MLS is the abbreviation for Multiple Listing Service. The Multiple Listing Service is a database of virtually all the homes that are for sale in the United States.
“Virtually” means that most sellers choose a real estate broker to add their property into this database and the maintainers of this database charge a fee. Some brokers offering to list for a flat fee or you can list for a commission of the sale price. The big advantage to sellers is that the MLS is the No. 1 resource used by buyers through their agents to locate homes.
The MLS is also often used as an instrument to tell how fast
properties are sold in the current market.
Many web sites will give you access to the MLS without an agent but they do not give out all the information that an agent would see.
Real estate agents use the MLS systems on a daily basis usually as their only source of real estate availability and past sale data.
Properties that are not listed in the MLS (usually those being sold by their owners) will not be exposed to those homes. Also notice that even if you do a sale-by-owner and decide to pay the fee to get listed on the MLS, most realtors will not mention or advertise (list it on their website) your property to their clients because they want to discourage from the ‘for sale by owner’ method...they fear not to get the "FULL" selling side commission.
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