A multiple listing service or MLS consists of a collection of private database containing listings that real estate brokers are willing to share with each other to identify ready, willing and capable buyers for the property listings more rapidly than they could find on their own.
Brokers can earn a commission on the properties that they listed if they are sold by others. As a real estate broker, I always advise fellow realtors to never underestimate the power of MLS. In this article, I will talk about MLS and its benefits for all those involved in the real estate business.
Advantages of MLS
You need to understand the benefits you will be offering to the buyers and sellers by using MLS as a medium to list properties. If a prospect comes to you with a property or properties that he or she wants to sell, using MLS, you can have their listing displayed to hundreds and thousands of potential buyers, something that would not have been possible.
On the other hand, a buyer can benefit by having lots of listings at their disposal, particularly those that match their criteria, including location and price range.
Because of the access to umpteen numbers of listings, you, as a real estate agent, will be able to offer your services to a broad range of home buyers and sellers. Without MLS, this would not have been possible, and you would have to rely on your networking skills to keep in touch with people to learn about any properties that might be on sale and so on.
Why You Play A Crucial Role In the Home Buying/Selling Process
It is important to understand that the MLS system is not accessible by individual sellers and buyers. Only those real estate agents and brokers who belong to the MLS can access and list properties that are selling.
Those sellers who are trying to save commission by not working with a real estate agent should know that they are missing out on the huge number of buyers who could be seeing their property if it were on listed on MLS/FMLS.
How a Realtor Gets Paid
There are many resources on the internet that allow buyers and sellers to access MLS/FMLS based on address, square footage, age, the number of bedrooms & baths, and amenities around a property; however, many of the consumers mistakenly believe that they have access to the entire MLS. On the contrary, the data listed online is:
- Limited in scope
- Often inaccurate
- May be outdated
So what good does it do to you as a real estate broker/agent to use MLS? Well, if you’re registered with the MLS or FMLS and know how to list properties and have a general understanding of how MLS is used, then you will have an advantage over all those agents who do not have access to this listing service.
If you would like more information on how you should be using MLS, then consider becoming a member of my coaching program. Feel free to visit www.lutherragsdale.com or www.platinumrealestate.com. My personal email is luther(dotted)ragsdale(at)platinumrealestate(dotted)com or call/text 404.513.5677.