A real estate agents life revolves around the multiple listing service. It is impossible to be a real estate agent if you are not a member of the local Multiple Listing Service or MLS.
It is the single biggest tool an agent has in it’s arsenal to help both home buyers and home sellers. But how does the Massachusetts Multiple Listing Service aide home buyers and home sellers?
What is The Massachusetts Multiple Listing Service or MLS
The Multiple Listing Service, or as it is commonly referred to, the MLS, is a large property database or “warehouse” of homes for sale. Just about every region across the country has a multiple listing service.
My local Massachusetts MLS is MLSPIN or Multiple Listing Service Property Information Network.
Real agent participants in the MLS agree to cooperate with other members in the sharing of the inventory of homes for sale. Basically, all the real estate companies in Massachusetts pool the inventory of their homes they have to sell, making every home available to every other agent that participates in the MLS or Massachusetts Multiple Listing Service.
In this day and age, I do not know of a real estate office that does not participate in the Multiple Listing Service. The Multiple Listing Service is the single biggest tool a real estate agent has to aid buyers and sellers in the real estate market today.
Multiple Listing Services are generally run regionally or at a state level.
[sc_fs_faq sc_id=”fs_faqtny1tnuib” html=”true” headline=”h2″ img=”” question=”What is the Multiple Listing Service?” img_alt=”” css_class=”” ]The Multiple Listing Service a service that offers the cooperation and compensation for real estate agents on homes for sale. It is a large database of homes in a reqion that is shared housing inventory among agents.[/sc_fs_faq]
The Evolution of the Multiple Listing Service
Before the creation of the Multiple Listing Service, local real estate offices would try to get together on a regular basis to share inventory and agree to cooperate with each other. The delivery of information was slow and homes would slip through the cracks.
It was in a buyers best interest to bounce from office to office to see if there was inventory from one company that another did not have.
Then the MLS was created and every week or so a “book” was created for each office in an associations territory and was distributed to each office. Thus, it allowed buyers to go to one office to see all the inventory in a group of communities and it allowed sellers much greater exposure to the buying pool.
Around 1996 with the growing popularity of computers, the MLS data started to be put online. In the digital age access to the individual offices much quicker with less lag time.
Fast forward to today and literally the minute an agent inputs listing data for a home for sale it is distributed not only to the real estate community but the generally buying public by what is called and IDX or Internet Data Exchange.
What does the MLS Mean to a Seller?
If a majority of the homes are sold though the Multiple Listing Service, where do you think buyers turn to find their new home?
They turn to a real estate agent that gives them access to the MLS. It is convenient and gives them the immediate access to most of the available homes for sale that meet their criteria.
A home listed today can be at a buyers fingertips that same day!!
All real estate agent sites are fed by the Multiple Listing Service as well as many third party aggragates like Zillow, Trulia and many others.
With today’s access to the internet, buyers are directly choosing the homes they see and not relying so much on a real estate agent to pick and choose the homes they see.
The MLS instantly exposes your home to the largest pool of buyers, instantly!!
No other media can even come close to the power of the Multiple Listing Service.
What Does The Massachusetts MLS Mean To A Home Buyer?
When registered with a Massachusetts Realtor or Real Estate Agent you have access to the largest pool of Massachusetts homes for sale that meet your criteria, in a matter of seconds.
You will know about homes new to the market almost as quickly as the real estate age community does!!
Every participating real estate agent can provide access to the Multiple Listing Service data through an IDX (internet data exchange).
By the rules of the MLS for a home buyer to access all of the information they must be registered with an agent and all contact information must be on file with that agent. Otherwise you can see a limited amount of data.
Summary
The Massachusetts MLS is a very powerful tool in aiding both buyers and sellers either market properties or find properties for sale. It also offers historical data that can be accessed by a buyer or sellers agent that will help determine fair market value of a home as well as median house price in a community, predict days on market and so on…
We all hear the term MLS or Multiple Listing Service and as agents, I think we are quick to throw around the term. I hope this post informs home buyers and home sellers on the impact of the Multiple Service has on the purchase or sale of your home.
Other Real Estate Resources:
- Can a buyer work with multiple agents? The simple answer is yes. But as Michelle Gibson explains there could be a down side to working with multiple agents.
- Real estate agency is a complicated topic. Unfortunately, your agent may not be working for your. Bill Gassett explains the different ways an agent can work for you.
- Earnest Money deposit and Down Payment are two separate things. Sharon Paxson covers the difference between down payment vs earnest money deposit.
- When it comes time to retire you may consider downsizing your home for both financial and lifestyle reasons. Sonja Pound shares some great tips on downsizing your home.
This post, What is the Massachusetts Multiple Listing Service?, was provided by Kevin Vitali of EXIT Group One Real Estate. Kevin has over 18 years experience and has closed on hundreds of homes bringing you the experience you need. If you are looking to buy or sell a home call Kevin at 978-360-0422.
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