Brokerless, Inc. Business Model Explained
Nature of business
Through its websites, Brokerless, Inc. provides flat fee MLS listing services to consumers through an established network of real estate broker/affiliates, located in several different states. For a one time fee (i.e. $295.00), consumers can gain access to a local MLS. This avoids paying the high 3% to 6% in real estate commissions normally paid to full service real estate brokers. These properties will generally be listed for 6 to 12 months.
Payments to Brokerless, Inc.
Brokerless receives payment through its websites. Once a customer signs up for the service, Brokerless, Inc. charges customer the flat fee and assigns the customer’s order to one of its real estate broker/affiliates. Once Brokerless, Inc. receives confirmation from the assigned affiliate broker that the property data has been, in fact, entered into the MLS, Brokerless, Inc. pays the assigned broker affiliate for his/her services rendered. Brokerless, Inc. also processes flat fee orders on behalf of other real estate referral companies. For this, Brokerless receives a processing fee (i.e. $50.00) from the referral company that sent the order to be processed.
The Brokerless, Inc. Support Team