Definition and Example of MLS
How MLS Works
Alternatives to MLS
Definition and Example of MLS
Multiple Listing Service (MLS) is a database of homes listed by real estate agents. Only real estate agents and other professional partners can access MLS. MLS is a private online database used by real estate agents to make the buying and selling process of homes more efficient. Each home for sale is entered into the MLS by a real estate agent unless specifically excluded. Real estate agents and other professional partners have access to the MLS, but this doesn’t mean that buyers or sellers can’t get similar information elsewhere. Popular sites like Zillow and Trulia might include many of the same listings but without the comprehensive information found in the MLS. Some national real estate chains like Re/Max may also pull listings from the MLS to display on their sites.
How MLS Works
MLS is regional, with over 800 across the country. Listing brokers enter data about the home being offered for sale, and they provide a commission to the broker who brings the buyer. Buyer agents can browse the listings to find homes that their clients might be interested in viewing. The listings contain all details about the home, including the address, age, size, number of bedrooms, number of bathrooms, upgrades, and school districts. They also include other useful information such as the seller’s preferred type of financing and property photos.
How to View MLS Listings
Many websites offer buyers listings of homes available on the market, but few provide the comprehensive data found in the MLS. Your real estate agent can provide you with data from the MLS. There are many types of reports that buyers can receive, so ask your agent for the most comprehensive MLS report. The agent can input your name, email, and home search preferences into an MLS search engine so that you receive automated emails with new listings. It should be noted that not all agents will set up a search for you beyond active listings. You will need to specify any additional information desired such as price reductions, pending sales, or sold sales data. You can refine your search within these criteria to any number of specifics, including price ranges from low to high, number of bedrooms and bathrooms, garages, swimming pools and spas, and square footage. Your requirements can be detailed further depending on your priorities. However, if you narrow down your search too much, you might miss out on opportunities. It is usually best to keep the listing somewhat general, as some MLS data fields may lack information due to human error.
Note: You can request to customize your MLS report by postal code or a specified radius search from a target address. You can also request sorting by street or subdivision, or request a map search within certain boundaries.
Alternatives to MLS
Home and property buying apps like Realtor.com, Trulia, Zillow, and Redfin all provide access to listings. You may not get access to all listings in the MLS, but if you are not working with an agent yet, these sites can give you an idea of what is available in your target areas. You may also want to check out For Sale by Owner (FSBO) sites for off-market listings. Owners who are selling on their own can have their homes included in the MLS by paying a flat fee to a discounted real estate agent to enter the information. If you are in a high-demand market like New York City, you might also want to check out real estate broker websites. Major brokers may use their own databases instead of listing their properties in the MLS.
Taking
Main Points
- The Multiple Listing Service (MLS) is a database of homes listed by real estate brokers. Only real estate brokers and other professional partners can access the MLS.
- The MLS makes the process of buying and selling homes more efficient and provides comprehensive information about each home.
- You can access MLS information by working with a real estate agent, who can set up automated email notifications from the MLS for homes that meet your criteria.
- Public sites often have the same listings as those in the MLS, but their information is not comprehensive.
Was this article helpful?
Thank you for your feedback!
Sources:
National Association of Realtors. “Multiple Listing Service (MLS): What Is It?” Accessed Aug. 9, 2020.
Source: https://www.thebalancemoney.com/what-is-mls-1798770
.lwrp .lwrp-list-item.lwrp-empty-list-item{
background: initial !important;
}
.lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,
.lwrp .lwrp-list-item .lwrp-list-no-posts-message{
}@media screen and (max-width: 480px) {
.lwrp.link-whisper-related-posts{
}
.lwrp .lwrp-title{
}.lwrp .lwrp-description{
}
.lwrp .lwrp-list-multi-container{
flex-direction: column;
}
.lwrp .lwrp-list-multi-container ul.lwrp-list{
margin-top: 0px;
margin-bottom: 0px;
padding-top: 0px;
padding-bottom: 0px;
}
.lwrp .lwrp-list-double,
.lwrp .lwrp-list-triple{
width: 100%;
}
.lwrp .lwrp-list-row-container{
justify-content: initial;
flex-direction: column;
}
.lwrp .lwrp-list-row-container .lwrp-list-item{
width: 100%;
}
.lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){
}
.lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,
.lwrp .lwrp-list-item .lwrp-list-no-posts-message{
};
}
Leave a Reply