New Jersey Real EstateReal Estate Tips January 22, 2014

What is the Multiple Listing Service (MLS)?

If you’ve been working with a realtor or will be in the near future, you will definitely hear a lot about the MLS system. MLS stands for Multiple Listing Service, and it refers to one large database with many of the listings that are currently available on the market. When a property is sold, it is then taken off the database. The MLS is a fast and convenient way to access the homes that are available for sale at any given moment. After all, being a good realtor means that you need to have quick knowledge of what properties are out there.

Let’s take a look at the advantages to using the MLS for your home buying or selling experience.

Benefits to Buyers

  • Convenient. The majority of homes for sale in your area are placed on the database, so you don’t have to bounce back and forth to various websites.

  • Easy to use. A few simple clicks of a mouse give you access to all the properties for sale in your area.

  • Up-to-date and relevant. The MLS is continuously updated, so what you see reflects the current market, unlike other sites that are out of date.

  • Free service. The MLS does not cost a penny for buyers to use.

  • Sorting features. Instead of sorting through hundreds of homes, you can use the handy sorting features to find homes based on the square footage, number of bedrooms/bathrooms, zip code and so on.

Benefits to Sellers

  • More exposure. You want to sell your home fast, so putting it in front of the most buyers makes this possible. The MLS gets you the largest number of buyers in a short amount of time.

  • Help from a professional. To get your listing on the MLS, you’ll need a real estate agent or broker to list the property. Not only do you get your home on the MLS, but also you get professional assistance from a realtor who can help get your home sold quickly and for the most money possible.

  • Increased competition. The more buyers that see your home, the more competition it will create. Competition is good for sellers since it puts more power in your hands as you price your home and sell it quickly.