Multiple Listing Service
Imagine MLS as a large store. When a house is available for sale it is shipped to the MLS store and when it gets sold it is shipped out of the store. Of course we can't really ship in or out the houses so MLS contains information only, about a given property. It is, in other words, a Real Estate database, giving you, whether you're a buyer or a seller or an agent, information about what is comparable and available on the Real Estate market currently; what you should expect from your Real Estate transaction.
MLS
MLS is a convenient tool because it is relevant and immediate - such information about Real Estate inventory makes the agents more resourceful, productive and definitely more useful to their clients.
In the beginning the MLS system wasn't free and Real Estate agents had to create local MLS associations and charge and require membership as well as annual dues in order to get access to necessary staff and materials to work with. Back then an agent would submit listing to their local association and the MLS staff would create data on what was available for sale and what has been sold already. Once a week or so an agent would receive a report that would show all the current Real Estate listings.
Then, in 1996, the property information from the MLS services was translated to the web and even though it doesn't contain all the properties that are available in the MLS the information is current and local as long as the area agents actively participate on the web (almost all of them do).
The listing contract of any house for sale should indicate whether or not the house should be available and listed with the local Multiple Listing Service. There's no doubt about the usefulness of Multiple Listing Service (MLS) as it creates a fantastic network between buyers, sellers, Real Estate agents, brokers and any other parities involved in the purchase.
The properties with "For Sale by Owner" disclaimer are listed on Multiple Listing Service only if the seller has hired a Real Estate broker on a limited basis.
If you're listing the house for sale using MLS service, the sales force is spread and multiplied by the number of agents that are members of the local MLS - if the house is not listed there's only one agent working for you.
Why Use MLS
Multiple Listing Service is a service created and operated by Real Estate professionals. This type of service organizes all the Real Estate property listings into a search engines devoted to a county, state or province area.
A MLS user can specify the area that they're interested in as well as price range, the type of house they're looking for (bungalow, single-family), the number of bedrooms and bathrooms, acreage as well as any other special features such as fireplace in the house or near-water location. Once all the specifications are entered in appropriate boxes the Multiple Listing Service search engine will try to locate listings that will answer to all these specifications.
Most Real Estate properties listed will have separate page with a particular listing and all the details such as number and the size of rooms, special features, days on the market. Some listings will also have pictures of the house - its interior and exterior and sometimes even detailed pictures of furnishing.
The MLS service also deals with things like commission splitting and other transactions between Real Estate brokers and agents.
Despite the fact that Multiple Listing Service is relatively user-friendly it is not uncommon for home-buyers to require help with these services. Even if the buyer has a good knowledge of Internet and Internet search there are few things they can miss when conducting the search such -- a professional realtor should be able to solve any MLS difficulties.
Most Important Function
The most important function of MLS besides listing of the properties available on the market is to provide you with a realtor. Besides being your MLS guide, normally, realtor's job is to disclose in writing the Real Estate agency that is represented by him or her. You realtor represents you as a buyer or seller. A realtor can also represent both buyer and seller. A realtor can also assist you with using MLS services - they have more access to it than the public and are able to look for the listing that is best for you by comparing sales in Multiple Listing Service, figuring out economic trends, and analyzing sales forecasts.
When you use the realtor to help you search for the right house you'll need to give him / her the following:
· Living space requirements - how many bedrooms and bathrooms, dining room,etc.
· What you're hoping to bring with you from your old house
· How close to public services you want your new house to be
· The amount of down payment you're capable of
· The price range of the house you're looking for
When trying to figure out your price range a well as down payment you need to keep in mind to pick figures that are plausible - consult your realtor and tell him / her about your financial situation so that you can figure out what seems most realistic.
When you have all your Real Estate needs figured out your realtor will use the local MLS system to key in all your demands such as price range and a choice of neighborhoods. The MLS system is updated daily so that you get the most current listings. Additionally you'll get Internet links and other contact information for the Real Estate agencies representing the particular area and the house you're after.
Once you find the right house you need to consider a number of things that are not always outlined through the MLS system such as the technical considerations. You can ask the realtor to let you know if the following are featured in the MLS listing that you're interested in:
· Does the house have power outlets and what kinds of outlets are they - different appliances use different types of power outlets.
· What type of wiring does the house have?
· What type of heating or cooling system does it use? What's the plumbing like?
· What condition is the roof, the window and the foundation in?
When you find the house that interests you, your Real Estate agent will set up appointments for you to go and see the given property.
A Comprehensive Source
The Multiple Listing Service is an areas most comprehensive source of properties for sale. Local groups of real estate brokers maintain these listings for their Real Estate group members. Where they seemed too exclusive back in a day when they used to be private databases, available for public view only with the consent of local brokers; now they are free and available almost entirely through the Internet.
Your local area brokers maintain MLS listings locally. Some counties' listings are part of the MAP or Multiple Listing Real Estate Service. However the largest source of Real Estate listings for your area is the MLS. Its full database, available to thousands of Realtors and it consistently includes hundreds of thousands of listings.
The reason why listings have all the detailed descriptions is because the houses are posted by Real Estate brokers who besides the postings also grant other agents the right to show the homes and relay any future offers. If a home is sold, the brokerage Real Estate agencies for buyer and seller usually split the commission.
Additionally, MLS is also available to Real Estate appraisers and Real Estate Agents who use it to determine a homes value and any records of past sales to get the idea about the listings sales' record.
Real Estate agents have pooled their information by doing detailed research for more than a century, on file cards or phone-book-sized directories. Currently most MLS listings are databases maintained on computer bulletin board systems.
