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, Zillow and Yahoo Real Estate. This leads many people to believe they are viewing the actual MLS when searching for homes on these websites. 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®, the public internet sites 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.
