What type of listing agreement will I be required to sign?

An exclusive agency listing agreement is the most commonly utilized instrument when using a Miami-Dade discount broker. The seller appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property, on the owner’s stated terms, for a commission. The owner, however, reserves the right to sell without paying a commission if he or she sells to a prospect who has not been introduced or claimed by any specific broker. Most commonly used with Flat fee MLS FSBO listings.

What are the duties of a Miami Realtor that performs limited service flat fee mls?

The duties of a Miami real estate broker will strictly depend on Florida law. Florida law does not impose minimum service requirements. Therefore, the duties will be limited to the following:

As a Miami Dade County Florida real estate licensee who has no brokerage relationship with you, (insert name of Real Estate Entity and its Associates) owe to you the following duties:

1. Dealing honestly and fairly;

2. Disclosing all known facts that materially affect the value of residential real property which are not readily observable to the buyer.

3. Accounting for all funds entrusted to the licensee.

I was caught in the real estate debacle. As much as I’d like to blame it on Wall Street, I really can’t. The fact is, I wasn’t an educated consumer. I just relied on the real estate industry to protect me, when I should have protected myself. For instance, I had heard about FSBO selling when I sold my last house in 2005. I knew that it would get my property listed on the MLS, but I wasn’t sure if I could handle the process without a full service broker.  So  that’s what I used, and it cost me thousands. It turns out, that was thousands I didn’t have to spend, because now it’s time for my next sale, and my house is not worth what I paid. But I’ve learned a lot since 2005.  I’ve had time to educate myself. For one, I’ve learned the details about flat-fee MLS discount realty. I know I can handle my own sale. After all, who else but me has my best interest at heart? This time, I’m listing the property through Brokerless.

The flat fee that you pay the Miami Realtor replaces the much higher MLS listing fee, usually 2.5% to 3.5% of the sales price, that you would be obligated to pay if you were using a full service Miami real estate broker. You will never have to pay additional fees to the Miami Realtor that are typically based on the selling price. You will, however, be required to pay a cooperating brokerage fee, usually between 2 to 3 percent, stated as a percentage of the total purchase price. The  closing agent issuing the title insurance policy(s) will be be instructed, pursuant to your purchase and sales agreement (or listing agreement), to disburse any fees due to the Cooperating Broker.

Miami Flat Fee MLS Home Selling Savings Hypothetical

Miami Full Service Listing without Flat Fee

$500,000 Sales Price

3% Commission to Buyer’s Agent: $15,000

3% Commission to Seller’s Agent: $15,000

Miami Listing with Flat Fee MLS Discount

$500,000 Sales Price

Commission to Buyer’s Agent: $0 – $15,000

Flat Fee to Brokerless, Inc: $295

Discount Realtor Savings to YOU: $14,705 (minimum)

$29,705 (if buyer does not have agent)