Part of the everyday vocabulary for everyone who deals with our Asheboro and Randolph County real estate landscape are the words “MLS” and “MLS Listings” .
First-time buyers and sellers can find the term confusing because it is used in so many different ways. You may hear people ask if a house you are considering is “a MLS listing” or “on the MLS”; you might hear that “it fell off the listings,” or has been “relisted”. Especially to anyone trying to do a “FSBO” (For Sale By Owner), the MLS Listing status can assume strategic importance.
“MLS” is an acronym for Multiple Listing Service. MLS is also sometimes called “The Multiples”. Instead of being a single national entity, local MLS’s are usually independently owned and operated. Each local MLS is a collection of local properties for sale. Each property is tied to key descriptive information, and all of it (including photographs) is organized into a uniform database.
Most simply put, an MLS Listing is any property for sale or for lease that has been entered into the local MLS database.
Because the information attached to each property is relied upon by so many people, not everyone is allowed to make an entry. Anyone entering a listing must a licensed real estate professional working under the auspices of a licensed broker. They must also pay yearly or quarterly dues to belong to the MLS, and as an agent, must abide by the rules created by their local MLS.
And, as you have certainly already noticed — it’s a big deal whether a property is an MLS listing or not.
Real Estate agents work on commission, and like everyone else, they need to know that their efforts are going to be rewarded. When another agent enters a listing onto the MLS, it automatically becomes a legally binding offering of commission. It says to all the other agents in the area (in fact, nation-wide), “I have an active listing agreement with this seller and we are offering to pay you X% if you introduce someone who winds up buying this property.”
MLS Listings also provide a set of uniform facts about listed properties – facts that are designed to make possible comparisons between listed properties. Square footage, lot size, age (displayed as ‘year the home was built’), and many other facts make it easy for agents to determine if the MLS listing is one they their buyers might be interested in investigating further. The MLS is the backbone of almost every real estate agent’s business. It’s how they know what is for sale right now in December 2011 in Asheboro and Randolph County (and the Triad as well), what has been for sale in the past, and what has actually sold.
Most MLS Listings are published on a number of on-line venues automatically (like http://www.realtor.com) so an MLS Listing will have great exposure not only to Asheboro and Randolph County agents, but to actual potential buyers as well.
Visit my website to search the Triad MLS like Realtors do at www.WaynetteAraj.com.
If you are interested in buying or selling in the Asheboro, Randolph County area, call me at 336-953-6526 or email me at firstname.lastname@example.org.