✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.
Nearly 86% of sellers list their homes on the MLS. Homes listed on the MLS sell quickly and for 17.5% higher prices. It has a significant influence over how properties are bought and sold.
MLS provides benefits like visibility, information, and room for negotiations. As a vast network, it increases the quality of buyer leads. Having offers from multiple potential buyers ensures a profitable transaction.
Today roughly 600 MLSs exist in America. But what exactly is an MLS, and why does it hold such importance in the industry? Let’s embark on a journey to understand this essential component of the real estate market.
What Does MLS Stand For in Real Estate?
In real estate, the term MLS stands for Multiple Listing Service. It is a powerful database created and maintained by cooperating real estate brokers.
Its primary function is to serve as a centralized platform where brokers can share detailed information about properties for sale. This includes residential homes, commercial properties, land, and more.
How does MLS function?
MLS dates back to the 1800s when real estate agents recognized the benefits of collective efforts beyond their brokerages. Today, multiple listing services predominantly operate through online platforms.
Multiple listing service provides brokers with instant access to a large number of property listings. Each listing is allocated a unique identifier, known as an MLS number. This simplifies the identification and tracking of properties.
Brokers subscribe to MLS by paying membership fees. It grants them access to search for properties, communicate with fellow agents, and facilitate transactions. It also helps with collaboration among real estate agents.
How Does MLS Benefit Buyers and Sellers?
Here are some benefits of listing your property on the MLS:
- Comprehensive Listings: Multiple listing service provides a large inventory of properties for sale. This ensures buyers have access to a diverse range of options, while sellers benefit from increased visibility and exposure.
- Efficient Communication: It facilitates seamless interaction and collaboration among real estate professionals as a central hub for communication. You can effortlessly share information, schedule showings, and negotiate deals.
- Equal Opportunity: Multiple listing services can garner more audience as associated brokers share the listing among them. As your broker will get equal opportunity in the market, so will your house.
- Reliable Information: Multiple listing service prides itself on providing accurate and up-to-date information. This means you have access to data throughout the process, empowering them to make informed decisions.
How to List on MLS?
There are several ways to list your property on the Multiple Listing Service without using a traditional real estate agent. Here are some options:
1. Flat-Fee Services
Flat Fee MLS companies offer listing services for a fixed charge. Once you list your home, you must select one of the packages they provide. You can list your house with Houzeo and save 2.5% to 3% commission.
2. Discount Brokerages
Cutting-edge technology and stellar customer service help discount real estate brokers sell your home easily. Discount brokers will help you list your home for 0.5% to 2% commission. On the other hand, traditional listing brokers charge 2.5-3%.
However, discount brokers will list your house on their respective websites only, which will result in limited reach. But they can save you between $5,000 to $20,000 on average.
3. FSBO Websites
FSBO sellers can opt for a Flat-Fee MLS service like Houzeo to list on MLS. Houzeo will get you on the MLS for a small flat fee starting from $349. Your listing will be syndicated to 100+ real estate websites, giving your house the maximum exposure.
The Bottom Line
In summary, multiple listing service plays an integral role in modern real estate dynamics. Multiple listing services consolidate property listings, facilitate communication among brokers, and offer market analysis. It empowers both buyers and sellers.
Whether you’re a seasoned investor or a new homebuyer, the power of MLS can unlock a world of opportunities in real estate. So, when you embark on a real estate venture, remember how it can guide you toward achieving your goals.
👉 List Your Home for Sale: Start your listing journey today and pick an MLS plan when you’re ready!
Eager to Know How Houzeo Works?
We’ve got you covered. Check out the following video to understand how Houzeo works and why it is one of the best For Sale By Owner websites in the U.S.
» NEED MORE CLARITY? Read these exclusive Houzeo reviews and learn why it is one of the best website For Sale By Owner in America.
Frequently Asked Questions
Who can list on the MLS?
Only licensed real estate agents can list on MLS. However, you can work with a Flat Fee service to list house on MLS without paying the 3% listing agent commission. Learn how to get mls access without a license.
How much will it cost to list on the MLS?
It depends on which type of agent or service you choose. Traditional Realtors charge 2.5% to 3% commission to list your property on the MLS. A low-commission broker will charge 1% to 2% for an MLS listing. The most affordable is a "Flat Fee MLS listing service" - it will get your home listed on MLS for $300 to $400.
Is it necessary to list a property on the MLS?
It is not necessary to list your property on the MLS. But if you want to get the best value of your house. then listing on the MLS is your best option. If you want to sell your house fast then you can go with cash buyers.
