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Tuesday, November 19, 2013

What is a Multiple Listing Service?

The Multiple Listing Service (MLS) is not a free posting service like Craigslist.  It is not a forum where one who just decides to test the real estate market decides to list their home.  OK, I will give on this one as there are some real estate agents who will place a property in the MLS only for a fee and provide no support.  To me this is like running a classified advertisement in the newspaper.

The MLS is a repository of real estate data (active, sold, pending, statistics, etc) used by professional real estate agents who are in the business of working with buyers, sellers, lessors and investors.   It enables Realtors® to capture data to support a listing price ( Read "What is a comparative market analysis?") as well as support a buyer's offer on a property.

Two of the most important characteristics of an MLS system are:
  1. Local.  In real estate, everything is local.  Local knowledge, local prices, local trends.  It allows an apples to apples comparison of properties.
  2. Accuracy.  A local MLS system with Realtor® Board monitoring allows for more accurate data reporting than some major big name web sites.  
One other characteristic of the MLS system is it is where Realtors® provide information regarding compensation to each other for helping find a buyer for their listings.  [This is one of the reasons why buyers should get their own agent and not call the listing agent. Read "How do real estate agents get paid."]

When you are in need of professional real estate services choose a Realtor® who has local knowledge and is a member of the MLS system in your area.  I am your local residential real estate expert in Viera, Suntree and Rockledge, Florida.

In Brevard County, Florida, call me at 321-693-3850 if you are considering buying or selling a house or condo in the Viera, Suntree, and Rockledge area.

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