As a real estate agent, I often encounter clients unfamiliar with the acronym MLS, and even those who’ve heard of a Multiple Listing Service are not always certain what it does.
Put simply, an MLS is the backbone of the real estate industry in North America – a powerful database of properties for sale.
When a seller decides to list their home, their agent enters all the details into this system: photos, descriptions, price, square footage, number of bedrooms and bathrooms, and much more.
Shared with other agents who are members of the MLS, it allows them to find properties that match their buyers’ criteria.
If a buyer is interested, their agent can collaborate with the listing agent to schedule showings, negotiate offers and ultimately close the deal.
In the US, MLS systems are typically owned by local or regional realtor associations. There are several hundred of them, and each is generally independent of the others. Access is usually limited to licensed real estate professionals.
For buyers and sellers, you need to partner with an agent to unlock the full potential of the MLS. Your agent will be able to tailor searches, provide expert insights and guide you through the buying process.
For the best results, you should be specific you are about your budget, location, property type, and desired features. The more detail you can provide, the more likely you will be to find your next dream home.
For sellers, it’s a great way to find potential buyers as quickly as possible.
Here are some of the key benefits when you engage with an agent using MLS:
- Exposure: Your dream home might be listed on the MLS right now. MLS databases across North America offer the most comprehensive view of available properties in your desired area.
- Details: MLS listings offer a wealth of information, including professional photography, property history, tax assessments and neighborhood demographics. These features mean you can make a more informed decision about whether to make a purchase.
- Quicker deals: The collaboration tools allow the buying and selling agents to work together efficiently, minimizing the time it would take to have your offer negotiated and accepted.
- Why not an aggregator website?: Having your agent search for homes on the MLS saves you time and effort. You and your agent can receive alerts when suitable properties become available.