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Understanding Multiple Listing Services (MLS) in Real Estate

What Is a Multiple Listing Service in Real Estate?

A multiple listing service (MLS) is a comprehensive database of property listings used by real estate agents and brokers to share information about homes currently on the market. If you’re searching for a new home, an MLS provides essential details about available properties, including the list price, square footage, number of bedrooms and bathrooms, photos, and other important information.

How Does the MLS Work?

The primary purpose of an MLS is to connect real estate buyers and sellers. When a seller is ready to put their home on the market, they’ll work with an agent or broker to add a listing to the MLS database. Note that sellers can’t directly list on the MLS unless they’re licensed agents or brokers paying a membership fee.

Listings typically include all the information a prospective buyer needs to determine their interest in a home, such as:

• Listing price
• Location
• Photos of the exterior and interior
• Home type (single family or townhome, for example)
• Square footage
• Lot size
• Year built
• Number of bedrooms and bathrooms
• Days on the market
• Other pertinent information about the property
• Contact information for the agent or broker selling the property

As a buyer, you can search listings directly through an MLS’s website or through a broker’s website. In the latter case, the broker receives the data from a feed provided by the MLS.

What Is an MLS Number?

An MLS number is a unique identifier for a property listed on an MLS. Real estate agents and brokers, as well as buyers, can use an MLS number to quickly find a property listing.

Benefits of Using an MLS

Multiple listing services provide several benefits to real estate professionals, as well as buyers and sellers. Here’s a quick summary of how they streamline transactions and ensure competitiveness in the real estate market:

• Increases exposure for sellers: If you’re selling a home as for sale by owner, you may have a hard time finding a buyer without access to a local MLS. With an MLS listing, your property may get hundreds or even thousands of views from prospective buyers within just a few days.
• Provides comprehensive information for buyers: Finding the perfect home can take weeks or even months. An MLS can speed up that process, allowing you to filter for features you’re interested in, such as minimum square footage, price range, and number of bedrooms and bathrooms. Having a full list of details and photos for each listing can also make it easier to gauge interest without needing to visit each property in person.
• Up-to-date information: After listing a property, agents and brokers may need to make updates to the listing price, open house information, and other details. Additionally, they can adjust the status of the listing (active, pending, accepting backup offers, or under contract, for example). An MLS allows you to update those details quickly.

Is the MLS Trustworthy?

Multiple listing services are required by certain rules and regulations to maintain accurate information about listings. As a result, you can have peace of mind knowing that a listing won’t be misleading.

If a broker’s website obtains listing information through an MLS feed, there may be some lag time when it comes to new listings and updates to existing listings. As a result, the information you find through a website like Zillow or Redfin may not necessarily be the most current.

That said, keep in mind that listing updates made by an agent or broker can take anywhere from 30 minutes to a day to go into effect, depending on their agreement with the MLS.

The Bottom Line

Whether you’re buying or selling a house, a multiple listing service provides crucial services to make the process go more smoothly. As a prospective homebuyer, though, be careful about which resources you use to search home listings.

While some websites operated by national brokers may offer better functionality, they may not necessarily have all the listings for your area or even have the most up-to-date details for listings you’re interested in. Consult with your real estate agent or broker for the most trustworthy sources and other best practices for searching MLS listings.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. Our team is here to help you navigate the complexities of the real estate market and secure the best mortgage options available.

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