Authored by: Options Realty
April 17th, 2008
What is the MLS (MULTI LIST SERVICE), and what does it offer you, the seller of a home on the North Fork of Long Island?
The Multiple Listing Service of Long Island (MLSli) is a service that provides sellers with the opportunity to “share” their property with all MLSli Realtor participants. It is an elective service, meaning that real estate companies can utilize it to expand the reach of your property to all participating agents, or they can decline the service.
There are costs associated with joining the system, and brokers pay fees to join, as well as monthly fees to maintain the service. The price is small, relative to the exposure: the
MLSli, and it’s partner site, Realtor.com, have higher site visits by a large margin than any New York real estate brokerage.*
The advantage for LISTING BROKERS is that they know that they are enlisting the help of ALL Long Island Realtors, not just the group in their office, creating a huge advantage for sellers. Knowing that an important Realtor/buyer venue is part of the marketing plan can make the difference between a house that sells, and one that sits.
In addition to reaching local buyers, the MLSli reaches all Long Island buyers, and national buyers. Realtor.com is a national reach, with buyers able to access North Fork properties from anywhere in the country, with photos and details. A great combination- the local MLS and Realtor.com.
When you list your home, your listing agent will likely mention that you will be on the MLSli. You will both decide, with this exposure, what amount, out of the total fee charged by the listing company, you would like to pay a “cooperating broker”. This amount is published in the MLSli for Realtors to view.
The MLSli is often a first stop for real estate agents seeking properties for buyers, and it is possible to email listings, offer MLSli updates, and provide market updates for buyers seeking properties (yours?). For sellers, information regarding sold properties is available in order to correctly price your home relative to market conditions. Daily updates are provided to Realtors, offering them a chance to share both new and existing listings with their buying client/customer. That’s the important part, to the real estate contingent.
While some areas (NYC, the Hamptons) are fighting the inevitable by not viewing real estate as a fully cooperative effort, many sellers are demanding this service due to the huge Internet presence afforded. I’d have to agree. It’s less about “why”, and a whole lot more about “why NOT”? Until a better venue comes along, it’s got the largest reach for sellers, and current info for both Realtors and buyers.
To view MLSli properties, click on the “homes” button, and enter your parameters. To view properties listed on Realtor.com, go to www.realtor.com, and enter the area that has captured your interest.
If you have any questions, please call us at: 631-727-2227 daily, 8-8.
*per stats from Alexa rankings
image “Concert crowd”: Copyright: Milan Klusacek & iStockphoto
image “apple computer”: Copyright © 2008 Apple Inc.
image “Southold Beach”: Copyright 2008 Options Realty
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