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The Multiple Listing Service (MLS)

Exposure - Exposure - Exposure


What is the MLS, and how does it work for you? The MLS is a database of properties currently on the market in the area. Brokers participating in the MLS (which includes virtually all Brokers in the area) list all the homes they have for sale and agree to share in the sales commission of the properties. This means that if you list your property on the MLS, but another agent finds a buyer for your house, that other broker or agent is entitled to part of the commission (1-3%). The big advantage to you, as the seller, is that every single broker and agent participating in the MLS has an incentive to sell your home. This effectively puts every agent in the area to work selling your home! The first place a buyers agent looks is always the MLS. There is simply no better way to gain instant and widespread exposure for your home than listing it on the MLS. This will increase the odds of you selling your home by over 87% and over 87% of all homes sold are sold by realtors.

So, the first thing to do is get your home listed on the MLS! When another agent is searching for a home to meet the needs of a buyer, the agent will search the MLS based on the buyers criteria for price range and features. So entering all the important information about your home, such as the size, number of bedrooms and bathrooms, and any special features. You will also take photos of your house and include them with your MLS listing. Agents and buyers alike are always more likely to look at listings with photos.

 

1 in 3 homeowners are selling without a traditional agent:

Last year, nearly 1,500,000 sellers nationwide saved thousands by not using a full commission agent.

 

Consumers Can Save Thousands of Dollars in Commissions

Consumers who live in states permitting the option to choose innovative brokerage options, such as rebates or fee-for-service MLS-only packages, can potentially save thousands of dollars on commission payments.

This table shows that consumers can save more than $5800 in commissions on the sale of a median-priced home.

Table: Brokerage Options and Potential Savings on Home Sold for $200,000

Option
Seller’s Broker Commission
Buyer’s Broker Commission
Total Commission
Saving
Full-Service 
(6% commission)
$6,000
$6,000
$12,000
$0
Seller: Fee-for-Service, MLS Only
$195
$6,000
$6,195
$5,805