How to List Homes For Sale in the Multiple Listing Service (MLS)
There are many ways to market your house for sale. You can go it alone, the path of for-sale-by-owner. Typically, going with a real estate sales professional is the popular choice and in the end might be the most financially rewarding route.
Your real estate agent will have access to the multiple listing service (MLS). Your house will be listed on the MLS, which gives it a wide expose to other agents and their buyers.
Multiple Listing Service Basics
Multiple listing service’s database is used by real estate brokers and agents, representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller’s broker in finding a buyer for the property or asset.
The listing data stored in a multiple listing service’s database is the proprietary information of the broker who has obtained a listing agreement with a property’s seller. Most MLS systems restrict membership and access to real estate brokers and agents; are members of a local board or association of Realtors; and are members of the trade association (NAR or CREA).
Multiple Listing Service (MLS) is a suite of services that:
- enables brokers to establish contractual offers of compensation among real estate brokers
- facilitates cooperation with other broker participants
- accumulates and disseminates information to enable appraisals
- a facility for the orderly correlation and dissemination of listing information
Getting Your House Listed in the MLS
To get listed in the MLS, only a real estate brokerage can list a house in the MLS, either a traditional brokerage that provides comprehensive services or a flat-fee brokerage that lists the house in the MLS.
Flat Fee MLS refers to the practice of placing pertinent information about a property for sale into the MLS for a set fee or dollar amount as opposed to a commission based on the sales price of the property. This removes the responsibility from the listing agency and make the MLS available as a marketing tool in exchange for a reduced cost.
Flat-fee service is typically much differently than using a traditional real estate listing contract. The listing fee can range anywhere from $200-$800 plus 2.5% to 3% for a buyer’s agent commission, paid to a co-operating broker who brings a buyer.
Full-service real estate brokerages. Real estate brokers and their agents assist sellers in marketing their property and selling it for the highest possible price under the best terms. A full-service brokerage firm will do a comparable market analysis to help you arrive at fair-market value, help you with all the paperwork, advise you on preparing the house for sale, put a sign in the yard, hang a lock box, put the house in the MLS, advertising the property, schedule open houses and showings, negotiate prices, and take the deal to the closing table.
Pick the Right Real Estate Agent to Represent You
Selecting the right real estate salesperson to market and negotiate price on your behalf, the seller, will result in a successful transaction.
Getting your house listed in the MLS is one of many important marketing tools your agent should be using. The Internet has become a big part of our daily lives. Over 85% of real estate searches starts online. In addition to being listed in the MLS, your agent should utilize other marketing tools, such as the Internet advertising, email marketing, local print, and flyers.
Compare agents. Get referrals. Ask about their marketing strategy, knowledge, and experience. Request for a comparable market analysis. Negotiate commission. Ask what services will be provided for full service commission.
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