MLS or Multiple Listing Service, like our local MLS of Naples or Sunshinemls, are online listing databases that allow Realtor members to efficiently market real estate to other agents.
The MLS includes all the information on each listing including the commission rate offered to cooperating brokers. Much of this information is proprietary and real estate agents and brokers are not allowed to post it on their websites.
Your listing contract should specify whether or not the house will be listed with your local MLS and what terms your agent is offering to cooperating real estate agents. It is definitely in your interest to have the house listed through the MLS. Your sales force is automatically multiplied by thousands of agents who are members. If your house is not listed, then you only have one agent working for you instead of an army.
Additionally, the MLS will have data feeds that your agent may allow to be syndicated to third parties who list your home on even more websites like Realtor.com, Zillow.com and Trulia.com (to mention just a few). Your Realtor should check all the proper participation avenues to make certain these feeds include your listing.
The name of the game with today’s Internet savvy buyer is to make your property available anywhere and everywhere across the Internet.
Sellers Beware: Some less scrupulous agents, who do not want to sell your property without another agent involved, will go to lengths not to have your home listed everywhere across the Internet. Their goal is simple greed in my opinion and detrimental to you as a seller. Their goal is to “sell both sides” as we say in the real estate industry. This means they want the whole commission to themselves instead of sharing half with a buyer’s agent. This is beneficial to them but rules out that army of agents that will help get your home sold faster and for the top dollar the market will bear.
After your home is listed for several days, check the major sites like Realtor.com and Zillow.com to make sure your home is out there for every buyer to see. If not, ask your agent why and then check to see if they rectify the situation.
