When you list your home for sale, one of the most important tools your realtor will use is the Multiple Listing Service which is commonly called the MLS. By listing your home in this massive database, other realtors will be able to find it. The MLS acts as a system for matching buyers to suitable homes.
Originally, the MLS was a print system with books published showcasing the area’s homes for sales. As technology improved, the MLS moved to a computer-based model. Today, realtors can log on to the MLS, enter new listings, remove sold listings, and perform detailed home searches.
The MLS isn’t necessarily a national system. Rather each region maintains its own MLS which makes it crucial that your agent lists your home in the right MLS system. If your home is in
Not all homes are entered into this database. The MLS is a member based system. Realtors must pay for access. If you are trying to sell your home on your own, you can’t simply add it to the MLS. You may be able to contract with a broker to list the home in the MLS for a flat fee.
The MLS offers realtors access to a huge inventory of homes currently on the market. For example, if an agent has a buyer looking for a three bedroom, two bath home with an attached garage and a large lot in a particular price range, the agent can input the buyer’s criteria and target the search. The MLS creates a listing of all suitable homes that meet that buyer’s needs. Now the agent can show each of the targeted homes to the buyer.
What if your home isn’t listed? It won’t be displayed in the list and the buyer will never see it –- even if your home is the perfect one!
What information does the MLS contain? The MLS is incredibly detailed with your home’s address, square footage, age, upgrades, number of bedrooms and bathrooms, special features, school district, financing options offered, photos, and links to your home’s website or “virtual home tour” if you have these tools online.
When interviewing potential real estate agents to list your home for sale, one of the most important questions you can ask is whether or not they intend to list your home in the MLS. If an agent responds by saying they don’t use the MLS, keep looking! This agent may be hoping to find a buyer on her own, doubling her commission. However, the MLS exposes your home to far more potential buyers than one single agent can possibly hope to find on their own. It is a cooperative marketing tool that works!
Not only will you have a larger sales force showing your home to potential buyers: the laws of supply and demand kick in. Can you imagine having several qualified buyers interested in your home? When this happens, you maintain the upper hand when it comes time to negotiate. Your home will sell faster and at a better price when it is listed in the MLS.
Allison Van Wig©.
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