Fee for service real estate virginia Discussion of the basics
Happily, no commission real estate sales are now a reality. 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 real estate means just what it says: the seller has no obligation to pay a percentage based commission to a selling broker.