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Real estate brokers who charge a one time fee (or flat fee) for only those services actually purchased by the consumer are referred to as fee-for-service (limited service) brokers. State mandated “minimum service” laws dictate to what extent the full service can be stripped into individual components. Consumers who choose this option can realize savings of up to thousands of dollars. A number of states have enacted laws that require consumers to purchase brokerage services they may not need or want, with no option to waive the extra items. These so-called “minimum service” laws diminish consumer choice and raise the cost of selling a home. A recent U.S. Department of Justice study found that “Consumers Can Save Thousands of Dollars in Commissions” by using a flat fee mls service when selling their home. Click on a state below to view their findings.
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