Role of The MLS

Everyone knows the real estate industry is still a tough one to succeed in at the moment. Though the economy has definitely recovered, it still isn’t the kind where you can be guaranteed to turn a profit when selling a home. This leaves many homeowners in a tough position when they want to put their house on the market.

That’s why sellers always need to be on the lookout for any potential product or service that can help them improve their chances of closing and, of course, what they’re able to clear in profit.

One example of such a service would be MLS (Multiple Listing Service). Perhaps its biggest advantage is that it’s been around for so long. This type of approach actually began in the late 1800s. It was back then that real estate brokers would regularly meet at their local associations’ office and talk shop. Often this meant sharing info about the properties they were trying to sell. Inevitably, this would also include trying to enlist the help of their fellow brokers. In return, any broker who helped would receive some kind of compensation. As you can see, just because it’s a service associated with the World Wide Web these days doesn’t mean that it’s some unproven approach.

The real estate industry has always been very unique because the line between competitors and cooperators is a fine one. MLS helps make this line an easy one to walk, without curtailing the benefits cooperating can have for all parties involved.

A quality MLS facilitates brokers looking to work with others in their industry to move properties. Without an MLS, brokers would have to go about creating their own system. However, this fragmented approach would just make things harder on the brokers involved, and therefore the customers they represent. By keeping sensitive information private (i.e. the name of the seller, their address, when the home is vacant, etc.), brokers can work on deals without having to worry that they’re endangering the customer.

Back in 2007, over half of those who recently bought a home had used some type of MLS website to do so. Obviously, that number has only grown when you consider how much an MLS site can help compared to the more traditional versions. If you’re looking to sell your home soon, it would make sense to leverage every broker you can by using an MLS site.