Quick Things Worth Knowing About Multiple Listing Services

Selling your home is easier said than one. While buyers are constantly looking for properties for their respective budgets, sellers are having a tough time dealing with agents. To be fair, real estate agents have helped in propelling the industry for decades, but with technology, updating the process was necessary and important. That’s exactly the point where Multiple Listing Services or MLSs worked for everyone involved. In essence, Multiple Listing Services or MLSs are like platforms that have databases of available properties for an area. Brokers may become a member of one or more Multiple Listing Services as they please, and it allows them to find buyers for homes listed on sale.

What about the advantages of MLSs?

There are many. First and foremost, Multiple Listing Services or MLSs consolidates the local real estate industry, which is important for buyers, brokers, and sellers alike. If you are the buyer, you agent will have access to thousands of properties, and if you are selling your home, your listing gets the services of thousands of brokers. As for the real estate agents, they get the platform to connect and bring buyers, which is eventually all about commissions. If you use a Realtor to enlist your home, you don’t have to pay them beyond the cost of the listing. Yes, there are websites that enlist properties and homes for sale by owner, but with Realtor and MLSs, you can get a bigger advantage.

How does this work?

Some realtors have specific listing services, which allows you to market your home on different MLSs in your area. The cost is a onetime expense, typically not exceeding $500. You can fill up the form, complete the formalities and sign the papers to get done, and your listing will be up within three days. With all that said, you will still have to pay a commission for the buyer’s agent, if the buyer has engaged one, and that doesn’t or shouldn’t increase beyond 3% of the selling price. However, do check if the realtor has a limit or time frame for the listing. Ideally, your property should be listed, until it is sold.

As you can guess, Multiple Listing Services are of extreme importance. According to “National Association of Realtors”, more than 85% of all properties sold have online exposure, with majority of them coming from MLSs. No matter which side of the deal you belong to, this is relevant for you!