A real estate commission, paid on both sides of a sale, is comprised of 3 parts; an agent commission, Broker fees and MLS fees. Traditionally, it is the seller who pays each agent a commission that includes their Broker and MLS fees.
IPR eliminates commission and operates under a flat-fee. IPR has no Brokerage fee, but is still responsible for MLS fees on each sale. MLS fees are based on a home’s sales price.
The flat fee to list a detached home with IPR is $995. The flat fee to list an attached home with IPR is $795. In either case, an MLS fee, .0018% of the sale price, is due from both sides of the transaction.
How much a home seller will owe in MLS fees is unique and tied to their commitment in paying the buyer’s agent. The franchise format defaults to the owner paying 3%. IPR allows the seller to dictate their own terms. In theory, a buyer can hire their own agent and the seller can pay zero. While this day will come, it’s not here yet. Not offering an incentive will have a negative impact on sales. Conversely, defaulting to the franchise format, 3%, costs home owners tens of thousands. A buyer’s agent incentive range of .05% to 2% is more realistic in today’s market.
Paying a buyer’s agent 2%, means the agent, as in a traditional format, pays their own MLS fee. But, if the seller incentive is 1% or less, the seller is required to pay both sides of the MLS fee.
When using our pricing tool, please remember the fee you see from IPR is a total of 3 different charges including: our fee, ($995.00) the Inman Park Community Contribution, ($1,000.00) and the 3rd-party MLSs fee; which is based on the price of the home (.0018%, or $180.00 per 100K). Depending on how much or how little your sales strategy includes the buyer’s agent, a seller may be required to pay both, the selling and buying portion of the MLS fees.