The Multiple Listing Service
MLS stands for Multiple Listing Service.
Basically, the MLS is a big property warehouse – sort of like a “home depot.” When property is available for sale, it goes in the warehouse. When it is sold, it gets taken out of the warehouse.
Since real estate cannot actually be stored in a warehouse, the MLS only contains information.
So the MLS is actually a database – an extremely convenient way to know what is available for sale at a given moment. That is why real estate agents developed the MLS. Quick knowledge of home inventory made agents more productive.
Why the MLS works for home sellers:
The whole MLS idea is a boon to sellers because of “supply and demand.”
How can you, as a seller, get access to the largest number of buyers? Placing an ad in a newspaper? Or putting your home information into a computer accessible by every MLS member who will show your property to their qualified buyers in your price range?
Being placed in the MLS expands a home seller’s sales force, 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 enjoyed by the homeowner – and the quicker a home will sell.
Why the MLS works for home buyers:
It is extremely convenient, does not cost a penny to buyers, plus…
…you get a qualified and experienced guide to help you through the complicated process of becoming a homeowner.