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Hourly real estate is essentially a fee for service model. An hourly real estate brokerage tracks actual time spent per transaction and periodically bills during the life of the transaction. Buyers or sellers pay only for actual services rendered (just as they would with a lawyer or an accountant) and never more than three percent of the purchase or sale price of the home. Time spent is also broken down into tiers of level of service rendered. In this billing structure, administrative and managerial tasks are billed at a rate different from those billed by professional real estate brokers.