Why MLS listings are important
In the age of online real estate sites empowering buyers to do their own research and find their future house you may think the importance of the MLS (Multiple Listing Service) has fallen in recent years. While these organizations aren’t household names anymore their influence has not waned from the pre-internet age when they were kings. To state it as simply as possible, listing your property on the MLS is the most effective way to reach more than 95% of home buyers.
To begin, let’s discuss what an MLS is and how they operate. An MLS, or Multiple Listing Service, exists to regulate and standardize the cooperation and compensation of real estate agents and provide a singular, central platform for real estate listings. Agents pay dues to an MLS and agree to conform to the rules of the organization. In exchange for dues and compliance, agents are permitted to list their clients’ homes on the MLS and search MLS-listed homes for their clients.
At this point you may think the MLS is a relic or not applicable to the internet-using, self-sufficient buyer but you would be wrong. The three most important reasons to list with an MLS are listed and explained below.
The MLS is the agents’ first stop:
The vast majority of homebuyers still use an agent to represent them in the process. Also, when agents search for properties to show clients their first stop and most trusted resource is the MLS. This is because the MLS is a sort of “agent curated” collection. Agents trust the information in the MLS is accurate because it was put there by their colleagues. Also, certain subsets of buyers such as those who are relocating for work frequently rely 100% on agents to find their next home. Making your home available to all agents ensures you are capturing all buyers who are using an agent to help them find a home.
An MLS listing can land you on other real estate search websites:
Put yourself in the shoes of the shopper. Are you a DIY shopper using one or more of the leading online real estate websites? Then the majority of properties you see are listed in the MLS. Are you choosing to be represented by a buyer’s agent? Chances are when your agent takes you out to show you a home he or she does not show you just one, they show you many. Where are they finding these homes?
The MLS is your key to reaching the largest market:
Put yourself in the shoes of the shopper. Are you a DIY shopper using one or more of the leading online real estate websites? Then the majority of properties you see are listed in the MLS. Are you choosing to be represented by a buyer’s agent? Chances are when your agent takes you out to show you a home he or she does not show you just one, they show you many. Where are they finding these homes? The MLS.
Whether you choose to sell with an agent or by-owner, listing in the MLS gives you the most cost effective reach:
Could you buy advertisements in local publications, post on CraigsList, and even buy social ads on Facebook, Twitter and other sites to attract eyes to your listing? Certainly, but none will be as cost or time-efficient to get in front of active real estate buyers as listing in the MLS. If you have more questions or want to discuss your MLS listing options with a professional, the Xome Concierge® is here to help. Call the number below or click the button to see our MLS listing packages.