What Is a Multiple Listing Service (MLS)?

The multiple listing service is a tool that is used by Realtors to list properties that are for sale. It is more commonly referred to as the MLS. The multiple listing service is a database of property that is for sale. There are many multiple listing services across the world. Every region usually has their own multiple listing service filled with properties that are for sale in that area.

What Information Is Included?

When a real estate agent puts information about a property that is for sale on the multiple listing service, they include many details about the property. The information is very detailed and includes the square footage, bed and bath count, asking price, any contingencies in the sale and commission information. You will also find many pictures of the property on the multiple listing service. Most real estate agents try to take a picture of every room in the house so that they can give buyers an idea of what the house is like before they visit the property.

Value to Buyers

If you are a potential buyer, this resource can be very valuable to you. With access to the multiple listing service, you can quickly look at all of the different properties that are for sale in your area. If you are looking for a specific kind of house, you will be able to input search criteria into the multiple listing service and it will come up with a list of properties that match your description. This can save you time and keep your search focused on what you want.

The MLS can be especially helpful to buyers searching for specific property requirements, such a 3 car garage or pool. The MLS can search properties according to specific requirements. Also, it can help homebuyers determine the zoning of the home, schools in the neighborhood and shopping centers.

Value to Sellers

The multiple listing service is very valuable for buyers, but it is also very valuable to the sellers of property also. If you are trying to sell your house, you want your home listed on the MLS because you are going to provide access to your house for all of the buyers in your area. This is going to allow them to look at your house without actually coming over to visit. You will gain exposure for your house. The MLS is a broad marketing tool that reaches many people because that is where the professionals search for homes for their buyers.

In addition, once a buyer visits a home that is listed on the MLS you know they have narrowed their search and your home is in the running for an offer. Since the MLS list can be very long, buyers only spend their time visiting the homes they are truly interested in.

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