The Multiple Listing Service (MLS) represents the very essence of the real estate business. It’s where homes for sale are listed by a collaborating group of real estate agents. While it seems like one huge database, it’s actually a collection of approximately 900 private regional databases. These databases are used by brokers to market the properties they represent or find the right home for a buyer while working with real estate agents smoothly and efficiently.
The MLS was started over one hundred years ago by real estate brokers who agreed to share information about the properties they were selling. In 1908, the system was endorsed by the National Association of Real Estate Agents, known today as the National Association of Realtors (NAR). In 1975, the MLS became available online.
Access and membership to the MLS
While MLS membership has been traditionally limited to brokers and agents who were also members of the NAR, non-NAR brokers may now participate in the MLS in a few states, including Florida, California, Georgia, and Alabama. In addition to the NAR, each MLS organization also sets their own membership rules to protect agents and their clients.
It used to be that only brokers and agents had access to the MLS. Today, limited listings can be viewed by the public through the Internet Data Exchange (IDX). Not all information is available to everyone, however. For security reasons, the NAR withholds information about seller contracts, showing times, and whether or not the home is vacant.
What can the MLS do for you?
The MLS is a highly useful tool for both buyers and sellers. As a seller, when your property is listed on the MLS, it is exposed to literally thousands of buyers. As a buyer, you have instant access to listings matching the criteria you set.
Most MLS sites will even provide information about what to expect in mortgage payments, real estate taxes, and utilities on a property. They are updated daily to include new listings and any changes to listings currently in the database.
How can you make the MLS work for you?
Together with your Realtor, you can take certain steps to make the most out of the MLS’s benefits:
- If you’re a buyer, you can get daily notifications on listings that match your criteria. As one of the first to receive information on newly-listed properties, you get a jumpstart over buyers who have no access to the MLS
- If you’re a seller, make your listing stand out by doing the following:
- Include high-quality professional photos that put your home in the best light. Never put up a listing without photos, as buyers tend to overlook these
- Add a video, a home tour, or similar features to attract more buyers to your listing
- Make your listing description as detailed and complete as possible while staying within the maximum allowed number of characters. Include keywords that buyers will most likely use in their home search
- Ask your Realtor to create a hot sheet for you. The hot sheet will display daily information based on your given criteria, such as listings within a particular ZIP code, newly-added homes, homes under contract, and more. As a buyer, this information will allow you to keep track of the properties you’re interested in. As a seller, you’ll get an idea on how listings similar to yours are doing on the market.
As top Realtors in Central New Jersey, Cindy at Pagnotta Homes knows how to make the MLS work for you. If you’re buying or selling a home in the area, call Cindy at 908.436.7947 or send an email to info(at)pagnottahomes(dotted)com.