The MLS, or Multiple Listing Service, is
an extensive database of homes for sale, lots and land
for sale and rental homes listed by Realtors®. It is
made up of Broker members who agree to share their listings
with one another in the hopes of procuring ready, willing
and able buyers (or tenants) for their properties more
quickly than they could on their own. There are actually
several hundred MLS databases throughout the United States,
but there is usually only one per local area.
Many of the MLS's now share paraphrased versions of listings with public internet
sites such as Realtor.com and Yahoo Real Estate. This leads many people to believe
they are viewing the actual MLS when searching for properties on these public
internet sites. However, only licensed agents who belong to the MLS system have
access to actual full-version MLS listings.
Why Do I Need the MLS?
According to the National Association of
Realtors, only 13% of properties are sold without the
MLS. That means an overwhelmingly 87% of properties are
sold every year using the MLS system! There are two main
reasons the MLS works so well.
First, most buyers (and tenants) today still prefer to
work with Realtors® when
searching for properties. Agents provide a great deal
of information for the buyer and many buyers / renters
are reluctant to enter into contract agreements without
an agent. A large part of the Realtors® job lies
in finding properties that suit the buyer's / renter's
criteria. With the MLS, a Realtor® can
search properties for sale that suit their buyer's /
renter's budgets, location preferences and other requirements.
From the MLS they are able to quickly put together a
list of suitable properties. The buyers and renter's
that Realtors® work
with are ready, willing and able to buy a home / lot
or land or rent a home. And as most home owner's
know, finding a serious buyer or tenant is one of the
hardest things when selling or renting your property.
By listing your home, lot or land, or rental home in
the MLS, everyone will know you
are serious about selling or renting your property.
Second, the internet is quickly changing the way properties
are bought, sold and rented. For those buyers or tenants
not wanting to use a Realtor®, public internet sites
such as Zillow, Trulia and Yahoo Real Estate allow them
to view properties that are currently listed in the MLS
for sale or rent (unlike the MLS where updates are immediate,
listings on the public web sites are typically updated
every 2-3 days). However, as a property owner, the only
way to have your home, land or lot, or rental home listed
on these public websites is by first being listed in
the MLS. The
MLS system, then in turn, transfers your listing to the
various public internet sites.
By listing your home, rental home or land / lot in the
MLS you will be opening up a world previously unknown
to For Sale by Owners. Not only will Realtors® have
access to your listing with their qualified buyers and
renters, but millions of people all over the world will
be able to view your property for sale or rent.
Using the MLS cuts through the complexities of selling
or renting your property yourself, exposes your property
to those most likely to purchase or rent it, and makes
sure you won't waste time showing your home or lot /
land to those who aren't truly interested.
