estate websites, the consumer (buyer) has access to information that was traditionally controlled by the real estate agents, real estate brokers and Realtors. With the educated consumer the seller no longer had to rely on the real estate brokerage to get the exposure necessary to find a buyer for their home. They had access to a pool of buyers searching outside the assistance of an agent.
Even though many buyers still turn to a buyer's agent for assistance with their purchase, research has shown that 99% of those same buyers are searching the public real estate sites for homes they may want to view whether on their own or through their real estate agent.
Now you as a seller have access to the Realtor's MLS, plus many buyers that my want to purchase for sale by owner. This exposure helps you get the most money for your home in the least amount of time.