Whether you're buying or selling a home, your real estate agent may use a Multiple Listing Service to help you find the right property or market your own. Here’s what you need to know about how an MLS can benefit you in the real estate process:
What is an MLS?
An MLS is an online platform that compiles home listings from various real estate brokerages in a given area. It allows agents to easily view homes for sale and access marketplace data. MLS listings are often shared with popular national and local websites, giving properties greater exposure. Each MLS follows specific rules to ensure the accuracy and transparency of its listings.
How Does an MLS Benefit Me as a Buyer?
For buyers, an MLS is a valuable resource. It allows your agent to access a wide range of homes for sale in your area, many of which might not be as visible through other search methods. With accurate data at their fingertips, your agent can quickly identify homes that match your criteria and connect with other agents to set up showings.
How Does an MLS Benefit Me as a Seller?
If you’re selling your home, having it listed on an MLS ensures it reaches the largest pool of potential buyers. MLS listings are considered the most reliable source of real estate data, as they are verified by real estate professionals. This means buyers can trust the information, which may lead to more serious inquiries and better offers.
Is It Required to Use an MLS to Sell My Home?
No, you are not required to market your home through an MLS. You should discuss the pros and cons with your agent. While MLS listings provide broad exposure, there may be reasons to opt out. If you decide not to use an MLS, you may be asked to sign a document confirming that this is your choice.
Can I Offer Compensation to a Buyer’s Agent on an MLS?
Traditionally, MLSs allowed sellers to offer compensation to a buyer’s agent for bringing a successful offer. However, as of August 17, 2024, offers of compensation are no longer allowed on MLSs. Instead, compensation offers can be made outside of the MLS through other marketing methods such as flyers, emails, or direct communication between agents. Read more about offers of compensation [here].
Can I Offer Concessions on an MLS?
Yes, sellers often offer concessions, which are certain costs associated with the home purchase that the seller agrees to cover, to attract more buyers. Depending on local MLS rules, sellers may be able to communicate these concessions directly through their MLS listing. Read more about concessions [here].
How Do I Access MLS Information?
Although MLS data is shared with various consumer websites, your agent can provide you with the most accurate and detailed MLS listings that fit your needs. Working with a real estate professional who has MLS access gives you a distinct advantage, whether you’re buying or selling, by offering real-time insights into the market. Remember, agents who are REALTORS® are held to a higher standard of ethics, ensuring they act in your best interest throughout the transaction.
If you’re ready to start your real estate journey, reach out to your local NCJAR REALTOR® to learn more about how the MLS can benefit you.
