Hourly real estate, a review of the basics
Until now, sellers were responsible for the entire real estate commission, which was calculated at five to six percent of the selling price of a home; that commission was paid out of the sale proceeds and split between the selling and buying brokers. This can amount to a great deal of money, especially during a real estate boom, for what appears to be a relatively small amount of work. No commission real estate services, otherwise known as flat fee Multiple Listing Services (MLS), have turned the real estate industry on its ear. No commission means exactly that: a real estate transaction in which the seller does not pay a percentage based commission to a selling real estate broker. The seller hires an MLS licenced broker at a flat rate to coordinate Internet listings through local and national MLS real estate websites and to act as a point of contact during the life of the transaction.