The Multiple Listing Service (MLS), Defined And Explained
Whether you want to buy or sell a home, you’ll likely hear agents talk about the MLS, or multiple listing service. An MLS is a tool home sellers use to list their home in hopes of reaching interested buyers.
What Is The Multiple Listing Service (MLS)?
The multiple listing service is a database created and maintained by real estate professionals to facilitate the buying and selling process. These private databases are maintained separately for cooperating real estate brokers, sometimes in localized areas.
The general goal of the MLS is to help different real estate professionals help their clients buy and sell homes. With access to more inventory, buyers are more likely to find a property that suits their needs. On the flip side, sellers can get their property in front of more potential buyers.
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How The MLS Works In Real Estate
MLS listings provide important details about properties for sale, including homes’ listing prices, square footage, the number of bedrooms and bathrooms and other related features.
For example, let’s say a buyer finds a real estate agent to kick off the home buying process. From there, the agent might start with a search on the MLS to find potential properties that suit the buyer’s specific requests. Since agents can see another broker’s listings through the MLS, it offers an expanded pool of options when seeking out a property for buyers.
How Can Home Buyers Gain Access To The MLS?
Buyers can gain access to the MLS through their real estate agent. The agent can use the tool to track down homes available to buy in your target area. Plus, they can even filter the search only to show you homes that might fit your needs.
Notably, home buyers cannot access the MLS on their own. Instead, they’ll have to work with their real estate agent to get the information they need from the MLS. Since the majority of buyers work with a real estate agent typically, this usually isn’t an issue.
How Does The MLS Differ From Home Listing Sites?
At first glance, the MLS might seem similar to popular home listing websites. But unlike these accessible platforms, the MLS is a private database that only real estate agents can access.
The MLS tends to provide more detailed and verified information about the property than a home listing site. In addition to current information, the MLS often includes information about the home dating back a decade or more.
But for home buyers who aren’t working with an agent, the easy access of a home listing site is useful.
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Benefits Of Using The MLS
As a potential home buyer, the MLS has many advantages to keep in mind. Below is a look at some of the benefits of using the MLS during your home search.
- Comprehensive listings: The listings found within the MLS usually include a substantial amount of information. You and your real estate agent can work with this information to determine whether you want to even look at the property.
- Timely information: Real estate agents tasked with selling a home typically list it on the MLS first. In a hot market, quick access to this information can help you close the deal before other buyers swoop in.
- Includes multiple types of listings: You can scope out listings from a wide range of real estate professionals in your local area. In general, this tool includes many types of properties, including single-family homes, multi-family properties and more.
- Move forward quickly: Homes listed on the MLS tend to sell faster. As the buyer, acting quickly can help you finalize your home buying journey faster.
Of course, there are also some disadvantages. Most notably, you’ll need to work with a real estate agent to see listings through the MLS. But all in all, the MLS is often a very useful tool for home buyers.
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FAQ
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The Bottom Line
The MLS is an undeniably useful tool for home buyers. The catch is that you must work with a real estate agent to access this treasure trove of listings. If you want to tap into this resource, consider working with a real estate agent who has access to the local MLS.
