What is MLS and what can it do for me?
In the world of real estate, MLS is a common industry buzzword. Agents, market strategists and real estate publications refer to it often. However, if asked, most people who are not in the real estate industry would admit they've heard the term but haven't a clue as to what it stands for. So let us help to clarify the meaning.
First, MLS stands for Multiple Listing Service, which is a tool real estate agents have relied on for years. It was developed to coordinate the efforts of realtors from different companies in the same region. The MLS provides realtors with exact room dimensions, property condition, renovations, appliances, property zoning and the age of the home.
The MLS system has come a long way in recent years. In the beginning, agents would exchange fact sheets and possibly photographs in their local area. With the introduction of computers, listings were assembled faster and made available through a modem connection. Today, with the use of the Internet, MLS is readily available for agent use. It is important to note that there is no national MLS and that these lists are created for and by regional and local associations.
With the help of an experienced agent, MLS is a powerful asset for both buyers and sellers alike. MLS gives agents the ability to track what is on the market, the average amount of time homes stay on the market, and the current listing and selling prices of other homes in the area.
Buyer's Advantage: For prospective buyers, the MLS is a very convenient way to access the largest number of homes available in your desired area. Using MLS, a buyer's agent can specify the area, property size, age and location, of potentially desired properties. This helps narrow down an extensive list of possibilities and makes it easier to locate their dream home in a more expedient fashion.
Seller's Advantage: If interested in selling your home, an agent listing your home on the MLS gives your property maximum exposure to potential buyers through members of the local MLS Board. The more people have access to your home, the greater the demand for your property. This will boost your pricing power and decrease the amount of time your home is on the market. It is important to note that only realtor members of the local MLS may list property for sale in the respective MLS. If you are considering selling your property on your own, you will be missing out on the largest buyer audience by not listing with a Realtor with access to the MLS.
