When you’re looking forward to buying or selling real estate property, you’ve probably come across the term “MLS“. An acronym used for multiple listing services or multiple listing systems, it’s a basic tool used by real estate experts. It enables real estate agents and brokers to connect their clients with what they are searching for. To explore what should be your take on MLS in real estate and the role that it plays, continue reading.
Our Take On MLS in Real Estate
You shouldn’t consider MLS as a single system. Indeed it’s a collection of systems and services that have information about homes for sale. Some people perceive it as a relatively new tool, but this isn’t necessarily true.
The MLS has roots dating back more than centuries, it started in the late 1800s. During this era, real estate brokers often gathered information about property listings for sale.
For example, a real estate broker would share a property he or she was selling with another broker in hopes of finding a buyer. This “networking” proved highly beneficial in finding buyers, so the brokers then decided to create a system for sharing such pieces of information and that’s how the MLS was incorporated.
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Advanatages of Using the MLS
According to a recent survey conducted by the National Association of Realtors (NAR), nearly 70% of homebuyers use MLS websites in their search for the ideal home. So, let’s look now at what advantages does MLS offers for homebuyers and sellers?
The most leveraging advantage of using MLS is that you can buy or sell your real estate property in very little time. The reason behind it is because MLS included listings from multiple real estate brokers. For sellers, the notable advantage is that they need to spend a shorter time on the market. For buyers, this means finding a home in less time.
An MLS simply puts the information on all homes for sale so that any real estate agent can compare and work with consumers to find the best house at the best price out of a broad pool. It also helps sellers find a more accurate market price.
An MLS simply aggregates the information on all homes for sale so that any real estate agent can compare and work with consumers to find the best house at the best price out of a broad pool. It also helps sellers find a more accurate market price.
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Disadvanatages of Using the MLS
The cons only exist for the current largest real estate agents. The proficiency of the MLS means that the large players will no longer have a monopoly on information in the market. Their profit margins will go down substantially because they’ll have to compete with the newly empowered smaller players. Additionally, it would lower barriers to entry to becoming a real estate agent because all you’d need is a license and access to the MLS to be in business.
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The Bottom Line
Whether you’re buying or selling a real estate property, you should hire a real estate broker who has access to the MLS. Traditional real estate listing websites aren’t always enough. Even if they contain a decent number of listings, you can access significantly more listings through MLS.