Friday, August 15, 2008

What is the MLS?

MLS stands for Multiple Listing Service. It is a database of what is available for sale at any given moment on the market. Information you find on the web is compiled from local and regional MLS systems. That is why real estate agents developed the MLS; to easily and quickly find inventory and information related to the property for sale.

Prior to the age of computers and the internet this information was complied into printed books and distributed weekly to the members who were signed up with a MLS. Starting in 1996, some property information from the MLS was placed on the web. The MLS continued to expand and improve. The printed books gave way to the internet age.

The reason why the MLS works for home sellers is that being placed in the MLS expands a home seller's sales force; numerous real estate agents diligently comb the MLS to find properties for their clients who want to buy. Any one of them could sell your house to their buyers. In essence, all those agents are working for you exposes the property to a larger pool of prospective home buyers, and creates more demand for the property. The higher the demand, the more pricing power to the homeowner and potentially a home will sell quicker.

The reason why the MLS works for homebuyers is that it is convenient considering that most people have computers and access to the internet. Additionally, it does not cost a penny to buyers. And if the buyers don't find a property on any given visit on the internet, the agent will continue to look on the MLS for more homes to show them next time.

No comments: