The MLS, or Multiple Listing Service, is
an extensive database of homes for sale, lots and land
for sale and rental homes listed by Realtors®. It is
made up of Broker members who agree to share their listings
with one another in the hopes of procuring ready, willing
and able buyers for their properties more quickly than
they could on their own. There are actually several hundred
MLS databases throughout the United States, but there
is usually only one per local area.
Many of the MLS's now share paraphrased versions of listings with public internet
sites such as Realtor.com and Yahoo Real Estate. This leads many people to believe
they are viewing the actual MLS when searching for properties on these public
internet sites. However, only licensed agents who belong to the MLS system have
access to actual full-version MLS listings.
Why Do I Need the MLS?
According to the National Association of
Realtors, only 13% of properties are sold without the
MLS. That means an overwhelmingly 87% of properties are
sold every year using the MLS system! There are two main
reasons the MLS works so well.
First, most buyers today still prefer to work with Realtors® when
searching for properties. Agents provide a great deal
of information for the buyer and many buyers are reluctant
to enter into contract agreements without an agent. A
large part of the Realtors® job lies in finding properties
that suit the buyer's criteria. With the MLS, a Realtor® can
search properties for sale that suit their buyer's budgets,
location preferences and other requirements. From the
MLS they are able to quickly put together a list of suitable
properties. The buyers that Realtors® work with are
ready, willing and able to buy a lot or land, and as
most sellers know, finding a serious buyer is one of
the hardest things when selling your property. By listing
your lot or land in the MLS, Real Estate agents and buyers
will know you are serious about selling your lot or land.
Second, the internet is quickly changing the way properties
are bought and sold. For those buyers not wanting to
use a Realtor®, public internet sites such as Google
Base and Yahoo Real Estate allow them to view properties
that are currently listed in the MLS for sale (unlike
the MLS where updates are immediate, listings on the
public web sites are typically updated every 2-3 days).
However, as a seller, the only way to have your land
or lot listed on these public websites is by first being
listed in the MLS. The MLS system, then in turn,
transfers your listing to the various public internet
sites.
By listing your land or lot in the MLS you will be opening
up a world previously unknown to For Sale by Owners.
Not only will Realtors® have access to your listing
with their qualified buyers, but millions of people all
over the world will be able to view your lot or land
for sale. Using the MLS cuts through the complexities
of selling your property yourself, exposes your property
to those most likely to purchase it, and makes sure you
won't waste time showing your lot or land to those who
aren't truly interested.
