Multiple Listing Service, or MLS, basically involves the sharing of property listings among all registered brokers and realtors in a specific area. For information and listing in the MLS, a realtor registered in the system has to be contacted. MLS carries a lot of significance in the industry and has proved to be quite beneficial for both buyers and sellers of real estate. It has made the process of buying and selling a property, less stressful and less time-consuming. The benefits of MLS for those offering real estate for sale are mentioned below.
Firstly, MLS listing provides more exposure to the seller. This is because all the local realtors registered on the system have access to the property. This was not the case earlier as realtors did not allow other brokers and realtors to access their listings. Thus, with MLS listing, the seller can have various realtors in the area selling his or her property instead of just one or two. This will definitely increase the chances of successful sale at the desired price.
Secondly, listing in the database can help the seller save lots of money. This is especially true for flat-fee MLS listings. Money is saved on realtor’s commission when the property is sold. The traditional way of selling a property through a realtor or broker resulted in commission amounting to about half the sale price. However, flat-fee MLS listing involves a onetime charge and a commission to the buyer’s agent if the property was found through the MLS. If the seller found the buyer on his or her own, then even this commission will not have to be paid. However, even the sum of the flat-fee and buyer’s agent’s commission is only a fraction of the commission, which was payable earlier.
Thirdly, with MLS the process of finding a suitable buyer for one’s home is no longer time-consuming and stressful. The seller just has to find an estate agent, who is registered on the system, and request for a listing. Once listed, the property’s information will be accessible to many realtors and brokers. This is a far cry from the situation in the earlier days when the seller had to place advertisements for his or her property in various places and just wait for someone to come across it. The seller can find a suitable buyer for the property through the MLS within a few days.
Thus, MLS offers a cheap and efficient way of finding buyers for real estate. Due to the advantages of the system, many property sellers are opting for MLS listings.