As a Realtor, it’s so important to have a solid understanding of the local real estate market.
In such a competitive field, clients will move on quickly if you can’t provide information about homes for sale quickly and accurately.
The multiple listing service, or MLS, is one of the best tools available to help you stay informed.
What is a multiple listing service? Basically, it’s an online database that consolidates information about the properties for sale in a specific area.
An MLS offers advantages for both agents and clients. Keep reading to learn more about the details and benefits of a multiple listing service.
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What Is a Multiple Listing Service Used For?
Realtors use the MLS as a tool for collaboration. Before multiple listing services were created, brokers would meet regularly to share information about their clients and listings.
The goal has always been to connect sellers with buyers, but the old method was time-consuming and often unfair.
With the MLS system in place, selling brokers can easily share data about their current listings.
Those representing buyers can access the information in one place to identify properties that might be a good match.
Individual real estate shoppers can also access information via the MLS online before or during the process of buying a new home.
More than half of buyers begin their search through the MLS before they even contact a broker for representation.
What Are the Benefits of a Multiple Listing Service?
A multiple listing service supports equal opportunity for brokers because everyone has access to the same property listings.
In the past, Realtors working for larger firms had more properties to show buyers, and it was difficult for independent brokers or smaller offices to compete.
Now, buyers can choose any broker they like without worrying about missed opportunities.
The MLS real estate method of business also encourages competing brokers to cooperate – the selling broker exchanges information for help locating a buyer, and the buyer’s broker is rewarded with a share of the commission.
Who Maintains an MLS?
An MLS is paid for and maintained by a group of licensed Realtors. The MLS system is localized, so there are hundreds of regional databases across America.
Brokers pay a fee to gain access to the MLS in their area. An MLS can cover a city, county, or a set of neighborhoods. For example, the MARIS MLS covers several areas near St. Louis, Missouri.
There’s no governing body, so each database is slightly different, but most follow guidelines set by the National Association of Realtors.
When a broker receives a new listing, they can log in to the MLS to add photos and details to the database.
What Information Does an MLS Listing Include?
An MLS listing typically includes publicly accessible details such as the price, number of bedrooms, and square footage.
It also provides information about any recent renovations, time on the market, and if there are HOA fees associated with the property.
Licensed Realtors with full access to the MLS can obtain contact information for the selling agent. Sometimes available showing times are included as well.
An MLS Will Help You Do Your Job Well
What is a multiple listing service? Now you know! The MLS system will help you do your job as a broker more effectively.
Use it to identify potential properties for buyers, or to network with other agents who might help you sell your listing. To find your local MLS, search online or contact a Realtor near you for guidance.
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