Understanding the MLS

MLS is the real estate Multiple Listing Service. It is a database – an extremely convenient way to know what properties are for sale at any given moment. This makes it very useful to real estate agents and brokers. Basically, the MLS is like a huge property warehouse. When a property is available for sale, it enters the warehouse. When it is sold, it leaves the warehouse.

The MLS only contains information since real estate cannot actually be stored in a warehouse. This information comes from the various brokers who exist in the scope of an MLS.

Why the MLS works for homebuyers
First of all MLS is very convenient. Buyers can browse through the available properties listed on an MLS. Using the MLS also does not cost anything. It is a free service that is sponsored by the realtors advertising their available properties.

Options galore
On the MLS site a buyer is not limited to choosing among a few available properties. Usually, the MLS shows many available properties that are for sale. In the past, when information was limited, a buyer would only be able to visit a few homes per day. He or she would also need to communicate with the agent for details on the property.

With MLS the buyer can start browsing from the comfort of his or her home. Details regarding the property are also listed there.

Aside from the written details, MLS usually provides pictures of the property. Some more advanced MLS implementations even have surveying tools that help buyers come to decisions regarding their desired property.

Fitting the bill
MLS also helps the buyer by narrowing down choices to those that fit the buyer’s wants and needs. The buyer supplies information on his or her desired property to the MLS site. This information includes area, size of property, age, location and other specifics. The buyer is then given a set of houses that fit that description.

Communication
MLS also makes it easier for the buyer to contact the realtor. Details about the realtor are listed along with the property to allow straightforward communication between buyer and realtor.

It may be hard to believe but the real estate industry has benefited a lot from MLS. MLS has been a step in real estate evolution. It is relatively safe and is very convenient. As the MLS has grown in popularity, more and more realtors have availed themselves of its listings. For the buyer, this can only mean good things, including more choices and better decisions.

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