What you need to know about MLS in real estate?
Whether you are looking to sell or buy a home, you may start looking online site such as realtor.com or zillow.com. Do you ever wondering where does these site get the listing from or how accurate the information are? Read on what is MLS and why MLS is important when selling our buying a home in Arizona.
What is the MLS
MLS stands for multiple listing service, is a private database set up by a group of cooperating real estate brokers to provide accurate and structured data about properties for sale. It’s also a mechanism for listing brokers to offer compensation to buyer brokers who bring buyers for their listed properties. This real estate technology facilitates the transaction process and has created efficiency in the industry. As today there are more than 800 regional MLSs. Each regional MLS has its own listings.
MLS access
The MLS database access is limited to real estate agents and brokers. Real estate brokers and agents who use the MLS in the United States must be members of the National Association of Realtors (NAR) and join the local board and association.
How the MLS works
To gain access to the MLS database, you need to hire a real estate agent that belongs to one. A licensed real estate agent must take a series of ethics classes through the board of realtors every few years in order to maintain MLS access. Once they have a client selling a home, they gather the necessary details such as the square footage, number of bedrooms, and other noteworthy attributes – as well as photos – then post a complete listing on their client’s behalf. A listing will remain in the MLS until the home is sold or the listing is removed.
Accuracy of information
MLS listings databases are considered the most accurate as far as property details on the Internet or elsewhere. New listings must be entered within a specified time period. Fines are generated if a member doesn’t enter the full listing data by the deadline. Generally, this is 24 to 48 hours after the listing agreement is signed.
From square footage to directions and location, the MLS association wants to maintain a high level of accuracy in the information that’s entered. The quality and number of photos included are often mandated as well, although the exact criteria of this requirement can vary from time to time.
Advantages to using the MLS
The MLS offers a range of benefits that no other search engine can provide. Considering that without the MLS real estate agents and brokers would not be able to consolidate property information, compare it, and find buyers. Using the MLS as a search engine for homes for sale in the US is the best way to find a new listing. The MLS is a must-have for homebuyers and sellers.
Is MLS information available to the public
Technically, the information is available only to the participating brokers and agent. The one and only goal of broker and real estate agent is to sell your home. They want to expose your home listing information to a wide range of market as possible. They accomplish this by using brokerage syndication.
Brokerage syndication
Brokerage syndication aka listing syndication or broker distribution, is the act of sending limited listings information to third party publishers, sites like Realtor.com, Redfin, Zillow, Realtor personal website and others.
Bottom line
MLS is only one service that you can trust to provide accurate information, real-time updates and sold data on home values. While you cannot access the MLS without a real estate agent, you can reach an agent with just one phone call.
Selling your home in Phoenix AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Phoenix House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today’s market.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ and surrounding area, we hope you will consider us. Contact us today for complimentary consultation.
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