What is MLS?
The MLS (Multiple Listing Service) is a private database of homes listed by real estate brokers who share their listings with one another to attract buyers. In the late 1800s, brokers would often meet and share information about properties they were trying to sell. They would agree to compensate other brokers if they sold those properties and thusly, the MLS was born on a fundamental level. In today’s digital age, we are inundated with so much information it is easy for sellers’ properties to get lost in the shuffle and real estate brokers need to keep up with modern technology. A simple “For Sale By Owner” sign does not cut it these days. More than half of recent buyers used MLS Web sites in their search, according to the 2012 NAR Profile of Home Buyers and Sellers. MLS listings allow agents to sell your home by bringing more buyers to you, increasing the odds of selling quicker and at a more cost-effective price.
How does MLS work?
A real estate agent will put details of a home on an MLS site that fellow MLS-licensed agents can access. They will list the specs of the home such as square footage, public transportation access, school district, etc. Several MLS sites will also list mortgage price, utility prices, and real estate tax. Buyers can see this information and agents are also able to contact prospective buyers when a home meets their criteria.
under MARKET VALUE because of not being exposed to the Open Market through the MLS and they may receive less for their property.
2.) Selling Faster – Since MLS listings are used by several brokers, sellers are exposed to a wider range of buyers. The agent's job is to make sure all potential buyers in the market are exposed to the sellers’ newly listed property and make sure they are contacting buyers who are potentially interested. Instead of using a single agent, you now have 10s maybe even 100s of agents who have access to your listing depending on the size of your community. Agents also work diligently with newly listed property as they are often listed at the top of listing pages and generate the most interest.
Using MLS will ensure that your home is marketed efficiently and make you thousands of dollars. Don’t rely on the luck of a “For Sale by Owner” sign and let the listings and the database of agents do the work for you.