In the process of buying or selling a home, you’ll frequently come across the term “MLS.” The Multiple Listing Service (MLS) is a group of regional databases of homes for sale accessible only to real estate agents and brokers. Their ability to access the MLS makes it easier for buyers to find the right home and for sellers to market their listings.
The purpose of an MLS is to facilitate real estate transactions by connecting real estate agents and making it easy for them to share information about active listings and sold home data. For buyers and sellers, your agent’s access to the MLS means you’ll be connected to the largest network of homes and listing information on the market.
Each MLS shows the homes for sale in a particular geographic area. Listing agents add their clients’ listings to the database—providing photos and detailed information about the property—so buyer’s agents can show them to their clients. The MLS allows for customizable searches, which agents use to easily identify the homes that match their clients’ criteria. The vast amount of historical data available on the MLS is what your agent will use to conduct their Comparative Market Analysis (CMA) to competitively price your home. The listing data in the MLS is fed to real estate brokerage websites, such as Windermere.com, so that buyers can search for homes on their own as well.
Selling a home is a numbers game. The more potential buyers you can reach, the more likely you are to find the right buyer in a timely manner. After your agent conducts their CMA to determine the value of your home, they’ll upload the listing to the MLS. Here they can add additional information beyond what you would find in a typical listing description, such as showing times, contact information, and more. The MLS provides maximum visibility for sellers by connecting them to buyer’s agents who are actively searching for listings. The MLS has also helped to make the industry more equitable. Small real estate brokerages have access to the same MLS info as large companies, putting everyone on a level playing field.
An MLS number is a unique code for each home listed on the market. It makes it easier for agents to communicate regarding a specific property. To learn more about the MLS, or for answers to your buying and selling questions, connect with a local, experienced Windermere agent today:
Featured Image Source: Getty Images – Image Credit: VioletaStoimenova