What is MLS, related to Real Estate ?

Question

Hello all:

Above I extracted some text from the site forsalebyowner.com
It explains the benefits for real estate agents, to join the site.
Everything seems related to this MLS thingie...check the text:

What is the ForSaleByOwner.com Agent Network?
The ForSaleByOwner.com Agent Network allows licensed real estate brokers to capitalize on the rapidly growing Flat-Fee real estate market. ForSaleByOwner.com has paired the marketing power of the MLS with the efficiency of the Internet to create a hybrid real estate marketing solution for consumers that is extremely popular.

If need to see the full text, go here: http://www.forsalebyowner.com/realtorSignup.php

Can anyone please explain what is this MLS thing, and how does this work in the site? ITry to explain this to someone that is building a Real Estate site, and needs to understand the process of the MLS feature.

Regards
Nuno

Answer 1

Multiple Listing Service = MLS

That is what most realtors use to check current actives, recent sales, withdrawals and expires, tax information, ownership information, create CMAs, -and also to produce the MLS listing that appears on Realtor.com, flyer sheets for prospective buyers, etc.

Although some of this information is available through many public sources - your local MLS system is neither free or public.

However, some local MLS systems do have a limited "public" information site.

Multiple Listing Services are local (for example, in Venice we have the Venice Florida Local Area MLS); are frequently reciprocal (we are reciprocal to the entire Southwest Florida corridor so all agents in that area can access information on all properties in that area); and they offer an extraordinary amount of information for a licensed realtor who is specially trained in this software and is PAYING for the privilege of access.

And, it's not cheap. Because, this software and these online resource sights require extraordinary amounts of maintenance - the databases involved are huge, as you might imagine - with so many agents adding new information every day.

However, in Venice, we do have a free, public site at www.veniceareamls.com that shows some of the information from the database.

You could ask your local board of realtors for the online public site, if they have one.

NOW, for someone who wants to build a "mock" MLS, you will need lots and lots of fields to search on - everything from type of property (house, condo, vacant land, etc.) to age of improvements, square footage of the land, the building and the individual rooms, features (# of bedrooms? 3 car garage? pool? view?, specific appliances included? Home Owners Association fees? Neighborhood amenities? School district? Tax info? etc.).

Our MLS checklist is 4 pages long, with all the possible categories that people search on - and that agents enter into the MLS for each listing. Plus pictures and Virtual Tours.

This way, when someone wants to find a 2005 condo on the beach with covered parking, community pool, stainless appliances and NO carpeting, pets allowed, 55+ only, western exposure for sunsets, with window treatments in place - well, they will find it.

I hope that helps you.

Good luck and best wishes.

Answer 2

MLS stands for Multiple Listing Service. Once you become a real estate agent you can pay to use this service. The listing (selling) agent uses it to input data on each listing so that other agents can see a property profile, any agent remarks and can have access to the agent caravan which most agents go on once a week so they know what is available. The public has limited access to this service as well, just the basics, no agent remarks.
The Buyers agent can use this service to look at all the properties available in his office and other agents listings. He can gather the information and email or fax it to his client. Again, he pays for this service.
The general public can not pay a fee to access what the agents and Realtors have access to.

I have a real estate site I am setting up as well, but I have an advantage of 16 yrs in the field. Not as an agent but have done everything an agent does and has access to except the commission. If you want more help you can always email me but I am not selling any product just a service to those who are new and want to start out with a little bit more knowledge and understanding of the process.

Answer 3

MLS - Multiple Listing Service - a computer system into which real estate agents enter the properties that they have for sale, and share the information with other agents.

The agents use the MLS to find all the properties in town that match the buyer's criteria.

Its data on the property for sale that is shared among all the agents in town.

Answer 4

MLS stands for Multi Listing Service, which links participating realtors to one site where their properties are all listed, as opposed to looking at one Realtor's properties, you can see many Realtor's properties. Also, all listings must be approved by the MLS board, so as to contain truthful descriptions.

Answer 5

if you want see the text about MLS go here http://realestatepropertynews.com/MLS-in-realestate.html