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Imagine this: The existence of a listing database that streamlines the marketing of your properties. It’s accessible to a large number of people and increases your chances of attracting the right buyer.
That’s what it is like using the Multiple Listing Service (MLS) to market properties. MLS is hassle-free and can help you save money and time. But don’t just take my word for it.
In this article, we will walk through:
● How does a multiple listing service work
● The benefits of MLS
Before we get started, what exactly are multiple listing services?
Multiple Listing Services (MLS) is a database of active real estate properties listed for sale or rent. The listing database is used by agents and brokers to share information about properties with each other.
Multiple Listing Service works as a collective process by real estate agents and brokers in a specific area who wish to collaborate to sell and buy properties. With this arrangement, the listing agents and buyer’s agents share commissions from property sales and acquisitions.
The history of MLS can be traced back to the 1800s when there was a need to foster cooperation among real estate agents. Back then there was a realization that each brokerage stood a better chance of selling their properties and serving the interest of their clients by going beyond their brokerages’ listing.
The MLS involves an agreement among real estate agents and brokers to list each other’s properties through a collective service. The listing system started out with catalogs. But today property listings are online.
Multiple listing service is run by real estate agent cooperation. Only licensed real estate agents and brokers with members are accessible to the listing service database of active properties.
A registered real estate agent or broker will list an active property on a multiple listing service database. They include the relevant details such as an address, square footage, pricing, and more— that would help a buyer’s agent have a clear picture of the property.
Other buying agents take to the MLS database to search for properties and if they find anyone that aligns with their client’s needs and expectations, they contact the listing agent. Once the property is sold, the listing agent updates the status of the property as “sold.”
Now that you know how MLS works, here are some of the benefits:
One of the perks of using MLS is that it streamlines property sales and acquisition for all the parties involved in the process. While the listing agent/broker puts an active property on the database, the buyer’s agent contacts the agent for the property acquisition.
Not only that, the listing database helps you save time and money. You don’t have to go to different showings and attend to different questions and phone calls. Also, the status of properties on the listed database is up-to-date—it’s either they are still in the market or sold.
If you’re struggling with property sales, it’s probably because you have limited exposure. However, listing properties gives you access to greater exposure to real estate agents and brokers with access to the database. MLS gives your properties higher chances of leaving the market sooner.
Furthermore, multiple listing services foster collaboration between real estate agents and brokers. It serves as a great avenue to create a network with other professionals working to help meet their client’s needs and expectations.
As mentioned earlier, all agents and brokers on MLS are certified and vetted. Selling and acquiring properties on the listing database provides a layer of protection that helps you avoid getting scammed.
Also, most of the agents and brokers using the database have a history of property sales and listing. This makes it easy to avoid dealing with dubious individuals.
There are tons of reasons why people sell their properties: It could be relocation to other cities/countries or because the house can no longer accommodate the needs of a growing family. It can be inspired by a change of lifestyle or taste.
Regardless of your reasons for listing your properties, your goal is likely, not different from others—to get a great buying offer—within a short period—without hassle or stress.
However, working with licensed real estate agents that use the Multiple Listing Service listing databases increases the visibility of your property. It also ensures that you get a better deal for your property.
Also, Multiple Listing Service (MLS) gives real estate agents and brokers access to accurate listing information. Once a property is sold, it’s updated on the listing database.