Multiple Listing Service and Do I Need it?

Multiple Listing Service or MLS is a term for the private real estate network used by real estate agents. The agents and companies that are part of any MLS, are members of the REALTOR organization called the National Association of Realtors or NAR. The Realtors use the MLS to see what other agents have for sale. When a property is listed, it is supposed to be added to the MLS within 72 hours. This allows all MLS real estate professionals to see what is available. Most real estate professionals will have at least 10 customers who are looking for property at any given time. So to get the most exposure to the most people, MLS is a necessary tool. By adding your property to the MLS network, you get fast and immediate exposure to thousands of buyers. You make your property available to thousands of real estate professionals who live off commission sales AND who probably have a pool of buyers.

The evolution of the Multiple Listing Service is this:

Long, long ago, in a time far away called the 1990s and before, there was no multiple listing service. Real estate agents had to use a telephone, and later a fax, to communicate with other sales people about what was for sale. Each office had its own forms and styles of providing data to buyers and other agents. Then the agents banded together and formed groups called associations. Huge, thick books were printed by a central office that now collected the data. These books were provided to every office for a fee so they could save on phone calls and fax paper. The books were only to be viewed by association members under penalty of death. You may remember the books called "comp books." Everyone looking for property was allowed to look through them.

Then poof! The computer sped things up. Data was entered into uniform templates called "forms" (novel thought - organization!). The real estate offices were all linked by a central databank. All agents input their data into the databank themselves and anyone on the network could view the data and sometimes even pictures!

Then! computers got faster and gave birth to the internet! The internet allowed real time access to the data and to real estate information like never before. Real estate was good.

So do I need the Multiple Listing Service? Well, yes for now. However, the internet is about to change how the real estate business is being "done" and how it will be "done" in the very near future. Understand that property is being sold over the internet today without the buyer's personally viewing the property by nothing more than pictures. Yes, they have representatives who are trusted professionals, friends, and even relatives who do walk the actual property to verify it's existance, but the buyer doesn't have to go there. Real-time pictures and even movies can be transmitted over the internet.

When all the real estate agents get web pages, will there be a need for MLS? Won't the web sites be the MLS? Won't owners be able to make their own webpage and sell their property? Full-time real estate professionals, the ASRs will still be needed. For now, I suggest you get a good real estate professonal - an ASR. The bonus is, you get MLS ;^]