How to Use a Multiple Listing Service

There are several ways to use a Multiple Listing Service or the "MLS" in the real estate industry. The most common uses are to help buy a home or to help sell a home. The largest percentage of homes and properties are sold after being listed in the Multiple Listing Service. The following steps will help clarify some of the uses of the Multiple Listing Service.

Difficulty: Moderate

Instructions

Use a Multiple Listing Service to Sell a Home or Property

1. Sign a listing contract with a licensed real estate broker or agent to sell your home. These listing contracts are usually for a specified length of time such as 90 days. During this time, you are agreeing to pay the real estate commission fee agreed upon per the contract, which is usually 6 percent, when the property is sold.

2. Work with your real estate professional to have your property or home evaluated to determine the value in order to set a selling or listing price and have it measured for square footage. All of these factors are considered and compared to other properties and homes in your area to come up with a "listing price."

3. Place the compiled information about your property or home in the Multiple Listing Service or MLS. This is what you are paying the real estate professional to handle. All the info is posted along with one or more photos of your home or property in the section designated for the county, city and possibly subdivision where your property is located. This information is made available to real estates professionals and brokers all across the United States and even Canada.

Use a Multiple Listing Service to Purchase a Home or Property

4. Contact a real estate professional for help in buying a home or property. You will discuss with them the county, city and general area you want to view properties.

5. Narrow your search by determining what square footage, how many bedrooms, bathrooms, type of fence, garage, pool and maybe even the style of the property or home you are looking for.

6. Enter all your specific requirements for a property or home into the Multiple Listing Service by way of your real estate professional. The MLS will come up with a list of properties or homes that meet your requests along with photos, square footage and all the various rooms and their dimensions. Go through all these properties with your real estate professional to determine which properties you want to see in person. The MLS will also give information about open houses set up on specific properties, loan information, school districts, how old the property is, how long it has been on the market and anticipated moving dates.

Other Ways to Use a Multiple Listing Service

7. Sell your home or property yourself or "For Sale By Owner" and still use the Multiple Listing Service. This is not usually done, but in some cases, property owners can arrange to pay a one-time fee for a limited listing in the Multiple Listing Service. This still has to be handled through a licensed real estate professional.

8. Use the Multiple Listing Service to list properties that are "Lease to Own" options or even some rental properties. Various fees go along with listing these type properties as well.

9. Place advertisements in the Multiple Listing Service website if you have a business or service that is related to the real estate industry. This is the place for your ad to be seen by thousands of real estate professionals.

Who Can Help Sponsored