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How Does an MLS Work?

A key part of marketing your house is to ensure it’s seen and viewed by as many people possible. This is possible by using a Multiple Listing Service (MLS). A local, experienced real estate agent will use the MLS to help you attract more buyers and secure a high-quality offer for your house. Learn more.
There are many reasons that people sell their homes. Sometimes they are unable to accommodate their growing families. Other times, they are looking to relocate to a different city or state to find a better job. Some people simply want to change their lifestyle.

Whatever reason you might have for selling your house, you probably have the same goal. You want to get a great price quickly with little hassle and stress.

This is why so many home sellers choose local agents who are experienced and knowledgeable.

Top agents are not only able to guide you through the process of selling your home smoothly, but also have access the necessary tools and resources to help you attract motivated buyers as fast as possible.

Multiple Listing Service, or MLS, is one of these powerful resources. We will explain the MLS in detail below.

MLSs are private databases that store real estate listings and property information for a particular area or local market. It serves as a tool to facilitate collaboration between buyer’s and listing agents.

Only licensed agents can list properties on an MLS. Some MLS data may be available via open platforms such as Zillow and Trulia. However, only licensed real estate brokers can access all of the data. This includes owner info, addresses and disclosures. It also includes sales comps for the area.
How does an MLS work?

Simply put, brokers and listing agents will list active properties on MLSs in their particular area. These listings can be searched by buyer’s agents to locate properties that meet their unique criteria.

Every MLS is unique and operates under its own rules. Most MLSs have very strict requirements regarding the quality of data listings. This makes it much more reliable than other publicly accessible real-estate websites.

The National Association of Realtors (NAR), which estimates there to be upwards of 883 MLSs in the United States, has not done an official count. In order to meet the needs both of realtors and residents, new MLSs keep popping up across the country.
Multiple Listing Services’ Accuracy

The most accurate source of information on a property is the MLS database. This is due to strict rules that are enforced. Members who don’t follow the structure or content rules may face fines.

Some of the rules include:

Timeliness is important. New listings must not be made after a certain time. A member who fails to register their full listing by the deadline will face a fine. This usually happens between twenty-four and forty-eight hours following the signing of the listing agreement.
Accuracy: The MLS association is committed to accuracy in all information, from square footage to direction to location.
Photos: The quality and number photos are often required. However, this can vary from one MLS.

Multiple Listing Service Key Benefits

Access to the MLS is a great benefit for sellers. The MLS platform will help increase visibility for your listing. MLSs often share some data with third-party sites. However, licensed agents are not allowed to access it. This will allow you to receive more qualified buyers inquiries and offers.

This will save you tons of time and effort, not only when it comes answering phones and questions but also when it is about showings.

When you sell your house, you must make a mad dash for everything to be organized and clean. After that, you have to whip it out until potential buyers have had a chance to look at every inch of it with a fine-toothed toothbrush.

Once your initial pool of prospects has been vetted by the MLS it is likely that you will have fewer showings to get a good offer. So, you will no longer have to deal with people who only want to monitor other homes in your neighborhood.
Can you get on the MLS with no Realtor?

Homeowners trying to sell their property “for sale by owner (FSBO), can’t directly post their home to the MLS. This is because the MLS database is only available to licensed real-estate professionals who pay for membership. An agent will help you list your property on the MLS.

There are many ways to access the MLS without the assistance of a full service real estate broker. These include working with a flat fee MLS service. But these methods have their disadvantages.

Cons of Multiple Listing Service

There are no cons to the MLS, except for those large companies who have benefited from private data. The MLS is efficient because it provides accurate market information to many, many people. This is great because it leveled the playing field.

While it’s not a big deal, many people see the cost to post your home to the MLS as a problem. Agents are required to put your home into the database.
How can the MLS help me sell my home?

Half of home buyers search the internet for listings. Your property will be visible to the widest possible audience because most local MLS systems are connected to common real estate portals such as Zillow.

It is up to you to decide if the MLS should be part of your strategy for selling your home. The service will not be required if the agent is an expert.

We can help you sell your house quickly and for a very low flat fee.