What is the MLS...Multiple Listing Service and Do You Need It?
The local multiple listing service (or MLS for short) is a benefit to both buyers and sellers. The MLS is a property information and exchange database open to those real estate professionals that subscribe to the service. Most agents do belong to a local MLS, because this is the most reliable property data available. What that means in simple terms is...it's the best and quickest way to find homes for buyers.
When a real estate agent takes a new listing it is put in the local MLS for all the other agents to see. This is great for the seller. It gives the property widespread exposure to other real estate agents that have buyers looking for that type of property. The listing shows the property's features and pertinent data. This property information stays in the data base. It's there for the other agents to look at, and to show to perspective buyers.
When a buyer is searching for a home their agent uses the data resources available in the local MLS. A buyer's search could be narrowed down by bedroom count...does the buyer want a three or four bedroom home, price, garage bays, school district, ect. or any combination of features.
The MLS uses software that quickly finds all the listed properties that meet the buyer's criteria. Viola...the listings pop up on the screen in a second, and the buyer can quickly see what property choices are available.
The MLS is what your local real estate agents subscribe to that lists most of the active properties in a given area. For sale by owner properties aren't listed in the MLS and therefore the seller is losing out on a lot of buyer exposure.
There are other online services that have property listings. While this might seem like a great place to start your property search, you could end up disappointed. These websites have outdated and missing information. You might find the home you want only to find out it was sold months ago or not even listed at all. I've also seen where these sites don't have the correct pictures displayed. These sites are only set up for the websites owners to make money, and they don't care about you finding the home you want.
These other sites also use computer formulas to try to tell you what your home might be worth. Read the fine print. It will tell you the estimates are off as much as 30%, and no computer knows the local market values like a local real estate agent.
More and more MLS services are starting up public websites to give buyers and sellers accurate local real estate information. Most real estate offices also have a website with a search feature that is more accurate than other third party online sites. The information is up to date and is fed directly from the local MLS.
The answer is...YES! You do need an MLS, and an agent with access to one, if you are planning to buy or sell a home. It's true you can try buying and selling on your own, but you are missing out on a lot of property information and potential buyers if you don't have your property in the local MLS or aren't accessing the database to find your next home.
I've lived on Colorado's Western Slope for over 25 years. I love this area and all it has to offer, and I enjoy sharing what I know about my home. As a REALTOR®, I also love to share my expertise in this area as well. If you need any real estate information for Montrose County, or Delta County, Colorado...please give me a call.
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