If you’ve decided to sell your house, you’re going to be bombarded with a set of real estate terms you’ve never heard of before. Around you, realtors and agents will be throwing big words and acronyms into the conversation.
Online articles will leave you scratching your head and wondering if it’s possible to know less than you did before you started reading. Don’t feel bad if you feel like this is a foreign language you’ve never head before because you’re not alone.
Among these new vocabulary terms, you’ll be learning is MLS. Another abbreviation! But here’s an explanation of what it means:
What is MLS?
MLS stands for Multiple Listing Service, and it’s not something new on the real estate market. In fact, it’s been around since the 1800s. It is a concept that many people believe is tried and tested.
Allowing more than one real estate agent to advertise and market your house is something people have done for years, continue to do, and will probably carry on doing for years to come.
However, in recent years, several other marketing approaches for selling a home have emerged. This has left sellers wondering if, in these modern times, there is a continuing role for MLS.
Is there still a role for MLS in today’s real estate market?
While there is definitely a place for MLS, you, as an individual, will have to decide whether it will work for you or not. Your situation is unique, and you shouldn’t assume that what worked for your friend, family member or neighbor will produce the same result for you.
Like any system, MLS has advantages and disadvantages, and the final decision rests on your shoulders.
Advantages of MLS
MLS no longer works alone
In the modern world of online technology, MLS has taken on a whole new meaning. Whereas it used to mean having a set of agents listing your properties, it now literally gives millions of people around the world the chance to find and buy your property.
Today, MLS works in cooperation with internet search engines, real estate search portals, and social media. With this type of marketing, your chances of selling your home rise exponentially. Isoldmyhouse.com is a prime example of how the power of technology makes selling your house easier than it ever has been.
Using MLS combined with other platforms makes your house more visible to potential buyers. There is a lot more foot traffic through your house, without you even having to have any feet in it!
MLS sites tend to be syndicated with many other real estate websites. They have hundreds of links, which increases your home’s exposure to the market.
Using MLS has been shown to get your home sold more quickly, thereby saving a lot of time. Exposing your home to a bigger pool of potential buyers will help you find the right one sooner. Many sellers who have had their homes on the market for a while should consider MLS to finalize a sale.
The potential disadvantage of MLS
Like everything else in life, MLS isn’t free. You’re going to need to budget for a commission payable to the real estate agent. However, since they take a lot of the stress and hard work out of getting your house sold, you should consider it money well-spent.
However, make sure that you know about all the costs before you commit, so that you don’t come across any nasty ‘surprises’ after the sale is complete. There are many MLS-listing packages, and you’ll need to find out what your options are to keep your costs down and your chances of selling your home up.