A Multiple Listing Service (MLS) provided by local boards of Realtors® is a comprehensive data base of available property listings, congregated in the same place. In the early 1900s real estate brokers would get together to share information about properties they were trying to sell, agreeing to compensate a broker who helped sell a property. Thus was the early development of the MLS. Later, listings were published in a book and distributed to participating brokers. The listings in the book provided basic information and only one picture, a far cry from today’s digital MLS. New books had to be published weekly and even then information could be quickly outdated as well as difficult to “filter” for suitable properties.
Even in the digital world, without the MLS, agents would have to sort through multiple websites and contact different brokers to find properties of interest to their buyers, an inefficient process still in effect in many parts of the world.
The MLS provides many benefits to both the agent and the home buyer/seller:
- a consolidation of all listings and property information in one place providing the most comprehensive database available of property listings
- transparency and trust — all participants are assured of having access to the same data which creates a level playing field and helps to prevent misinformation. The smallest brokerage can compete with the the biggest multi-state firm, allowing you to work with the agent of your choice. MLSs help to uphold fair housing laws by giving equal access to the same information for all people.
- Ease of comparison and good competition — with access to a large and accurate amount of property data, Realtors can more effectively compare properties and produce market analyses which helps to set the best pricing for the properties for both the buyers and sellers.
- State and nation wide search for properties — data sharing between and amongst local and state MLSs allow for searching anywhere in the country. This helps people moving out of and into other geographical areas a leg up in determining where to consider buying. Working with a credited Realtor, such as myself, makes the search and the move considerably easier and likely more satisfying.
- Accuracy — The MLSs, being run by local boards of Realtors, provide the most accurate information, as the information provided to the respective MLSs is instantaneously updated. This includes the asking price of the property as determined by a careful analysis of the condition and precise location of the property. It will include the original posting and importantly any corrections and modifications in the listing, changes in the asking price, acceptance of a contract and whether the property is still available for showing and back up offers, the removal of the property from the market, the property’s relisting, and a host of other changes. Data congregators such as Zillow are often outdated in their data and badly off in their estimate of a property’s value.
Search Availability to All — I make the search engine available to you. You can search all properties or filter for specific categories (price, location, amenities, sq. ft., number of bedrooms, etc.), just like Realtors do. And you can search areas all over Michigan, Canada, Mexico, and most of the rest of the world. (Hint: if no properties show up in a given area, try using the plus button to move the map in closer.) If you have questions about using the property search or would like help setting up a search, give me a call.
To see a property in person, a real estate sales agent, of course, will have to set an appointment and accompany you to the viewing. Give me a call to set the appointment and arrange for a Realtor to escort you into the property. 734-649-3733