August 7, 2016

What Is the MLS? The Multiple Listing Service, Explained..

I think a lot of buyers and sellers think that Zillow is the same as the MLS? Are there any differences? This article explains the benefits to the Multiple Listing Service.  It comes from by Cathie Ericson.  

The MLS is a system that has been around since the early 1900’s and Realtors would get a list of homes in books that were available in the different local areas.

While numerous websites aggregate home listings through highly condensed versions of MLS listings,® is
by far the most comprehensive, with 99% of all MLS-listed “for sale”
properties in the U.S. (And to further toot our own horn: Our listings
are also the most accurate and up to date. Over 90% of “For Sale”
listings are refreshed at least every 15 minutes, which can come in
handy in a fast-paced housing market, where every second can count. OK,
we’re done!)”

All the different sites that have listings on them comes from the MLS. The MLS is a strict guidelines that have to be followed by licensed Realtors. There is a lot of paperwork and analysis when your doing a listing.  Lori got a listing last night by showing the sellers what they could expect in a sale prices and days on market.

” When agents log in, they have access to a wealth of data that they can
pass along to their clients—or just help them do their business better
and more strategically. And much of this goes far beyond whether a
particular listing’s driveway is made up of gravel or asphalt.”

  Zillow,, and almost always give you the wrong values on real estate. That cost the home seller money.  Homes is the same area with the same square footage sometimes have different selling prices. For example a home with modern upgrades and one without them have two different values. That is why you need a Realtor to get you the right price for your home.  They can usually give you some tips to help sell your home faster and maybe for more money. The MLS is regulated and information is almost always correct, and Realtors know how to look at it.

” Home sellers who don’t want to pay a real estate agent’s commission can also list their home on a For Sale By Owner,
or FSBO, site rather than the MLS. But do so with your eyes wide open:
Selling a home on your own is far from easy, and FSBO homes sell for
less money—on average $39,000 less. This may explain why only 8% of homes sold every year are FSBO, and the vast majority go through the MLS.”

Trying to sale your home yourself can cost you a lot of money. Not having the marketing tools alone that Realtors have at their fingertips gets you so many other potential buyers looking at your home. Not paying a commission in most cases will cost you money and time. $39,000 can buy you a nice vehicle, or payoff debts. Realtors don’t cost money they make you money.

Getting your home sold for the most money requires a lot of knowledge and information.  Homes are most peoples biggest asset, make the most of it.  I have sold 100’s of properties for top dollar. Call Brett 216-703-5740 Howard Hanna Ohio and 602-363-6551 West USA Realty Arizona.

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