Fee for service real estate virginia, the basics
Until now, this system has been the sole method for payment of broker services. Licensed real estate brokers can now choose between charging a flat rate or percentage based real estate commission for their services. The one time flat rate real estate commission system is referred to in the real estate industry as Flat Fee MLS (Multiple Listing Service) and allows the seller to list on the Multiple Listing Service and other public real estate websites for a flat fee paid upfront when you list. You will still have to pay a percentage based real estate commission to a buyers broker when you sell your home, but this amount will be only a fraction of the real estate commission you would have paid under the old system. And, if there is no buyer broker, the flat rate ends up being your only real estate commission.