What’s an MLS and How Do Real Estate Agents Use It?
If you’ve ever watched shows on a home improvement network, you’ve probably heard real estate agents make references to something called an MLS. But what exactly is it, and how do agents use it? Here’s what you need to know.
The acronym MLS stands for Multiple Listing Service. It’s an online system that real estate agents use to market homes for sale, search for homes for sale for clients who are looking to buy a residence, and to connect with other agents in order to negotiate the sale of a property.
Related: 6 Major Reasons to Opt for a Real Estate Agent, Instead of For Sale By Owner (FSBO)
An MLS allows agents to distribute their home listing information to local and national websites in order to reach the largest possible swath of buyers and fetch the most ideal offers for their clients.
In addition, an MLS provides housing market data that includes key information like “comps,” or comparable homes, that have recently sold within a surrounding area–which agents use to help sellers determine the best listing price for their properties. Comps include stats like the listing price, location, size and features of homes. Agents also use comps to help buyers determine what they should offer for a property.
Related: 3 Big Problems to Look for When Buying a Home
MLSs are specific to individual housing markets and the compilations of home listings they contain are provided by real estate brokerages in those markets. Since MLSs are housing-market specific, there are many throughout the country and each one operates under its own regulations to ensure it contains information that’s correct and thorough.
Real estate professionals consider an MLS to be their most trusted resource.
Along with using an MLS, agents implement a variety of other methods to raise awareness of the homes they represent, including launching extensive social media campaigns, exploring existing relationships with networks of other agents, and hosting brokers opens, open houses, and private showings.
Related: What’s The Difference Between a Real Estate Agent, a Broker, and a REALTOR®?
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