Multiple Listing Services (MLSs): What You Need To Know
When buying or selling a home, your REALTOR® will use a Multiple Listing Service (MLS) to find homes for sale or market your property. Here is what you need to know about them:
What is an MLS?
MLSs are online platforms that compile home listings from brokerages in a given market. They enable REALTORS® to see available homes for sale efficiently, get helpful marketplace data and share listing information to national and local websites that advertise properties. There are many MLSs across the U.S., and each has its own rules to make sure its information is complete, accurate and transparent.
What value does an MLS provide?
MLSs allow real estate professionals to see, share and promote homes for sale so the largest pool of potential buyers can find them. MLSs provide the most accurate, reliable and detailed information about properties (this includes properties that have been sold and are for sale), including listing price, address, features, disclosures and square footage. MLSs also help promote fair housing and equal opportunity by giving REALTORS® and their clients access to consistent information.
As a buyer, how can an MLS help me buy a home?
Using a Multiple Listing Service allows your agent to access many homes for sale and connect with REALTORS® working to sell their clients’ homes.
As a seller, how can an MLS help me sell my home?
MLSs are the most trusted source for real estate data because their information is verified by REALTORS®. Listing on an MLS will help a seller reach the largest pool of buyers and potentially attract the best offer.
Am I required to market my home through an MLS?
No. You should discuss the pros and cons with your REALTORS®. If you decide to have your REALTOR® not list your home on an MLS, you may be asked to sign a document verifying that you have made this choice.
Can I make an offer to compensate a buyer’s agent on an MLS?
An offer of compensation is when the seller or the seller’s agent offers to compensate another buyer’s agent for bringing a buyer to successfully close the home purchase. As of August 17, 2024, offers of compensation are no longer allowed on MLSs. However, offers of compensation can still be made off-MLS and shared through common marketing vehicles such as flyers, signs, emails or other communication mechanisms.
Can I offer concessions on an MLS?
To attract more buyers, sellers may offer concessions, which are certain costs associated with the buyer’s home purchase that a seller agrees to pay. MLSs may allow communications about a sellers’ concessions, but it depends on local rules.
How do I access Multiple Listing Service information?
Many MLSs share data with websites that consumers can access. If you are a buyer, your REALTOR® will provide you with MLS property listings that may meet your criteria. For both buyers and sellers, when you work with a REALTOR® who has access to an MLS, you can discuss how the MLS can benefit you. Remember, REALTORS® are guided by ethical duties under the Code of Ethics, including the pledge to protect and promote the interests of their clients. Your REALTOR® will help you to weigh your options and develop a strategy you are confident in.
