Comprehensive MLS Homebuyer’s Guide Through an Agent

If you have ever been interested in the real estate market, you have likely heard the acronym MLS and wondered what this means. But what exactly is it, and how does it work? 

What is MLS?

MLS stands for Multiple Listing Service, a collection of information from every local real estate brokerage. Real estate agents are required to share data from their respective MLS listings with other members of the MLS. 

If you want to learn more about what a Multiple Listing Service is, then you’re in the right place! Here is a comprehensive guide to help you understand the home buyer’s guide to the MLS through your agent.

How Does MLS Work?

Homebuyers should be aware that the Multiple Listing Service is a service provided by real estate brokers and agents who, in turn, are all members of the National Association of Realtors (NAR).

The MLS is not intended for homebuyers to use directly, but rather for real estate professionals. The basic idea behind the MLS is that it gives you access to accurate and timely information about homes for sale. It works like this:

When a real estate agent wants to sell a home, they list the house on the MLS. The listing includes information about the property, including price, number of bedrooms and bathrooms, etc. Once a house is live on the MLS, it becomes visible to all real estate agents who are members of that particular MLS.

This means that whenever a buyer asks their agent to look for homes in their area, every home listed on the MLS will appear in their search results.

Because each property has its own listing in the system, buyers can easily compare and contrast different properties without visiting them all in person first. This makes finding a home that fits your needs and budget much easier.

Importance of MLS During the Buying and Selling Process

While it may appear complex and somewhat overwhelming, you can effectively use the MLS to your advantage throughout the purchasing process. As a homebuyer, you should be able to obtain a discount on real estate commission fees when your agent places you into a buyer’s agency contract. 

This will free up the process for you and your agent to focus more of your time and energy on looking for homes. It will fulfill all of your wants and needs instead of wasting time finding properties through other methods such as searching on your own and viewing them on sites like Zillow or Trulia.

Benefits of Having MLS Indirect Access via a Buyer’s Agent

There are two ways that home buyers can benefit from indirect access to MLS by having a real estate buyer’s agent operate on their behalf.

First, the buyer’s agent will obtain current information about properties that interest the buyer. This includes searching the database for listings using terms such as;

• Location
• Price range 
• Bedrooms and baths
• Square footage
• Lot size and 
• Other desired characteristics

Having access to this current information gives the buyer a distinct advantage. The buyer’s agent can easily compare similar listings and identify any new listings of interest.

Second, having a buyer’s agent helps with visibility. The buyer’s agent will arrange appointments to show properties that meet the criteria provided by the buyer. As soon as an offer is up on a property, it registers in MLS, and other agents are aware and can show their clients. Thus, when there are multiple offers, the buyer’s agents will view all of them.

You can search for listings and get limited information about the property for free, but why wouldn’t you use a real estate agent? Real estate agents will give you access to all of the available listings. Furthermore, a real estate agent can ensure you are getting the best deal possible.