One of the essential elements of real estate marketing is using the Multiple Listing Service (MLS) to list a property for sale. Real estate agents utilize valuable resources to expand the audience for listed properties while working with other brokers to facilitate a lucrative transaction. Without this cooperative agreement, real estate agents would have to work with a smaller pool of prospective buyers, making it harder to secure a deal. Read on to discover why listing your home on the MLS can make all the difference.
What is MLS?
According to the National Association of Realtors® (NAR), in the late 1800s, a group of property owners developed the concept of the current-day MLS. Today, real estate brokers share information on the properties they have listed for sale, offering other brokers compensation if they produce a buyer. The cooperative exchange benefits both parties:
- The seller benefits by getting increased exposure for the property they are selling.
- The buyer benefits by working with one broker while obtaining information about all MLS-listed properties.
Who maintains the MLS database?
Real estate professionals create, maintain, and pay for MLS databases to provide their clients with the best advantage. Typically, access to MLS listings is free of charge to the public, with the most up-to-date information supplied by participating brokers. Private information regarding when the home is vacant and available for showings and homeowner phone numbers are not accessible to the public. While only real estate agents can access the MLS, most information gets fed to other internet platforms for public consumption.
MLS technology
The results of a 2022 REALTOR® Technology Survey reveal that 67% of all Realtors® report using local MLS apps and technology that prove impactful in their business. Approximately one-third of respondents reported being extremely satisfied with the MLS technology offerings.
The technology tools provided by the MLS include the following, in order of importance to real estate agents:
- Property data and history (85%)
- Sales statistics (81%)
- Public records search (75%)
- Listing syndication (72%)
- Automated emails to prospective clients (71%)
- Tax information (67%)
Other areas of importance include tech education, forms, open house software, virtual tours, and more.
How many people use the MLS?
Real estate agents reported the highest number of quality leads in the past year came from social media, their local MLS, and Customer Relationship Management (CRM).
The NAR reported that 81% of members have their listings on their website, and approximately 86% of sellers received assistance from a real estate agent. Current property listings get placed on the MLS, which feeds information to online platforms frequented by potential buyers.
Choosing not to list your property on MLS can significantly limit the exposure to potential buyers, resulting in possibly losing out on a sale to another listing in your neighborhood.
The benefits of using MLS
The platform evens the playing field, ensuring the listing is accessible to all brokers, buyer agents, and potential buyers. The advantages of using MLS to list your property for sale include the following:
Increased exposure
Listing a property for sale on the MLS increases your exposure to potential buyers. Most brokerages cooperate to provide their clients with ample listings for consideration, most of which originate on the MLS. Many online platforms only show listings from the MLS, which means the only way your listing will be easily accessible to the public is through an MLS listing. An MLS listing boosts your exposure and ensures potential buyers nationwide can access your listing.
Expand the listing to potential buyers
Using an MLS expands who will see your listing, attracting people outside your local area. It is a much more efficient way of listing a property, as opposed to yard signs or open houses that only catch the attention of residents. Placing your home on the MLS will allow your Realtor® to work with buyers' agents who represent people typically qualified to purchase a property, increasing the likelihood of a serious offer.
Establishes a network of real estate professionals
Listing your property for sale on MLS grants you access to a broad range of real estate professionals who work together to offer buyers and sellers the benefit of their expertise.
The MLS builds a sense of collaboration while regulating competition, allowing buyers and sellers to deal with a real estate agent that meets their needs and best suits their personality. All licensed agents, regardless of the size of their brokerage, can access the MLS, providing a large pool of talented professionals working to sell your home.
Saves you time and money
Expanding your listing to a larger pool of potential buyers eliminates having to market the property via other means, helping you to receive an offer faster. Granting access to your listing to realtors nationwide is an invaluable way to showcase your home, saving considerable time and energy. In Florida, the cost of selling a home averages between 5% and 6% of the final purchase price. Properties that don't sell quickly tend to experience lower overall profits. Many buyers only search current listings, leaving older properties to lose market interest, leading sellers to drop prices over time to entice buyers.
Ensures an accurate listing
Since a licensed real estate agent creates the MLS listing, you can be confident the details are exact, including the most pertinent information to attract buyers. All local MLS services have stringent regulations that have to be followed to ensure the listing is truthful. This gives brokers and Realtors® the assurance they need to know the listing is accurate and recent, giving them the confidence to present a potential listing to their clients.
Utilizing MLS is an essential aspect of real estate marketing
The Justin Myers Team knows the ultimate techniques for effective real estate marketing, taking advantage of MLS and other tools to ensure you receive the optimal outcome when selling your Florida luxury home. If you want to purchase property, Justin Myers will scan the local MLS to find a home that meets your budget and lifestyle needs. As a certified Realtor®, he specializes in high-end luxury properties in Destin, Miramar Beach, and other upscale 30A neighborhoods, and he has the expertise and knowledge needed to find the top deals in premium locations.
Contact Justin Myers to learn how we can help you find your dream home on the beautiful Emerald Coast of Florida.
*Header photo courtesy of Shutterstock
