The history of the MLS (Multiple Listing Service) to Real Estate in the past was in the form of a published book, that was updated every 2-4 weeks with just a few photos and description of the property. These books where only available to Real Estate Agencies and were considered the Holy Grail, because only brokers had access to the books. If buyer’s wanted to find homes available for sale they had to meet with a Real Estate Broker and flip through the book or stumble across the property in the local news paper. With the advancement of the internet Real Estate Brokers have lost the exclusive right to this information.
While the buyer’s have benefited from the easy access to property listing information the seller’s are still left with getting the listings availability and details out to the masses. The Multiple Listing Services was able to respond to this by establishing “IDX” (Internet Data Exchange) the new Holy Grail in the industry. Once a property is listed in the local MLS all information and any changes made during the listing period is automatically uploaded to all real estate websites. This is why when you are searching for properties for sale online, with the exception of F.S.B.O. you will stumble across the same properties no matter what website you may be searching.
This is why 90+% of buyer’s use a real estate broker to purchase their new home, it is not just finding a property, it is because they want ease of access to view multiple properties/brokers professional opinion regarding location/condition/value and to handle the offer/negotiation as well as all the necessary paperwork throughout the process.
The advantage the MLS w/IDX is being able to search and filter homes based on detailed criteria including neighborhood information/features/prices/past sale price/short sale and foreclosure information as well days on the market. In addition to the database of current available homes the MLS maintains a database of homes sold through the MLS so brokers can provide their clients with information on sales of comparable homes so that the client can accurately place a value on the home and buyer’s can determine the amount to place an offer on the property.
Shelby Real Estate PC “Flat Fee Listing Service” offers seller’s the opportunity to receive the maximum exposure the MLS offers and the simplicity of the process of listing their property, while saving them tens of thousands of dollars depending on the service.
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