The MLS, or Multiple Listing Service, is an extensive
database of homes for sale, land/lots 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 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. This leads many people to
believe they are viewing the actual MLS when searching for homes on
Realtor.com or the like. 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 homes are sold
without the MLS. That means an overwhelmingly 87% of homes are sold
every year using the MLS system! There are two main reasons the MLS
works so well.
First,
most home buyers today still prefer to work with Realtors®
when searching for homes. Agents provide a great deal of information
for the home buyer and many buyers 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 criteria. With the
MLS, a Realtor®
can search homes for sale that suit their buyer's budgets, location
preferences and other requirements. From the MLS they are able
to quickly put together a list of suitable homes. The buyers that
Realtors®
work with are ready, willing and able to buy a home, and as most sellers
know, finding a serious buyer is one of the hardest things when selling
your home. By listing your home in the MLS, Real Estate agents and
homebuyers will know you are serious about selling your home.
Second,
the internet is quickly changing the way homes are bought and
sold. For those home buyers not wanting to use a Realtor®,
public internet sites such as Realtor.com allow them to view homes that
are currently listed in the MLS for sale (unlike the MLS where updates are
immediate, listings on the public web sites are typically updated every
2-3 days). However, as a home seller, the only way to have your 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 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, but millions of
people all over the world will be able to view your house for sale. Using
the MLS cuts through the complexities of selling your home yourself,
exposes your property to those most likely to purchase it, and makes sure
you won't waste time showing your home to those who aren't truly
interested.
