What is the MLS and Why Do You Need It to Sell Your House?
Don’t have time to read the full article? Watch this three-minute overview instead!
If you are planning to sell your house, you should have a basic knowledge of the Multiple Listing Service (MLS).
The MLS is where agents search for 99% of the listings. When an agent signs a listing agreement with a seller, it is required to put it on the MLS within 72 hours unless the seller signs an exclusion to the MLS, allowing the home to get ready to go on the market, and giving the agent time to order inspections, prepare marketing, etc.
For sale By Owners are not always listed unless they have paid a small fee to have their home listed by a discount brokerage.
Including your property in the MLS system is one of the most important services your realtor provides.
It ensures that your property information will be seen and gives you the best chance of selling your home fast.
Without a listing on the MLS, your home will sink into a dark hole to never be seen by a potential buyer again.
Ok, that was totally dramatic, but this is one of the most important steps to selling your home as quickly as possible.
Once your listing is loaded into the MLS, your property information is readily available for prospective buyers or their agents to access and view. Of course, this is not the end of the journey, there are some additional steps you will need to take to get your home sold, like:Creating an Aggressive Marketing Strategy to Sell Your Home Fast!
Most buyers will find your property by using a search engine to search specific property attributes.
That is why it’s important that all information and the specific description regarding your property is accurate.
Although your realtor will be entering these details into the MLS, it is your responsibility as the home owner to check all details for accuracy. This review will be for obvious inaccuracies but also to ensure that you understand and approve what is being entered into the MLS. If you don’t understand something or need corrections made, let your agent know. This is the best way to have the most accurate MLS listing.
When it comes to the MLS listing there are three things the home seller should never do:
1. Don’t write your own listing –
While you should have input, an experienced real estate agent knows what can legally be said about a property for sale. They also have access to records that provide exact specifications for your property. You may want to list the room in your basement as a bedroom; however, legally it may or may not qualify as one.
2. Don’t give false information –
Some home owners unintentionally give their agent inaccurate information about their home. For example, don’t tell your real estate agent you have custom cabinets in the kitchen, unless you are 100% sure that they are. Information listed in the MLS must be based on fact, not family anecdotes or what your neighbors say the previous owners installed.
3. Don’t use renovation photos –
Take photographs after you complete the renovation work. Photographs of a room with all flooring removed or a bathroom that’s half painted, do not entice prospective home buyers. Similarly, don’t use outdated photos or show your property from a decade ago. You don’t want buyers to wonder what happened to the house they saw in the photographs!
Keep these tips in mind when you start the home selling process. Remember that a licensed realtor in your area, particularly one certified by AdvantageU, is always the best source of information for any questions you may have.
Be sure to visit the AdvantageU resources page for additional home selling tips.